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Today's selection:
- ⚖️ SEC Sues Kraken
- 📌 Fidelity follows BlackRock
- 📰 Bite-Sized News
- 👌 Meme of The Day
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BTC dropped below USD 37,000 without major changes. Trading volumes increased by about 50% and also were nearly a fifth higher than last week.Major banks continue to expand their BTC and crypto services portfolios, and this time it's the Spanish giant "Banco Santander's" division "Santander Private Banking International," offering clients in Switzerland the opportunity to invest in BTC and Ethereum (ETH).
News
SEC Sues Crypto Exchange Kraken
The U.S. Securities and Exchange Commission (SEC) has recently filed a lawsuit against cryptocurrency exchange Kraken.
The SEC's action is based on allegations that Kraken has been operating an online trading platform for crypto assets since 2013 without proper registration.
Reuters reports that the lawsuit cites Kraken's failure to register with the SEC as a key issue.
The SEC claims that Kraken acted as a broker, dealer, exchange, and clearinghouse for crypto asset securities, which are considered investment contracts under U.S. securities laws, without the necessary SEC registration.
This lack of compliance has reportedly allowed Kraken to amass billions in fees and trading revenue, disregarding laws designed to protect investors.
Kraken Exchange has already responded and disagrees with the SEC's claims.
Moreover, the SEC points out that Kraken's mingling of over $33 billion in customer crypto assets with its own funds, and similarly blending more than $5 billion in customer cash, poses significant risks to investors.
Llawsuit against Kraken is not the first time the SEC went after US-based crypto exchanges.
It follows similar actions against other major crypto companies like Coinbase and Binance earlier this year.
This case underscores the essential point that large exchanges must also comply with financial regulations to safeguard investor interests.
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News
Fidelity Seeks Approval for Ethereum ETF, Following BlackRock
Fidelity, a leading global asset management firm, has recently filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Ethereum ETF, following BlackRock's lead.
This move marks a significant trend among major financial institutions showing increased interest in cryptocurrency investment products.
Interestingly, this move comes just a day after BlackRock filed with the SEC for a similar product - the iShares Ethereum Trust.
BlackRock had previously applied for a spot Bitcoin ETF and registered the iShares Ethereum Trust with Delaware's Division of Corporations.
Fidelity is now the seventh firm in the U.S. to enter the race for an Ether ETF, joining other prominent firms like VanEck, 21Shares, ARK Invest, Hashdex, Grayscale, and Invesco Galaxy.
Fidelity's leap into Ethereum ETFs, following BlackRock, showcases a thrilling turn in finance: Big-league firms are now racing to get a piece of the cryptocurrency pie!
Meme of the day:
