Web3 Diaries-BlackRock Files Spot BTC ETF Paper
The iShares unit of fund management giant BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.
To be named the iShares Bitcoin Trust, the fund’s assets are to “consist primarily of bitcoin held by a custodian on behalf of the Trust,” according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.
Though approving a number of futures-based bitcoin ETFs, the SEC has notably rejected other fund management company attempts at opening a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree.
FTX Founder Sam Bankman-Fried Now Faces Two Criminal Trials
Criminal charges against FTX co-founder Sam Bankman-Fried have been split, with the former CEO now facing two separate trials for his alleged mismanagement of the crypto exchange.
Bankman-Fried is facing a total of 13 charges relating to fraud, fraud conspiracy and bribery. A trial for all the charges was scheduled to begin on Oct. 2.
Five of those charges will now be split off into a second trial on March 11, 2024, according to a June 15 ruling from United States District Court Judge Lewis Kaplan.
Originally the FTX founder was extradited to the U.S. in December 2022 on eight charges, with further indictments adding another five charges in February and March 2023.
New York bans CoinEx exchange, seizes $1.7M in crypto assets
Hong Kong-based crypto exchange CoinEx has been banned from operating in New York by Attorney General Letitia James. According to an announcement on June 15, over $1.7 million worth of the exchange’s funds were seized for CoinEx allegedly failing to register as a securities and commodities brokerage.
The agreement resolves a previous lawsuit against CoinEx from February, when the New York attorney general accused it of falsely representing itself as an exchange and failing to register with local authorities.
“As part of today’s consent order, CoinEx is banned from offering, selling or purchasing securities and commodities in New York and is prohibited from making its platform available in the state,” reads the announcement.
As per the agreement, over $1.1 million will be returned to 4,691 New York investors, and more than $600,000 will be paid in penalties to the state.
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