Weekly Report | Bitcoin ETF Application Blocked

Summary of important events (06.24-06.30)

 

1. Top 2 Hot Events of Last Week

 

U.S. core PCE data for May came in lower than expected, slightly reducing bets on Fed rate hikes.

 

The May core Personal Consumption Expenditures (PCE) price index was reported at an annual rate of 4.6%, slightly below the expected 4.7% and the previous value of 4.7%. Following the release of the US PCE and spending data, short-term interest rate futures traders have slightly reduced their bets on Fed interest rate hikes. As a result, US Treasury bonds retraced their gains, and the US Dollar Index (DXY) experienced a short-term uptick.

 

SEC deems the filing for spot Bitcoin ETF insufficient, triggering a flash crash in the crypto market.

 

The US Securities and Exchange Commission (SEC) has stated that the filing for spot Bitcoin ETF was incomplete. The regulatory agency informed Nasdaq and the Chicago Board Options Exchange that the documents recently submitted by companies such as BlackRock and Fidelity were not clear and comprehensive.

Affected by this news, BTC briefly touched $30,000 in the short term, down 2.83% in an hour.

 

2. Cryptocurrencies & Exchanges

 

On June 26, Binance reversed its decision to delist multiple privacy coins in Europe.

On June 26, the NEAR Foundation partnered with Alibaba Cloud to accelerate Web3 development in Asia.

On June 27, a U.S. judge denied Binance's lawyers' request to condemn the U.S. SEC's press release remarks.

On June 28, OKX released its eighth reserve proof, with all 22 listed coins having a reserve ratio exceeding 100%.

On June 28, KuCoin implemented mandatory KYC on its platform.

On June 28, the CEO of FTX is in negotiations with interested parties to relaunch the FTX.com exchange.

On June 28, the Sui Foundation confirmed that no sales of "locked" and "non-circulating" SUI tokens have been made on Binance or other platforms.

On June 28, Horizen discontinued its mainchain shielded pool, no longer considering ZEN a privacy coin.

On June 28, TrueUSD's reserve proof system underwent an audit by FTX.US's former accounting team, resulting in TUSD briefly becoming unpegged.

On June 29, Coinbase responded to the SEC lawsuit, claiming that the listed cryptocurrencies are not securities under the SEC's jurisdiction.

 

3. Regulatory Updates

 

On June 26, the Global Financial Action Task Force (FATF) urged countries to implement cryptocurrency travel rules to combat money laundering and terrorism financing.

On June 28, Russia announced its intention to impose strict regulations following the legalization of cryptocurrencies.

On June 29, South Korea continued to advance the legislation of the "Virtual Asset User Protection Act".

On June 26, the Monetary Authority of Singapore proposed a design framework for interoperable digital asset networks.

On June 29, the UK's cryptocurrency and stablecoin-related bill received royal assent and became law.

On June 26, the Australian Treasury adopted a technology-agnostic and principle-based approach to define digital assets' token mappings.

On June 29, Canadian legislators presented recommendations to support the blockchain and crypto industry.

On June 25, Japan's National Tax Agency released partial revisions to virtual currency business tax rules.

On June 27, the EU reached a political agreement on new banking capital legislation, potentially imposing strict restrictions on cryptocurrency holdings.

 

4. Market Updates

On June 24, SEC approved the first leveraged Bitcoin ETF. 

On June 24, Wintermute was accused of assisting Celsius Network’s former CEO in defrauding investors.

On June 27, Hong Kong Virtual Asset Rating Agency (HKVAC) announced its virtual asset index.

On June 27, WisdomTree's Bitcoin spot ETF application was rejected for non-compliance with data-sharing agreement requirements. 

On June 30, CME announces plans to launch ETH/BTC ratio futures.

 

5. Statements from Individuals/Organizations

June 25, Hong Kong SFC chief Julia Leung Fung-yee: Crypto trading an important part of the virtual asset ecosystem.

June 26, Federal Reserve Bowman: Uncertainty over digital assets traps institutions in ‘supervisory void’ .

June 26, Hong Kong Chief Executive Paul Chan: Promoting sustainable development of the virtual asset industry while embracing financial innovations related to Web3.0.

June 27, Coinbase CEO: U.S. is wasting early lead, should have sound crypto regulations.

June 28, CZ: Binance API supports asymmetric keys, Binance will never have user private keys, only use public keys.

June 28, Federal Reserve Chairman Powell: The Fed expects monetary policy to tighten further and believes there will be more rate hikes.

June 28, Binance co-founder He Yi: If [regulators] really took the time to understand our industry, they would see that if Binance isn’t compliant, then practically no other global trading platform or offshore company is.

June 29, U.S. President Biden: will eliminate tax loopholes for cryptocurrency traders and hedge funds.

June 29, Vitalik Buterin: MPC-based EOAs have fundamental flaws. Smart contract wallets are the only choice.