Crypto.com Takes a Stand Against SEC's Wells Notice

@newsontheblockchain, 09/10/2024

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📈 Preview On Today’s News:

1. - Crypto.com Takes a Stand Against SEC's Wells Notice

2. - Canary Capital Files for XRP ETF Amid Regulatory Challenges

3. - Hong Kong SFC to License Nearly a Dozen Crypto Platforms by Year-End Amid Industry Criticism

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Top 10 News for today:

1)

Crypto.com Takes a Stand Against SEC's Wells Notice

In a recent confrontation with the US Securities and Exchange Commission (SEC), Crypto.com received a Wells Notice, signaling potential enforcement action. In response, the exchange filed a lawsuit against the agency, challenging what it considers an unjust regulatory approach targeting the crypto industry. Crypto.com stated that the SEC’s “regulation by enforcement” strategy leaves crypto companies in a difficult position, prompting them to act to safeguard the future of the industry in the United States. This move places Crypto.com alongside other firms who have faced similar scrutiny, underlining the growing tension between the SEC and the crypto sector.

• Crypto.com received a Wells Notice from the SEC, prompting the exchange to file a lawsuit against the agency, citing unauthorized regulatory actions.

• The exchange argues that the SEC’s “regulation by enforcement” approach is harming the industry, and aims to stand alongside other crypto firms in challenging these measures.

2)

Canary Capital Files for XRP ETF Amid Regulatory Challenges

Canary Capital has filed for an XRP Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC), following Bitwise's similar filing a week earlier. The ETF aims to provide investors with easier access to XRP without the need for direct ownership. It will use cold and hot wallets for secure XRP storage, with institutional and retail investors benefiting from exposure to XRP through traditional financial markets. However, regulatory uncertainty remains, as the SEC's ongoing legal battle with Ripple over XRP's classification could delay ETF approval until 2025 or beyond.

• Canary Capital has filed for an XRP ETF, enabling easier access for investors through traditional markets, with secure storage protocols.

• Ongoing regulatory uncertainty, including the SEC’s legal case against Ripple, may delay approval of the ETF until 2025 or later.

3)

Hong Kong SFC to License Nearly a Dozen Crypto Platforms by Year-End Amid Industry Criticism

Hong Kong's Securities and Futures Commission (SFC) is evaluating up to 11 virtual asset trading platforms (VATPs) as part of a plan to issue licenses in batches by the end of the year. This move aims to create a more regulated environment for cryptocurrency exchanges in the region. However, the strict regulatory requirements have drawn criticism from stakeholders, with some arguing that it stifles Hong Kong’s ambitions to be a global cryptocurrency hub. The JPEX collapse in 2023, which led to significant investor losses, has pushed the SFC to increase efforts on compliance and transparency. Despite the challenges, the SFC remains optimistic about finalizing its regulatory framework and is also exploring laws for over-the-counter trading and custody services.

• Key Developments: The SFC is set to license 11 VATPs by year-end to build a more compliant environment, but faces criticism for its rigid regulations, which have led to some firms withdrawing their applications.

• Future Outlook: The SFC plans to finalize its regulatory framework and expand its focus to cover over-the-counter trading and custody services, while maintaining efforts to improve industry transparency and security.

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