Crypto News Recap

There have been a number of interesting stoires over the past couple of months. Here is a recap of some of those top headlines

Bitcoin ETF applicants await approval from SEC after Grayscale court victory. A US court ruled in favor of Grayscale in its lawsuit against the SEC over the approval of a spot Bitcoin ETF. This opens the door for the first spot Bitcoin ETF to be approved in the US, which could be a major boost for the cryptocurrency industry.

Coinbase CEO: The US is severely behind on crypto regulation. Coinbase CEO Brian Armstrong has criticized the US government for its slow progress on crypto regulation. He argues that the US is falling behind other countries in terms of creating a clear and supportive regulatory environment for the crypto industry.

Silvergate Bank collapse blamed on crypto focus, nepotism. A report from the Federal Reserve's Office of Inspector General has found that Silvergate Bank's collapse was due to a combination of factors, including its heavy focus on crypto deposits and ineffective senior management.

Celsius seeks court approval to start repaying customers by year-end. The embattled crypto lender Celsius is seeking final court approval for a restructuring plan that will start repaying creditors before the end of 2023. The plan has been met with mixed reactions from Celsius customers, some of whom are concerned that they will not be fully compensated for their losses.

Hong Kong could be a 'tailwind' for lagging crypto activity in Asia. Crypto activity in East Asia has fallen significantly since China began its crusade against crypto in 2019. However, recent moves by Hong Kong to become more crypto-friendly could help reverse this trend.

Bitcoin ETF applicants await approval from SEC after Grayscale court victory

A US court ruled in favor of Grayscale in its lawsuit against the SEC over the approval of a spot Bitcoin ETF. This opens the door for the first spot Bitcoin ETF to be approved in the US, which could be a major boost for the cryptocurrency industry.

A spot Bitcoin ETF is an investment vehicle that would track the price of Bitcoin directly. This would make it easier for investors to gain exposure to Bitcoin without having to purchase the cryptocurrency directly.

The SEC has so far rejected all applications for spot Bitcoin ETFs, arguing that the Bitcoin market is too volatile and susceptible to manipulation. However, the court's ruling in Grayscale's favor could force the SEC to reconsider its stance.

Coinbase CEO: The US is severely behind on crypto regulation

Coinbase CEO Brian Armstrong has criticized the US government for its slow progress on crypto regulation. He argues that the US is falling behind other countries in terms of creating a clear and supportive regulatory environment for the crypto industry.

Armstrong has called for the US to develop a comprehensive crypto regulatory framework that protects investors while also allowing the industry to grow and innovate. He has also warned that if the US does not take action, companies will move to other countries with more favorable regulatory environments.

Silvergate Bank collapse blamed on crypto focus, nepotism