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US SEC Reviews Nasdaq’s Proposal to List Canary HBAR ETF Under Commodity-Based Trust Shares Rule in Collaboration with BitGo Trust Company Inc. and Coinbase Custody Trust Company, LLC
On 7 March 2025, the United States Securities and Exchange Commission (US SEC) initiated a review of a proposal submitted by The Nasdaq Stock Market LLC (Nasdaq) to list and trade shares of the Canary HBAR ETF under Nasdaq Rule 5711(d). This proposal, detailed in the document “Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, to List and Trade Shares of the Canary HBAR ETF under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares),” was filed under Release No. 34-102540; File No. SR-NASDAQ-2025-018. The filing was initially submitted on 21 February 2025 and was later amended and resubmitted in full on 4 March 2025. The proposal seeks approval for the listing of shares issued by the Canary HBAR ETF, a Delaware statutory trust sponsored by Canary Capital Group LLC. The trust's primary objective is to provide exposure to Hedera Hashgraph’s native token (HBAR), for its market performance while accounting...
US SEC Reviews Nasdaq’s Proposal to List Grayscale Polkadot Trust Holding Polkadot (DOT) Tokens
On 7 March 2025, the United States Securities and Exchange Commission (US SEC) released a notice regarding the Nasdaq Stock Market LLC’s proposal to list and trade shares of the Grayscale Polkadot Trust (DOT) under Nasdaq Rule 5711(d). The proposal, filed on 24 February 2025, outlines regulatory considerations for listing the trust, which will hold Polkadot (DOT) tokens. The US SEC has invited public comments on the proposed rule change. The Nasdaq proposal identifies Grayscale Operating, LLC and Grayscale Investments Sponsors, LLC as the sponsors of the trust, with CSC Delaware Trust Company as the trustee, Coinbase Custody Trust Company, LLC as the custodian, and BNY Mellon Asset Servicing as the administrator and transfer agent. On 24 February 2025, The Nasdaq Stock Market LLC submitted a proposed rule change to the US Securities and Exchange Commission (SEC) under Section 19(b)(1) of the United States Securities Exchange Act of 1934 (15 U.S.C. 78s(b)(1)), and US SEC Rule 19b-4...
Singapore Government publishes Reply to Parliamentary Questions: Tightens Regulations on Crypto Payments, Bans Credit Card Transactions for Digital Tokens
On 5 March 2025, the Monetary Authority of Singapore (MAS) published an Oral Reply to Parliamentary Question on the tightening of regulations for digital payment token service providers, delivered by Mr. Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board Member of MAS, on behalf of Mr. Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS. The statement was made in response to a parliamentary question by Mr. Yip Hon Weng, MP for Yio Chu Kang SMC, who inquired about the Government’s considerations in tightening these regulations and their anticipated impact on younger consumers aged 18 to 25, who are increasingly adopting cryptocurrency use. While the Singapore Government stating that digital assets are speculative and high-risk, it discusses the dangers of using credit or leveraged funds for such investments. Borrowing money to purchase cryptocurrencies can lead to greater...
HKMA Announces Hong Kong Green Week 2025, to Encourage Sustainability in Asia
On 3 March 2025, the Hong Kong Monetary Authority (HKMA) announced that Hong Kong will host the second Hong Kong Green Week 2025 from 8 to 12 September 2025. The event is themed “Forging a Sustainable Future Together,” and will be a week-long series of sustainability-focused activities aimed at driving collaboration on green finance and low-carbon innovation. This green business summit 2025 will bring together leaders and experts to advance sustainability in Asia and beyond. A flagship feature of Hong Kong Green Week 2025 will be the Climate Business Forum: Asia Pacific 2025, co-hosted by the HKMA and the International Finance Corporation (IFC). This high-profile forum will gather leading speakers and experts in sustainable business and climate finance to explore strategies for the region’s transition to a low-carbon, resilient, and inclusive economy. The discussions will delve into the low-carbon transition Asia needs to embrace in order to achieve sustainable growth, underscoring...
US SEC Initiates Proceedings to Determine Approval of Bitwise 10 Crypto Index Fund Listing on NYSE Arca
On 3 March 2025 , the United States Securities and Exchange Commission (US SEC) announced the initiation of proceedings to determine whether to approve or disapprove a proposed rule change filed by NYSE Arca, Inc. (NYSE Arca). The decision was published by US SEC in “Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to List and Trade Shares of the Bitwise 10 Crypto Index Fund under Proposed NYSE Arca Rule 8.800-E (Commodity- and/or Digital Asset-Based Investment Interests)," issued under Release No. 34-102514; File No. SR-NYSEARCA-2024-98. The proposal seeks to list and trade shares of the Bitwise 10 Crypto Index Fund (Trust), tracking a portfolio of major digital assets under the newly proposed NYSE Arca Rule 8.800-E. The proposal was originally filed by NYSE Arca on 14 November 2024 under United States Securities Exchange Act of 1934, Section 19(b)(1) and Rule 19b-4. The US SEC...
US SEC Considers Nasdaq Rule Change to List and Trade Commodity- and Digital Asset-Based Investment Interests
On 3 March 2025, the United States Securities and Exchange Commission (US SEC) published a notice regarding a proposed rule change submitted by The Nasdaq Stock Market LLC (Nasdaq). The document, titled “Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, to Adopt Nasdaq Rule 5712 to Provide for the Listing and Trading of Commodity- and Digital Asset-Based Investment Interests and to List and Trade Shares of the Hashdex Nasdaq Crypto Index US ETF under Proposed Nasdaq Rule 5712," was published under Release No. 34-102513; File No. SR-NASDAQ-2025-016. The rule change originates from a filing made by Nasdaq on 18 February 2025, seeking approval under United States Securities Exchange Act of 1934, Section 19(b)(1) and Rule 19b-4. It was later modified by Amendment No. 1 on 27 February 2025, which replaced the original filing entirely. The purpose of the rule change is to establish a framework under which...
United States SEC Crypto Task Force to Host Public Roundtable on Security Status of Crypto Assets
On 3 March 2025, the United States Securities and Exchange Commission (US SEC), the federal agency responsible for regulating securities markets, announced that its Crypto Task Force will conduct a series of roundtables to address regulatory aspects of crypto assets to achieve clarity. The initiative is titled “Spring Sprint Toward Crypto Clarity,” and it will commence on 21 March 2025 with an inaugural roundtable session, “How We Got Here and How We Get Out – Defining Security Status.” It will act as a platform for public engagement, expert analysis, and policy deliberations giving clarity to the United States SEC’s approach to crypto regulation. The Crypto Task Force was officially launched on 21 January 2025 by Acting United States Securities and Exchange Commission Chairman Mark Toshiro Uyeda. The task force was created to assist the Commission in establishing clear regulatory guidelines, facilitating realistic pathways for crypto-related entities to register, developing...
United States SEC Establishes Crypto Task Force Under Commissioner Hester Peirce
On 3 March 2025, the United States Securities and Exchange Commission (US SEC), announced the formation of a United States Crypto Task Force. The task force, composed of staff from the Acting Chairman’s office along with various divisions and offices within the US SEC, has been established to advise the United States Securities and Exchange Commission on regulatory matters concerning cryptocurrency. The United States Crypto Task Force will focus on identifying and addressing regulatory challenges associated with the crypto industry. Richard Gabbert is appointed as Chief of Staff for the US SEC Crypto Task Force. Michael Selig is appointed as Chief Counsel for the US SEC Crypto Task Force. Taylor Asher is appointed as Chief Policy Advisor for the US SEC Crypto Task Force. Sumeera Younis is appointed as Chief of Operations for the US SEC Crypto Task Force. Landon Zinda is appointed as Senior Advisor for the US SEC Crypto Task Force. Donald Battle is appointed as Senior Advisor for the...
United States SEC Commissioner Caroline Crenshaw Criticises Division of Corporation Finance’s Statement on Meme Coins
On 27 February 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline Anne Crenshaw issued a response statement to the Division of Corporation Finance’s Staff Statement on Meme Coins, strongly criticising its legal reasoning and conclusions. The response challenges the Division’s assertion that meme coins are not securities under federal law, arguing that the guidance lacks a clear legal definition of meme coins and may inadvertently provide a loophole for crypto issuers to evade regulation. Commissioner Crenshaw disputes the Division of Corporation Finance’s application of the Howey test, the US Supreme Court precedent that determines whether an asset qualifies as an investment contract under securities laws. She reasoned, ‘Howey demands a facts and circumstances analysis of the “economic realities” of an offer or sale. Today’s statement paints meme coins as cultural projects whose purpose is entertainment and social engagement. The reality is that...
US SEC Division of Corporation Finance Issues Staff Statement on Meme Coins
On 27 February 2025, the United States Securities and Exchange Commission (US SEC, issued a Staff Statement on Meme Coins through its Division of Corporation Finance. The statement elaborates on the Division’s position on the application of federal securities laws to meme coins and asserts that, in general, transactions involving meme coins do not constitute the offer and sale of securities under the Securities Act of 1933. As a result, the statement clarifies that meme coin purchasers and holders do not receive protections under federal securities laws. According to the United States Division of Corporation Finance, ‘A “meme coin” is a type of crypto asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading. Although individual meme coins may have unique features, meme coins typically share certain characteristics. Meme coins typically are...
US SEC to Hold Roundtable on Artificial Intelligence in Financial Industry
On 28 February 2025, the United States Securities and Exchange Commission (US SEC) announced that it will host a roundtable discussion on Artificial Intelligence (AI). The event is scheduled for 27 March 2025 from 9 a.m. to 4 p.m. United States time at the US SEC’s headquarters in Washington, D.C., and will be open to the public for both in-person and virtual attendance. The roundtable will elaborate and discuss on the risks, benefits, and governance of AI in financial markets. US SEC Acting Chairman Mark Uyeda, along with Commissioners Hester Peirce and Caroline Crenshaw, are expected to deliver remarks on the evolving role of AI in regulatory frameworks and financial decision-making. The discussion will explore how AI is transforming trading, investment management, and compliance processes while also addressing regulatory challenges and ethical considerations. The US SEC has emphasised the importance of broad industry participation in shaping AI governance policies. As AI...
UK Court Sentences Olumide Osunkoya to Four Years for Illegal Crypto ATM Operations
On 28 February 2025, the United Kingdom’s Financial Conduct Authority (UK FCA) announced that Olumide Osunkoya, 46, had been sentenced to four years in prison for illegally operating a crypto ATM network and associated offences. The sentencing took place at Southwark Crown Court following Osunkoya’s guilty plea to five charges on 30 September 2024. The UK FCA requested the court to initiate confiscation proceedings under the United Kingdom Proceeds of Crime Act 2002 to recover any financial benefits obtained from his criminal activities. This case is first criminal sentencing for unregistered cryptoasset activity in the UK. For brief understanding of the facts, between 30 December 2021 and 12 March 2022, Osunkoya operated a network of 28 crypto ATMs across various locations under his company, GidiPlus Ltd, despite being denied UK FCA registration. UK regulations prohibit operating crypto ATMs without prior approval and licensing by UK FCA. To evade detection, Osunkoya later...
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