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On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change submitted by The Nasdaq Stock Market LLC. The proposal seeks to list and trade shares of the Grayscale Polkadot Trust (DOT) under Nasdaq Rule 5711(d), which governs the listing of commodity-based trust shares. The order has been issued under file number SR-NASDAQ-2025-019. The proposed rule change was initially filed on 24 February 2025, in accordance with Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States Rule 19b-4. It was published for comment in the Federal Register on 13 March 2025. On 24 April 2025, the US SEC extended its review period and has now formally commenced proceedings under Section 19(b)(2)(B) of the Act to further evaluate the rule change. According to the filing, the Grayscale Polkadot Trust (DOT) is designed to reflect the value of the DOT...

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) published an order instituting proceedings to determine whether to approve or disapprove a proposed rule change, as modified by Amendment No. 1, submitted by The Nasdaq Stock Market LLC for the listing and trading of the Canary HBAR ETF under Nasdaq Rule 5711(d), which governs commodity-based trust shares. The rule change is filed under docket number SR-NASDAQ-2025-018. The original proposal was filed on 21 February 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States Rule 19b-4. On 4 March 2025, Nasdaq submitted Amendment No. 1, which replaced the original filing in full. The proposal was published in the Federal Register on 13 March 2025. On 24 April 2025, the US SEC extended its decision-making timeline, and through this order, formally commenced proceedings under Section 19(b)(2)(B) of the Act. According to the modified proposal, the Canary HBAR ETF...

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change filed by NYSE Arca, Inc. The proposed change seeks to list and trade shares of the Bitwise Bitcoin and Ethereum ETF under NYSE Arca Rule 8.201-E, which governs commodity-based trust shares. The proposal was filed on 19 February 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States SEC Rule 19b-4. It was published for comment in the Federal Register on 12 March 2025. On 24 April 2025, the US SEC extended the initial decision period to 10 June 2025. With the latest order dated 10 June 2025, the US SEC has initiated formal proceedings under Section 19(b)(2)(B) of the United States Securities Exchange Act of 1934 to enable further analysis of the rule change. The initiation of proceedings does not signal any conclusion regarding the merits of the...

On 3 June 2025, the United States Commodity Futures Trading Commission (US CFTC), through its Division of Enforcement, issued a formal public alert urging victims of the alleged Traders Domain fraud scheme to file official claims by 28 July 2025. The alert makes clear that only those who submit valid claims before the deadline will be considered for restitution in any future court-ordered judgment. Prior participation in CFTC customer surveys, correspondence, or informal submissions does not qualify as a valid claim. US CFTC filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against a network of companies and individuals alleged to have orchestrated a $280 million Ponzi scheme. According to the complaint, the scheme spanned from November 2019 to at least late 2023. Traders Domain FX Ltd. (TD), alongside its principals Safranko and Negus-Romvari, allegedly solicited funds for trading margined retail commodities via pooled and individual...

On 4 June 2025, the United States Securities and Exchange Commission (US SEC) issued a concept release inviting public comment on whether to revise the existing definition of a "foreign private issuer" under US securities law. This initiative is part of a broader evaluation of regulatory accommodations granted to non-US companies accessing US capital markets, with a focus on the evolving global issuer landscape since the last substantive update in 2003. Under current US securities regulations, foreign private issuers (FPIs) benefit from modified periodic reporting obligations, exemption from US proxy rules, and the ability to file financials under International Financial Reporting Standards (IFRS) without reconciliation to US GAAP. The concept release raises the question of whether the regulatory threshold for FPI status continues to serve its intended function, given changes in global corporate governance, cross-border operations, and the composition of foreign-listed companies over...

On 31 May 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline A. Crenshaw issued a powerful dissent titled “Muddying the Waters: More Confusion on Crypto Asset Security Status,” sharply criticising what she described as deepening inconsistencies in how the US SEC classifies crypto assets, especially in the wake of recently approved exchange-traded funds (ETFs) tied to Ethereum (ETH) and Solana (SOL). The Commissioner expressed concern that regulatory clarity is being sacrificed in favour of expediency, warning that current actions may “thwart any meaningful attempt to apply a coherent regime to crypto assets.” Over the past few months, the US SEC’s Division of Corporation Finance has released multiple staff statements—each pronouncing that different categories of crypto assets, including meme coins, proof-of-work tokens, and stablecoins, are not securities. Yet on 30 May 2025, two new ETFs i.e. Rex-Osprey ETH + Staking ETF and Rex-Osprey SOL +...

On 28 May 2025, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings in the Australian Federal Court against Mr. Liang (Allan) Guo, a former director of Blockchain Global Ltd (now in liquidation), alleging multiple breaches of his statutory directors’ duties under the Australian Corporations Act 2001. The allegations arise from Mr. Guo’s involvement in the operation and eventual collapse of the ACX Exchange, a cryptocurrency platform run by Blockchain Global, which ceased functioning around December 2019 when customers were unable to withdraw funds or cryptocurrencies from their accounts. According to ASIC, Mr. Guo is alleged to have failed to meet fundamental obligations as a director, including mishandling customer assets, making misleading statements about fund management, and not maintaining adequate corporate records. These failures, ASIC claims, contributed to substantial financial losses for retail users of the exchange. As per the...

On 21 May 2025, the Australian Securities and Investments Commission (ASIC) announced it is seeking special leave from the High Court of Australia, the apex court, to appeal a ruling by the Australian Full Federal Court in the ongoing regulatory dispute with Web3 Ventures Pty Ltd, trading as Block Earner. The appeal seeks judicial clarity on the interpretation of the term “financial product” under Australian law, particularly in relation to crypto-asset products offering fixed-yield returns. The contested product, Block Earner’s “Earner” product, allowed customers to earn a fixed yield by lending specified crypto-assets. The Australian Full Federal Court had ruled that the Earner product did not constitute a financial product under the Australian Corporations Act 2001, a finding that ASIC seeks to contests. ASIC contends that the definition of financial product was deliberately drafted to be broad and technology-neutral, and thus should encompass emerging crypto-asset-based interest...

On 2 June 2025, the United States Securities and Exchange Commission (US SEC) appointed Natalia Díez Riggin as the Senior Advisor and Director of its Office of Legislative and Intergovernmental Affairs. Ms. Riggin had been serving as Acting Director since January 2025 and will now permanently lead the US SEC’s outreach and liaison efforts with Congress, federal departments, and state governments. Ms. Riggin brings legislative experience, having most recently served as a senior professional staff member on the U.S. Senate Committee on Banking, Housing, and Urban Affairs for Chairman Tim Scott of South Carolina. She has also held positions as deputy legislative director for U.S. Senator John Kennedy of Louisiana and staff director for the Senate Banking Committee’s Economic Policy Subcommittee. Earlier roles included serving as policy aide to U.S. Senators Mike Enzi of Wyoming and Mark Kirk of Illinois. A graduate of the University of Illinois Chicago, Ms. Riggin holds a Bachelor of...

On 2 June 2025, the United States Securities and Exchange Commission (US SEC) published an Order instituting proceedings to determine whether to approve or disapprove a proposed rule change filed by Cboe BZX Exchange, Inc. The proposed rule change seeks to amend the terms governing the listing and trading of the WisdomTree Bitcoin Fund under BZX Rule 14.11(e)(4), to allow the fund to conduct in-kind creations and redemptions of bitcoin. The proposed rule change was originally submitted by Cboe BZX Exchange, Inc. on 20 February 2025, pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States SEC Rule 19b-4. The US SEC published the proposal for public comment in the Federal Register on 5 March 2025. On 14 April 2025, the US SEC extended the deadline to decide on the proposal until 3 June 2025. As of 02 June 2025, the US SEC on 2 June 2025, instituted proceedings under Section 19(b)(2)(B) of the United States Securities Exchange Act of 1934 to...

On 2 June 2025, the United States Securities and Exchange Commission (US SEC) published an Order instituting proceedings to determine whether to approve or disapprove a proposed rule change submitted by Cboe BZX Exchange, Inc. The proposal seeks to amend the listing terms of the VanEck Bitcoin Trust and the VanEck Ethereum Trust to allow in-kind creations and redemptions under BZX Rule 14.11(e)(4), which governs commodity-based trust shares. The proposed rule change was filed by the exchange on 19 February 2025 under Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States SEC Rule 19b-4. It was published in the Federal Register on 5 March 2025. The US SEC initially extended the decision timeline to 3 June 2025, and has now opened formal proceedings under Section 19(b)(2)(B) of the same Act to allow for further analysis. According to the proposal, the exchange intends to amend the operational mechanics of the VanEck Bitcoin Trust and VanEck Ethereum...

On 29 May 2025, Commissioner Caroline A. Crenshaw of the United States Securities and Exchange Commission (US SEC) issued a dissenting statement titled “Stake it Till You Make It?” criticising the contemporaneous statement issued by the US SEC Division of Corporation Finance titled “Statement on Certain Protocol Staking Activities” stating that certain protocol staking arrangements fall outside the scope of US federal securities laws. Crenshaw rebukes this staff position as legally flawed, inconsistent with SEC v. W.J. Howey Co. jurisprudence, and out of step with recent federal court decisions that upheld staking-as-a-service models as investment contracts. There is continuing legal uncertainty surrounding crypto staking models and Commissioner Caroline A. Crenshaw has called for substantive rulemaking over informal carve-outs. Crypto entities must treat this dissent as a judicially reinforced counterweight to staff guidance statement provided earlier. Business models that involve...