- Binance and CZ Zhao’s lawyers filed to dismiss CFTC’s lawsuit, arguing the CFTC’s claims would allow overreaching regulation of crypto derivatives globally.
- BlackRock’s spot Bitcoin ETF was listed on DTCC, suggesting potential SEC approval soon. If approved, it could pave the way for more spot crypto ETFs.
- The crypto industry awaits critical decisions on regulation and ETF approval that could shape its future direction.
Lawyers representing Binance and its CEO Changpeng CZ Zhao have filed statements supporting a motion to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC) in March. In a filing on October 23rd, CZ’s and Binance’s attorneys made several legal claims arguing for the dismissal of the CFTC’s case. According to the legal teams, the CFTC’s arguments would allow it to regulate any cryptocurrency activity related to derivatives globally if accepted by the court. Binance’s lawyers also challenged each of the individual counts brought by the CFTC, calling for the court to dismiss the complaint entirely.
BlackRock’s Spot Bitcoin ETF Now Listed on Nasdaq’s Trade Clearing Firm
The iShares spot Bitcoin ETF proposed by BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), suggesting potential approval by the SEC. According to Bloomberg ETF analyst Eric Balchunas, this DTCC listing is part of the process of bringing a crypto ETF to market. Balchunas speculated that BlackRock may have already received approval from the SEC or is prepping everything assuming so. If approved, BlackRock’s ETF could lead to more spot crypto ETF applications being greenlit.
Conclusion
The crypto market continues to see major developments, with Binance fighting back against regulatory action and BlackRock inching closer to launching the first spot Bitcoin ETF in the US. The coming months will likely see critical decisions made around these issues that could shape the future of the industry.
