[Weekly Comparative Review] Financial institutions such as WisdomTree and Invesco submit spot Bitcoin ETF applications; EDX Markets, a crypto exchange supported by Wall Street giants, begins operations in the US; the US's first leveraged Bitcoin futures ETF will begin trading next week; Prime Trust suspends fiat and cryptocurrency deposits and withdrawals

Here's a recap of the week's top news stories:

[WisdomTree,InvescoWait for a number of financial institutions to submit the stockBitcoinETF application]

Comparing news, succeeding asset management giantsBlackRock(BlackRock) After submitting a spot Bitcoin ETF application, WisdomTree, Invesco,Valkyrie FundsA number of other financial institutions have also submitted applications for spot Bitcoin ETFs. (WisdomTree's application was initially submitted in 2022SECRejected).

Furthermore,Bitwise Asset ManagementA new application was submitted to the US Securities and Exchange Commission on June 16 to amend the rules to suit its planned Bitcoin spot ETF. The US Securities and Exchange Commission rejected a Bitcoin spot ETF application submitted by Bitwise in June 2022. In a new filing, BitWise said the SEC should approve, reject, or initiate other processing around its proposed rule changes within 45-90 days.

Bitcoin once rebounded to a one-year high above $31,000 during the US stock trading session on June 23. Research companiesK33Research commented: “The Bitcoin spot ETF file submitted by BlackRock raised expectations that an institutionally-driven price increase was imminent.”

【ED, a crypto exchange backed by Wall Street giantsX MarketsStart operating in the US]

Compare the news and getCitadel Securities、Fidelity Investments(Fidelity Investments) and Charles Schwab (Jiaxin Wealth Management) The new crypto exchange supported by EDX Markets has commenced operations. EDX uses a non-custodial model, does not directly handle customer assets, and plans to partner with third-party banks and cryptocurrency custodians. versusFTXUnlike Binance's problem, EDX is based on traditional financial markets to attract brokers and investors concerned about the safety of their funds. The exchange will provide Bitcoin,Ethereum、Litecoin和Bitcoin cashThe deal. This shows that some Wall Street firms are still interested in cryptocurrencies despite regulatory pressure and market cooling.

On the same day, EDX Markets announced the completion of a new round of financing. Investors include Miami International Holdings, DV Crypto, GTS,GSRMarkets LTD etc. EDX will launch EDX Clearing later this year to settle matching deals on EDX Markets.

【Prime TrustSuspend fiat and cryptocurrency deposits and withdrawals]

According to Twitter, Prime Trust closed all fiat and cryptocurrency deposits and withdrawals on June 22 under an order from the Nevada Financial Supervisory Authority.TrueUSDIt said the TUSD stablecoin was unaffected, that it no longer uses Prime Trust to mint or redeem TUSD and maintain “multiple dollar channels” elsewhere.BitGoIt announced that it has terminated its acquisition of Prime Trust.

Regulators say Prime Trust is “operating at a huge deficit” and may even be insolvent and currently unable to meet customers' withdrawal needs. Prime Trust can request a hearing within 30 days of issuing an order. If no application is made, a cessation order is considered final.

[America's First Leveraged Bitcoin Futures ETF Will Begin Trading Next Week]

In comparison, Volatility Shares' chief investment officer Stuart Barton told CoinDesk that after receiving approval from the US Securities and Exchange Commission (SEC), Volatility Shares' 2x Bitcoin Strategy ETF (BITX) will become the first leveraged crypto ETF in the US and will begin trading next Tuesday after taking effect on Friday. “It's exciting to see digital assets in ETF products,” Barton said.

According to the prospectus, a 2x leveraged ETF allows customers to gain exposure to Bitcoin by investing only half of the value of Bitcoin. The ETF fund will be based on the CME Bitcoin futures price.

【Three Arrows CapitalFounder launches new venture capital fund3AC Ventures】

Comparative news, byCoinFLEXExecutive and founder of the disbanded Three Arrows CapitalSu ZhuBankruptcy claims exchange co-founded by Kyle DaviesOPNXIt was announced that they have a new partner: venture capital fund 3AC Ventures. OPNX said on Twitter that the partner will “invest in projects built within the OPNX ecosystem and work towards a decentralized future.”

Citing the announcement, Davies commented: “3AC is dead, long live 3AC Ventures.” The landing page on the company's official website shows that 3AC Ventures focuses on excellent risk-adjusted returns without leverage. Davies said, “3AC Ventures aims to support projects that build a decentralized future. We're passionate about partnering with those brave enough to take on the biggest challenges and create cutting-edge products”.

OPNX was launched in April of this year, and the average daily trading volume is said to be over $30 million. The exchange launched its native token, OX, on May 31, and at press time, the fully diluted market capitalization was over $300 million.

[Powell: Almost all FOMC members expect a further rate hike by the end of this year is appropriate]

Comparing news,Federal ReserveChairman Powell testified before the House Financial Services Committee on Wednesday that interest rates may be raised further in the future until more progress is made in reducing inflation. He said, “Almost all FOMC participants expect a further rate hike by the end of this year. Inflation has eased somewhat since the middle of last year. Despite this, inflationary pressure continues to be high, and there is a long way to go before inflation falls back to 2%.”

Powell also pointed out that to reduce inflation, it is necessary to slow the economy to a below-trend level of growth. He also emphasized that interest rate decisions will be based on changing data and meetings rather than following a pre-set route.

[FSMA commandBinance[Immediately stop all virtual currency services provided in Belgium]

According to the announcement issued by the Financial Services and Markets Authority (FSMA) on June 23, Binance is providing virtual currency and fiat currency exchange services in Belgium, as well as escrow wallet services for non-European Economic Area member countries. As a result, the FSMA has ordered Binance to immediately stop providing any and all such services in Belgium.

According to section 136 of the Belgian Act on the Prevention of Money Laundering and the Financing of Terrorism, failure to comply with this prohibition is subject to criminal sanctions. The FSMA believes that Binance's provision of such services in Belgium to non-EEA members violates the ban.

【 Li LinOfficial lawsuit against Huobi in Hong Kong for using the “Huobi” trademark】

In comparison, according to Wu, blockchain exclusively learned that X-Spot Co., Ltd., controlled by Li Lin, sued in the Hong Kong Special Administrative Region High Court on June 21Fire must(Huobi Global Limited) trademark infringement. Earlier inSun YuchenAfter blocking Li Lin's brother's account and accusing him of dumping HT, Huobi must start using the “Huobi” trademark again.

According to the indictment, X-Spot Co., Ltd. has always retained exclusive rights to the “Huobi” trademark, and Huobi Global Limited (Huobi Global Limited) has been using the trademark without X-Spot's authorization. When the original shareholders transferred their Huobi Global shares toBaiyu Capital(About Capital Management), they explicitly agreed to retain the exclusive rights to the “Huobi” trademark and ensure that these rights will not be transferred to the buyer or Huobi. The equity transfer and asset delivery agreement between the parties clearly stipulates that the buyer is prohibited from using the “Huobi” trademark and brand.

Huobi Global Limited responded that it has the right to use the trademark in many legal jurisdictions around the world, so it has the right to use it freely. Huobi Global Limited's place of registration is not Hong Kong. The right to use trademarks in Hong Kong is subject to Hong Kong's laws and regulations. At present, no formal notice of acceptance has been received from any court.

Author: BitPushNews Mary Liu

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