According to PANews, Hong Kong-based institution, Value Partners, has applied to issue a virtual currency spot ETF, but did not appear on the approved list. Insiders revealed that Wui Li voluntarily withdrew its application due to inadequate preparation, time constraints, and insufficient manpower. Compared to the other three companies, Wui Li primarily conducts active business in Hong Kong, and its ETF business is relatively weak, hence the decision to observe first. Despite the fact that this batch of virtual currency spot ETFs was launched by three Hong Kong subsidiaries of domestic public funds, mainland investors are not allowed to participate in trading according to existing regulations. Markus Thielen, founder of crypto research company 10x Research, believes that if mainland purchases are allowed, these Bitcoin spot ETFs could attract $25 billion in funds. However, Bloomberg ETF analyst Eric Balchunas thinks otherwise. He believes that due to reasons such as the small size of the Hong Kong ETF market, the three domestic public fund managers not being on par with international asset managers like BlackRock, mainland retail investors not being able to trade, and doubts about product liquidity, even $500 million would be considered lucky.

According to Bloomberg, Representative Hill, the chair of the subcommittee on digital assets, has indicated that the House leadership is considering the best way to pass a package that includes the SAFE Banking Act. In an interview, Hill stated his support for the Act, which he has backed for nine years. The Act would enable cannabis dealers in states where it is legal to access the banking system. Hill believes that this would make it easier to identify illegal activities and 'bad actors' if these companies were part of the banking system. Hill also mentioned that lawmakers are nearing a bipartisan agreement on legislation to regulate stablecoins. He expressed optimism about the progress made over the past year and stated that the country would benefit from the passage of both bills. The Arkansas Republican did not provide further details on the potential agreement or the timeline for its implementation.

According to Cointelegraph: John Deaton Supports Coinbase in SEC Appeal by Filing Amicus Brief John Deaton, a known crypto lawyer who is presently running a Senate campaign to unseat Elizabeth Warren, has filed an amicus brief advocating for Coinbase. This step comes as the cryptocurrency exchange appeals certain matters in its legal battle against the United States Securities and Exchange Commission (SEC). Source: Courtlistener In an April 26 document filed in the U.S. District Court for the Southern District of New York, Deaton submitted the amicus brief supporting a motion for interlocutory appeal, representing 4,701 Coinbase customers. Interestingly, Deaton provided this legal aid pro bono, representing Coinbase users' interests distinct from the exchange itself. The brief insists that the SEC’s enforcement actions are evidence that "the regulator does not speak on behalf of digital asset users and investors and intends to offer no regulatory guidance beyond citing the Howey case." Deaton pointed to the SEC's lawsuits against crypto firms, such as Debt Box, alleging that the commission's approach was more adversarial towards the crypto industry than truth and justice-aligned. Though Deaton's actions appear tied to his ongoing Senate run based on his April 26 X post, he proposed himself as a legal representative for Coinbase users as early as June 2023—prior to announcing his campaign—after the SEC filed its lawsuit. Paul Grewal, Chief Legal Officer at Coinbase, informed that the interlocutory appeal seeks the court's discernment on whether a post-sale contractual obligation is essential for something to be defined as an "investment contract"—a foundation for deciding if something is a security under SEC regulations. This pivotal legal issue is key among those being contended in the SEC's lawsuit against Coinbase. Less than six months from the election day, it remains to be seen if Deaton's legal maneuvers might impact his Senate campaign, which is distinguished by his markedly different views on digital assets compared to incumbent Senator Warren.

According to Cointelegraph: EU's DeFi Regulations Could Welcome Big Banks but Test Crypto Natives New regulatory rules forthcoming for decentralized finance (DeFi) protocols in Europe could create significant hurdles for crypto-native projects while stimulating traditional financial institutions to enter the DeFi space, as per Marina Markezic, Executive Director of the European Crypto Initiative. Markezic discussed the European Commission's forthcoming DeFi report, set to be released on Dec. 30, 2024, during a recent interview with Cointelegraph. The report will scrutinize DeFi's regulatory feasibility under the Markets in Crypto-Assets (MiCA) framework. Markezic expressed her expectations from a DeFi regulatory framework stating that it could facilitate traditional players' entry into the crypto space since several banks are already considering issuing stablecoins. However, she cautioned that obtaining licenses and achieving compliance might become harder for crypto-native projects. The EU's report seeks to explore the regulation of decentralized systems, particularly those without a defined issuer or service provider. A crucial outcome may include initial definitions of what regulators perceive as decentralization. Markezic suggested that DeFi should be looked upon as a spectrum rather than a binary scenario. This 'DeFi spectrum' would consist of a range of different use cases, from fully decentralized systems to those that exhibit various levels of control and management. Legal experts push for clear standards instead of strict rules. Sascha Drobnjak, former head of legal and compliance at Elusiv protocol, emphasized that governments, policymakers, and the industry need to agree on what really defines DeFi. Revenue from the DeFi sector is predicted to reach approximately $6.69 billion in Europe by 2024, according to Statista, with a compound annual growth rate of 9.67% between 2024 and 2028, reaching $9.68 billion in revenue by 2028.

According to Cointelegraph: Custodia Bank Drives Appeal to Higher Court Following March Setback In its quest for a Federal Reserve master account, Custodia Bank is combating a previous court's ruling by taking its case to the United States Tenth Circuit Court of Appeals. As per an April 26 court document, the bank wants the federal-level appeals court to reconsider a resolution by Judge Scott Skavdahl of the District Court for the District of Wyoming, handed down in March. Judge Skavdahl's decision refused Custodia's application for a Federal Reserve master account in the U.S. Master accounts at the Federal Reserve are accounts managed directly by a financial institution with the Federal Reserve Bank. These accounts grant banks access to services like Fedwire and the Automated Clearing House (ACH) network, which enable electronic payments. In 2022 alone, Fedwire processed around 196 million transactions, totaling more than $1 quadrillion.

According to PANews, the Hong Kong Financial Management Bureau has launched the FiNETech series. This initiative brings together approximately 100 banks, securities companies, insurance companies, and technology enterprises. The aim is to jointly explore advanced cooperation arrangements in wealth technology, insurance technology, green technology, artificial intelligence, and distributed ledger technology. Over the next six to twelve months, the Bureau plans to expand its cooperation in the field of financial technology through the FiNETech series of events. This will include continued collaboration with various co-organizing institutions, industry associations, and market experts. The focus will be on the development of artificial intelligence (including generative artificial intelligence), distributed ledger technology, and green technology. The Bureau also aims to make substantial progress in the adoption of financial technology by banks and other financial institutions. This is part of the broader goal of the FiNETech series to foster innovation and collaboration in the financial technology sector.

According to BlockBeats, the US core Personal Consumption Expenditures (PCE) price index annual rate for March was reported at 2.8%. This figure exceeded the anticipated rate of 2.7%, matching the previous value of 2.8%. The PCE index is a measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The core PCE index excludes volatile food and energy prices to provide a clearer picture of underlying inflation trends. The data is closely watched by the Federal Reserve as it sets its inflation target based on the core PCE price index. The higher than expected rate indicates a potential increase in inflation, which could influence the Federal Reserve's future monetary policy decisions.

On April 19, 2024, Binance hosted its first-ever online Law Enforcement Training Day. The event aimed to deliver state-of-the-art cryptocurrency education to the global law enforcement community, spotlighting an increasing interest in these topics. The initiative underscores the need for stronger collaboration between the public and private sectors to combat crypto-associated crime. Practical Cryptocurrency Investigation Techniques Unveiled As part of Binance's comprehensive Law Enforcement Training Program, the Law Enforcement Training Day centered around the operational aspects of cryptocurrency investigations. It illuminated blockchain tracing techniques and delved into advanced concepts such as demixing or cross-chain swaps. Law enforcement speakers unveiled recent case studies—ranging from pig butchering scams and child abuse to terrorist financing. These practical examples revealed how combining traditional investigative methods with the ability to trace funds across major publicly traceable blockchains is becoming increasingly critical. Speakers from Diverse Sectors The speaker panel featured 11 experts from various sectors, including Binance, law enforcement portal Kodex, and blockchain data investigation firms Chainalysis, TRM Labs, Elliptic, and Clain. Representatives from the law enforcement community also provided insights, including individuals from the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, the National Organised Crime Agency of the Police of the Czech Republic, and the Cyberpolice Department of the National Police of Ukraine. Large Attendance Demonstrates Increasing Interest With over 1,300 law enforcement representatives from 86 countries in attendance—primarily from national police agencies and state prosecutors—the event demonstrated burgeoning global interest in cryptocurrency education. Among the ten countries with the highest attendance, six were European. Commenting on the event's success, Jarek Jakubcek, Binance’s Head of Law Enforcement Training, stressed that public-private collaboration is not merely desirable but downright crucial in detecting and preventing cryptocurrency-related criminal activity. He expressed gratitude towards all participants for contributing to this knowledge-rich event.

According to U.Today, Sarah Netburn, a US Magistrate Judge for the United States District Court for the Southern District of New York, has set a schedule for Ripple's motion to strike new expert materials submitted by the U.S. Securities and Exchange Commission (SEC). The SEC has until April 29 to respond to the motion, after which Ripple will have three business days to file its reply. Ripple recently opposed the SEC's motion for remedies, asking the court to reject the agency's request for disgorgement and prejudgment interest. The San Francisco-based company also argues that the SEC's civil penalty should not exceed $10 million, while the regulator is seeking approximately $2 billion in fines and penalties. Ripple has also moved to strike the SEC's new expert materials, which include a declaration and two supporting exhibits prepared by Andrea Fox, an Assistant Chief Accountant in the SEC’s Division of Enforcement. Ripple contends that it did not have the opportunity to take Fox's deposition and that reopening remedies discovery to do so would result in unnecessary expense and delay. The company further claims that the SEC was obligated to disclose Fox as an expert witness before the end of discovery. Ripple argues that this obligation cannot be circumvented by merely describing her as a summary witness. As a result, Ripple is urging the court to strike her declaration due to the SEC's late disclosure.

According to PANews, Yao Qian, the Director of the Science and Technology Regulatory Department and the Director of the Information Center of the China Securities Regulatory Commission (CSRC), is currently under investigation for serious disciplinary and legal violations. The Central Commission for Discipline Inspection and the State Supervisory Commission stationed at the CSRC, along with the Guangdong Provincial Commission for Discipline Inspection and Supervision, are conducting the disciplinary review and investigation. Yao Qian is being investigated by the Shanwei City Supervisory Committee in Guangdong Province. Further details about the investigation or the specific allegations against Yao Qian have not been disclosed.

According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has accused Caleb Joseph Ward and Jeremy George McNutt, co-founders of Bitcoin mining company Geosyn Mining, of defrauding approximately 64 investors of $5.6 million through service agreements sold as securities between November 2021 and December 2022. The SEC alleges that Geosyn Mining's agreement to purchase and operate cryptocurrency mining machines on behalf of clients, for which it charged fees, falsely claimed to have signed a cheap energy contract with a power supplier. In reality, the costs were 40% to 50% higher than the rates communicated to clients. Furthermore, of the 1,400 mining machines that were supposed to be purchased under the service agreements, 400 were never bought. Additionally, most of the mining equipment that was purchased was never put into operation.

According to Foresight News, Terraform Labs will restrict access for US users following a decision by the US Securities and Exchange Commission (SEC). The development is described as 'frustrating' by Terraform Labs, which 'principally opposes geographical blocking' but feels it has no choice but to comply. Additionally, the company will begin withdrawing $23.8 million worth of LUNA liquidity from the Astroport, Ura, and White Whale platforms on April 26. In previous news from Foresight, the SEC had proposed a motion requiring Terraform Labs and its co-founder Do Kwon to pay approximately $4.7 billion in disgorgement and pre-judgment interest, as well as a total of $520 million in civil penalties. Furthermore, the SEC has issued a 'conduct-based prohibition' to prevent 'engaging in substantially similar conduct leading to large-scale fraud'.

According to Foresight News, the Hong Kong Exchange (HKEX) is set to start trading Bitcoin and Ethereum spot Exchange Traded Funds (ETFs) managed by Harvest Fund Management. The trading is scheduled to commence on April 30th. The market news indicates that this move by the HKEX is a significant step towards the mainstream acceptance of cryptocurrencies. The introduction of Bitcoin and Ethereum spot ETFs by Harvest Fund Management on the HKEX platform will provide investors with a new avenue to invest in these digital assets. This development is expected to have a positive impact on the overall cryptocurrency market, as it could potentially attract more investors to the sector. However, it is important to note that the performance of these ETFs will be closely tied to the price movements of Bitcoin and Ethereum.

According to Foresight News, insiders have revealed that creditors of Celsius Loan are planning to appeal against the company's restructuring plan. The reason behind this is the discovery that Celsius's asset recovery rate is lower than expected. The current plan has reduced the amount of money recovered from customers who hold bankrupt assets in loan accounts. The creditors of Celsius Loan have stated that they do not yet have a specific timeline for potential litigation and are still in the early stages of exploration. This development could potentially impact the company's restructuring process and its future operations. Further details about the appeal and its potential implications are yet to be disclosed.

According to PANews, the UK Home Office has announced that new powers enabling law enforcement agencies to seize cryptocurrency used in crime came into effect on Friday. The new regulations mean that police in the country will no longer need to make an arrest before confiscating cryptocurrency assets. This will make it easier to seize assets known to have been obtained through criminal means, even if seasoned criminals can protect their anonymity or are located overseas. The new regulations were introduced following the passage of a crime bill in the UK Parliament last year, which laid the groundwork for faster seizure of cryptocurrency. Chief Crown Prosecutor Adrian Foster stated in the press release: 'For investigators and prosecutors, having the ability and flexibility to keep up with the changing nature of crime is crucial, and these new measures will greatly help us to restrain, freeze or eliminate cryptocurrency assets in illegal enterprises.' Officials will also be able to transfer the cryptocurrency to wallets controlled by law enforcement agencies. If reintroducing these cryptocurrencies into circulation is not in the public interest, they will also be able to destroy these cryptocurrency assets. The press release noted that privacy coins are a type of asset that may be destroyed if confiscated.

According to PANews, the Federal Bureau of Investigation (FBI) in the United States has issued a warning against using cryptocurrency transfer services provided by companies that are not registered as Money Service Businesses (MSB) under federal law. The FBI has also provided an official tool from the Financial Crimes Enforcement Network (FinCEN) that allows users to check if a company is registered as an MSB. Furthermore, the FBI has cautioned users not to use crypto services that do not require Know Your Customer (KYC) information before allowing the sending or receiving of cryptocurrencies. The statement said, 'The FBI has recently taken enforcement action against cryptocurrency services that have not been licensed under federal law. Individuals using unlicensed cryptocurrency transfer services may experience financial disruption during enforcement action, especially when their cryptocurrency is mixed with funds obtained through illegal means.' 'Cryptocurrency transfer services that knowingly or intentionally assist in illegal transactions will be investigated by law enforcement agencies. Using services that have not fulfilled their legal obligations may cause you to lose access to your funds after law enforcement agencies take action against these companies.'

According to BlockBeats, on April 26, the US Securities and Exchange Commission (SEC) issued a Wells Notice to ConsenSys, an Ethereum infrastructure development company. The SEC has accused MetaMask, a product of ConsenSys, of operating without a proper license. A Wells Notice is a letter that the SEC sends to people or firms when it is planning to bring an enforcement action against them. In this case, the SEC alleges that MetaMask, a decentralized application (DApp) browser built on the Ethereum blockchain, has been operating without the necessary brokerage license. ConsenSys, the company behind MetaMask, is a leading Ethereum software development company. It is yet to respond to the allegations made by the SEC. The implications of this notice could be significant for the company and the wider Ethereum ecosystem, depending on the outcome of the SEC's enforcement action.

According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on the listing and trading of Bitcoin spot ETF options until May 29. The information was initially reported by The Block Pro. The SEC has not provided any further details or reasons for this delay. This decision is eagerly awaited by the cryptocurrency market, as it could potentially influence the future of Bitcoin trading.

According to PANews, industry insiders have revealed that the US Securities and Exchange Commission (SEC) is anticipated to reject the approval of a spot Ethereum ETF next month. This information was initially reported by Jinshi. The SEC's decision could have significant implications for the cryptocurrency market, particularly for Ethereum, which is the second-largest cryptocurrency by market capitalization. However, the reasons behind the SEC's expected decision have not been disclosed. The SEC has been known to be cautious when it comes to approving ETFs for cryptocurrencies, citing concerns over market manipulation and investor protection. This news comes as the latest development in the ongoing dialogue between the cryptocurrency industry and regulatory bodies. The SEC's stance on cryptocurrency ETFs has been a topic of discussion for some time, with many in the industry advocating for more clarity and regulation. Despite the anticipated rejection, the demand for cryptocurrency ETFs continues to grow, reflecting the increasing interest and investment in the sector. The SEC's decision on the Ethereum ETF will be closely watched by industry participants and could set a precedent for future cryptocurrency ETF applications.

According to PANews, the European Parliament has passed new regulations, officially requiring cryptocurrency companies to conduct due diligence to combat money laundering. The Parliament voted on Wednesday to pass a series of laws that will partly strengthen 'due diligence measures and checks on customer identity,' including so-called crypto asset management companies. They will also have to report suspicious activities to the authorities. The new law will affect crypto asset service providers (CASPs), such as centralized crypto exchanges, and many other institutions, including gambling services. Patrick Hansen, EU Strategy and Policy Director at Circle, stated in a post on X that the voting result was expected. 'The bill will now also officially be approved by the EU Council and will take effect three years later,' Hansen wrote on the X platform. Last month, Hansen refuted rumors that the new law would ban anonymous crypto wallets and self-payment methods. He stated that the new law would apply to CASPs already regulated under MiCA (Crypto Asset Market Regulation), which need to follow standard KYC/AML procedures, such as customer due diligence (CDD). This is not something new, as all EU cryptocurrency exchanges and custodial wallet providers have already complied with these obligations under the current AMLD5 regulations. Hansen stated that overall, the final version is a 'great achievement' for the crypto industry. The previous version of the proposed AMLR suggested a stricter approach, which meant carrying out KYC on self-custody initiators/beneficiaries, but due to the industry's efforts, it was finally agreed to adopt a risk-based approach and various options.