FameEX Morning Crypto News Recap | May 8, 2024

Susquehanna International Group Adds $1 Billion Worth of Bitcoin ETFs to Its Portfolio

Susquehanna International Group disclosed to the Securities and Exchange Commission that it owns 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at approximately $1.09 billion as of March 31, 2024. Additionally, the firm reported holding 1,349,414 shares in the Fidelity Wise Origin Bitcoin Fund (FBTC), valued at roughly $83.74 million on the same date.

SEC Disputes Terraform's Claims That Fraud Took Place Outside the US

In a May 6 filing to the U.S. District Court for the Southern District of New York, the SEC opposed Terraform's request for reduced disgorgement in a civil case where the jury found the firm liable. SEC lawyers highlighted that Terraform and co-founder Do Kwon never contested the SEC’s application of federal laws to token sales conducted outside the U.S.

Philosopher Yuval Noah Harari Highlights Dangers of AI in Finance

At the BIS Innovation Summit, Yuval Noah Harari warned that unchecked AI in finance could lead to severe consequences. He emphasized the urgent need for robust institutions to regulate AI and effectively manage its impact on the financial system, highlighting the risks of uncontrolled technology.

South Korea's New Leadership to Push for Bitcoin ETF Trading

According to a local report, the Democratic Party of Korea will request that the Financial Services Commission (FSC) revisit its stance on the legal status of spot Bitcoin ETFs. This move is in line with their campaign pledge to enable spot ETFs featuring virtual assets. The party plans to submit this request after the National Assembly's session begins in June.

Observers Note EU Crypto Regulations Falter Due to Poor Enforcement

The European Union's main cryptocurrency regulation, the Markets in Crypto-Assets Regulation, passed in 2023, is now being rolled out. Jon Helgi Egilsson, the founder and chair of Monerium, a licensed e-money issuer, notes that the enforcement of existing laws has been uneven across the EU, thereby affecting the overall efficacy of the new regulations.

Hong Kong Central Bank Creates Community to Study Asset Tokenization

On May 7, the Hong Kong Monetary Authority (HKMA), the central bank and financial regulator of Hong Kong, announced the creation of a community including industry representatives and regulators to investigate asset tokenization. This initiative seeks to establish tokenization standards to boost collaboration and innovation within the financial sector.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​