FameEX Morning Crypto News Recap | May 8, 2024

Susquehanna International Group Incorporates $1 Billion in Bitcoin ETFs into Portfolio

Susquehanna International Group disclosed to the Securities and Exchange Commission its ownership of 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at approximately $1.09 billion as of March 31, 2024. Additionally, the firm holds 1,349,414 shares in the Fidelity Wise Origin Bitcoin Fund (FBTC), with a market value of about $83.74 million on the same date.

SEC Counters Terraform’s Assertion That Fraud Occurred Outside the US

In a May 6 filing with the U.S. District Court for the Southern District of New York, the SEC countered Terraform's plea for reduced disgorgement in a civil case. The jury had found the firm liable. SEC lawyers stated that Terraform and co-founder Do Kwon did not argue in court against the SEC's application of federal laws on token sales outside the U.S.

Philosopher Yuval Noah Harari Raises Alarm Over AI Risks in Finance

Speaking at the Bank for International Settlements (BIS) Innovation Summit, author and philosopher Yuval Noah Harari warned that uncontrolled artificial intelligence in finance could have severe repercussions. He emphasized the critical need for strong institutions to regulate AI and manage its impact on the financial system effectively.

New South Korean Administration to Advocate for Bitcoin ETF Trading

According to a local press report, the Democratic Party of Korea intends to ask the Financial Services Commission (FSC) to reevaluate its interpretation of the legal status of spot Bitcoin ETFs. This request, aligning with their campaign promise to allow spot ETFs with underlying virtual assets, is planned for after the National Assembly convenes in June.

Observers Claim EU Crypto Regulations Weakened by Inadequate Enforcement

The European Union's flagship cryptocurrency legislation, the Markets in Crypto-Assets Regulation, enacted in 2023, is currently being implemented. However, Jon Helgi Egilsson, chair and founder of Monerium, a licensed e-money issuer, points out that enforcement of pre-existing legislation has been inconsistent across the region, impacting the effectiveness of these regulations.

Hong Kong Central Bank Establishes Group to Investigate Asset Tokenization

The Hong Kong Monetary Authority (HKMA), Hong Kong's financial regulator and central bank, announced on May 7 that it is forming a community with industry representatives and regulators to explore asset tokenization. This group aims to develop standards for tokenization, enhancing collaboration and innovation in 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.