The SEC has yet again delayed its decision as to the verdict of VanEck's latest spot Bitcoin ETF application by 45 days. The New York-based asset management firm submitted its latest spot Bitcoin ETF application on June 24. The deadline for the regulator’s decision was originally meant to expire on August 27.

The Monetary Authority of Singapore (MAS) is intensifying its surveillance of digital asset firms within the city-state ahead of upcoming regulatory changes. The authoritative body sent a questionnaire to some applicants and holders of its digital payments license seeking highly granular information about their business activity and holdings.

Leading digital asset management firm Grayscale Investments LLC has been on the receiving end of questions posed by the U.S. Securities and Exchange Commission (SEC) over the firm's “securities law analysis” of tokens which appear in some of its lesser known trusts.

Top stories in the Crypto Roundup today:

•   SEC Delay VanEck's Third Spot Bitcoin ETF Application

•   Singapore Steps Up Crypto Regulation 

•   Grayscale Discloses SEC Queries Surrounding Three Cryptoassets

SEC Delay VanEck's Third Spot Bitcoin ETF Application

The SEC has yet again delayed its decision as to the verdict of VanEck's latest spot Bitcoin ETF application by 45 days. The New York-based asset management firm submitted its latest spot Bitcoin ETF application on June 24. The deadline for the regulator’s decision was originally meant to expire on August 27.

In a filing made on the 24th of August, the SEC announced that it would be extending the decision surrounding VanEck’s application by an additional 45 days, pushing the expiry date to October 11th, when the regulator would "either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change."

According to the SEC, “the Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

This is not the first time that the financial regulator has delayed a spot Bitcoin ETF application. Back in November, VanEck’s previous application was denied citing concerns surrounding “fraud and manipulation” of the Bitcoin spot market. As of writing, the SEC has rejected or delayed numerous applications for a spot-based Bitcoin ETF. It has, however, approved several Bitcoin futures ETFs. 

VanEck, ProShares and Valkyrie are among some of the companies that have successfully launched a Bitcoin Futures ETF.

Singapore Steps Up Crypto Regulation

The Monetary Authority of Singapore (MAS) is intensifying its surveillance of digital asset firms within the city-state ahead of upcoming regulatory changes. The authoritative body sent a questionnaire to some applicants and holders of its digital payments license seeking highly granular information about their business activity and holdings.

The regulator enquired about the top tokens owned by individuals, as well as different lending and borrowing counterparties and the amount loaned and the top tokens staked via DeFi protocols. The MAS is also examining processes followed by digital asset exchanges once they receive a digital payment token service license, in an attempt to better understand the risks associated with the process. 

The increased scrutiny comes ahead of changes to digital asset regulation within Singapore. Managing Director of MAS, Ravi Menon, has already announced that the scope of these regulations will be extended to cover more activities. The increased regulation follows the recent market fallout which has seen numerous crypto lenders and crypto hedge funds collapse, including Three Arrows Capital, Zipmex, Hodlnaut, and Vauld.

“Licensees and applicants are expected to notify MAS of any events that materially impede or impair the operations of the entity, including any matter which may affect its solvency or ability to meet its financial, statutory, contractual or other obligations,” an MAS spokesperson said in response to queries from Bloomberg News regarding the questions sent to the crypto firms. MAS is unable to share details of dealings with individual firms, citing confidentiality, the spokesperson added. 

Grayscale Discloses SEC Queries Surrounding Three Cryptoassets

Leading digital asset management firm Grayscale Investments LLC has been on the receiving end of questions posed by the U.S. Securities and Exchange Commission (SEC) over the firm's “securities law analysis” of tokens which appear in some of its lesser known trusts.

The SEC’s questioning highlights the firm's continued harsh regulatory stance toward digital assets as they continue to crack down on tokens they believe should be subject to U.S. securities laws. In this instance, the disclosures appear in filings for the Stellar (XLM), Zcash (ZEC) and Horizen (ZEN) trusts.

Grayscale first revealed the regulatory back-and-forth in filings made on June 28th, in which the asset manager states that “SEC staff has not provided any guidance as to the security status of” ZEN, ZEC, and XLM. In August 16th filings, however, Grayscale states that it “has received a memorandum regarding the status of [ZEN, ZEC and XLM] under the federal securities laws from its external securities lawyers.” 

Grayscale, which is a subsidiary of the Digital Currency Group, is one of the largest asset managers in the crypto space, with roughly $18.7bn AUM from funds and trusts. Its ZEC, ZEN, and XLM holdings equate to a combined holding of roughly $40m. Grayscale reportedly held an estimated $60 billion during the market peak last November.

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