The European Commission has announced that members of the European Union must prepare to halt cryptocurrency mining “in case there is a need for load shedding in the electricity system.”

German crypto bank Nuri has told its 500,000 users they have to withdraw funds from their accounts as the company is getting ready to shut down and liquidate its business.

Nasdaq-listed cryptocurrency exchange Coinbase has filed an amicus brief supporting a Grayscale Investments lawsuit against the U.S. Securities and Exchange Commission (SEC) for rejecting the firm’s proposal for a spot bitcoin exchange-traded fund.

Top stories in the Crypto Roundup today:

• EU Member States Could Order Crypto Mining Halt Over Energy Emergency
• German Crypto Bank Tells Its 500,00 Users to Withdraw Ahead of Shutdown
• Coinbase Backs Grayscale’s ETF Filing With Effort to Reverse SEC’s Rejection

EU Member States Could Order Crypto Mining Halt Over Energy Emergency

The European Commission has announced that members of the European Union must prepare to halt cryptocurrency mining “in case there is a need for load shedding in the electricity system.”

 Russia’s invasion of Ukraine has added stress to energy supplies in Europe, and the commission is now asking for countries to prepare to lower the energy consumption of cryptocurrency miners, with completely halting operations being on the table.

Over time, the EU Commission wants the union’s members to look into ending current tax breaks and subsidies for Proof-of-Work miners.

The organization also announced a proposal for the introduction of a cryptocurrency rating system according to environmental impact within the European Union. If approved, the rating scheme is set to roll out in 2025.

German Crypto Bank Tells Its 500,00 Users to Withdraw Ahead of Shutdown

German crypto bank Nuri has told its 500,000 users they have to withdraw funds from their accounts as the company is getting ready to shut down and liquidate its business.

Nuri first reported liquidity issues in August, after announcing it had filed for insolvency. At the time, the firm said the business would continue as usual as it worked out a restructuring plan and secured a buyout.

An acquisition of Nuri never came to be, and earlier this week Nuri CEO, Kristina Mayer, noted that despite the company’s efforts, it is unable to maintain its operations going forward. Nuri is encouraging users to withdraw their assets before December 18.

Coinbase Backs Grayscale’s ETF Filing With Effort to Reverse SEC’s Rejection

Nasdaq-listed cryptocurrency exchange Coinbase has filed an amicus brief supporting a Grayscale Investments lawsuit against the U.S. Securities and Exchange Commission (SEC) for rejecting the firm’s proposal for a spot bitcoin exchange-traded fund.

In the brief, the Blockchain Association, the Chamber of Digital Commerce, and Coin Center said that the SEC had “categorically denied every proposal” to list ETFs that hold bitcoin, despite approving multiple exchange-traded products holding BTC derivatives.

The group called spot ETFs “ideally suited” for investors looking to gain exposure to BTC, and added that the SEC has allowed “similar, riskier products to enter the market,” although ETFs “plainly satisfy regulatory requirements for listing on a national securities exchange."

In June, the SEC denied Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. Grayscale then filed a lawsuit against the regulator.

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