Despite the U.S. Securities and Exchange Commission's (SEC) history of rejecting similar proposals, BlackRock's iShares division has submitted an application to establish a Bitcoin (BTC) spot ETF. The proposed iShares Bitcoin Trust will primarily consist of Bitcoin held by a custodian on behalf of the Trust, with Coinbase named as the custodian in the filing.

Block (NYSE: SQ), the payments company led by Jack Dorsey, has announced the launch of an open beta program for its self-custodial Bitcoin wallet, Bitkey. This move marks a significant step in Block's ongoing efforts to enhance Bitcoin's accessibility and usability.

New York Attorney General Letitia James has announced a settlement with CoinEx, a Hong Kong-based virtual currency trading platform. CoinEx, which was sued by the state earlier this year, has agreed to refund nearly 5,000 New York investors a total of $1.2 million and pay over $600,000 in penalties. 

 

Top stories in the Crypto Roundup today:

• BlackRock's iShares Submits Application for Bitcoin Spot ETF
• Jack Dorsey's Block Bitcoin Wallet Opens Beta
• Hong Kong-Based Trading Platform CoinEx Settles with New York AG

BlackRock's iShares Submits Application for Bitcoin Spot ETF

Despite the U.S. Securities and Exchange Commission's (SEC) history of rejecting similar proposals, BlackRock's iShares division has submitted an application to establish a Bitcoin (BTC) spot ETF. The proposed iShares Bitcoin Trust will primarily consist of Bitcoin held by a custodian on behalf of the Trust, with Coinbase named as the custodian in the filing.

The SEC has previously approved several futures-based Bitcoin ETFs but has consistently denied attempts to launch a spot Bitcoin ETF from fund management companies such as Grayscale, VanEck, and WisdomTree. However, BlackRock's significant influence as the world's largest asset manager, with over $10 trillion in assets under management (AUM), may prove too difficult for the SEC to dismiss.

This development comes amidst a regulatory crackdown on the crypto industry in the U.S., with recent lawsuits against Coinbase and Binance by the SEC. Despite this, the market sentiment appears to have been slightly uplifted by the ETF application from BlackRock.

Jack Dorsey's Block Bitcoin Wallet Opens Beta

Block (NYSE: SQ), the payments company led by Jack Dorsey, has announced the launch of an open beta program for its self-custodial Bitcoin wallet, Bitkey. This move marks a significant step in Block's ongoing efforts to enhance Bitcoin's accessibility and usability.

Bitkey's beta version includes special integrations with Coinbase and CashApp, designed to streamline the process of withdrawing Bitcoin from either platform, eliminating the need for the standard 'copy and paste' method. This feature is expected to significantly enhance the user experience by making transactions smoother and more efficient.

Previously, the beta version of Bitkey was exclusively available to Block employees. However, with the introduction of the open beta program, the public will now have the opportunity to test the hardware device and accompanying software free of charge.

The beta version of the Bitkey hardware wallet will include basic functions such as sending and receiving BTC. It will also feature both PIN code and fingerprint authentication options for enhanced security. In the future, the mobile app plans to incorporate third-party exchange partners to allow users to buy Bitcoin directly through the app, with CashApp and Coinbase among the included platforms.

Hong Kong-Based Trading Platform CoinEx Settles with New York AG

New York Attorney General Letitia James has announced a settlement with CoinEx, a Hong Kong-based virtual currency trading platform. CoinEx, which was sued by the state earlier this year, has agreed to refund nearly 5,000 New York investors a total of $1.2 million and pay over $600,000 in penalties. The company is also banned from offering securities and commodities in New York and from making its platform available in the state.

James stated that unregistered crypto platforms pose a risk to investors, consumers, and the economy, warning that crypto companies will face severe consequences for ignoring New York's laws and vowed to continue cracking down on companies that disregard the law, mislead investors, and put New Yorkers at risk.

This settlement is part of a broader crackdown on the crypto industry by James's office. Last month, she introduced proposed legislation that could force companies to refund customers who are victims of fraud. She has also sued KuCoin and former Celsius CEO Alex Mashinsky.

New York state has one of the strictest regulatory regimes for crypto companies in the U.S., with its BitLicense overseen by the state's Department of Financial Services. James reiterated the call for New Yorkers affected by deceptive conduct in virtual assets to report issues to state authorities and encouraged industry workers who have witnessed misconduct or fraud to file an online whistleblower complaint with her office.

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