The U.S. Securities and Exchange Commission (SEC) could greenlight all 12 pending Bitcoin spot exchange-traded fund (ETF) applications within the next eight-day period, as there’s a window for the SEC to approve these filings in that period.

HSBC, one of the world’s largest banks, is set to launch a custody service for tokenized real world assets such as securities, in a service that is aimed at institutional clients who want to securely store digital assets.

A new provision in the U.S. House of Representatives’ spending bill for next year would cut off funds for the SEC to pursue legal actions against crypto businesses. The provision was introduced by Majority Whip Tom Emmer (R-Minn.), a strong supporter of the crypto industry in Congress.

Top stories in the Crypto Roundup today:

• SEC Could Approve Dozen Bitcoin ETFs Over Next Few Days
• HSBC to Launch Custody Service for Tokenized Securities
• House Bill Aims to Stop SEC from Suing Crypto Businesses
• Spot Trading on Centralized Exchanges Hits Seven Month High in October

SEC Could Approve Dozen Bitcoin ETFs Over Next Few Days

The U.S. Securities and Exchange Commission (SEC) could greenlight all 12 pending Bitcoin spot exchange-traded fund (ETF) applications within the next eight-day period, as there’s a window for the SEC to approve these filings in that period.

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart,the regulator could approve all 12 spot Bitcoin ETF filings from November 9 leading up to November 17. However, they emphasized that this is merely a potential scenario.

This brief window arises after the SEC’s earlier decision to extend the review period for several of the pending spot Bitcoin ETF applications, with November 8 being chosen as the last day of the comment period.

Post-November 17, the review process for three applications—Global X Bitcoin Trust, Hashdex Bitcoin ETF, and the Franklin Bitcoin ETF—will enter another comment phase, thereby postponing any approval or rejection until after November 23.

Even though the deadline for approving all 12 applications is November 17, Seyffart pointed out that the SEC has the authority to decide on nine out of the 12 before January 10.

HSBC to Launch Custody Service for Tokenized Securities

HSBC, one of the world’s largest banks, is set to launch a custody service for tokenized real world assets such as securities, in a service that is aimed at institutional clients who want to securely store digital assets.

The bank will partner with Metaco, a technology firm owned by Ripple Labs, to provide the custody service, which is expected to launch in 2024. The service will complement HSBC’s digital assets issuance platform, HSBC Orion, along with the bank’s system to issue tokenized gold held in its London vault, which was launched last week.

HSBC is one of the latest big financial institutions to adopt blockchain-based applications, after years of experimenting with the technology. Other examples include JPMorgan, which uses its own blockchain to settle collateral for clients, and Euroclear, which launched platform to issue traditional securities using blockchain.

According to the bank, its custody plans currently involve “tokenized securities issued on third-party platforms” such as private and public blockchain-compatible tokenized bonds, but don’t include custody for stablecoins or cryptocurrencies.

House Bill Aims to Stop SEC from Suing Crypto Businesses

A new provision in the U.S. House of Representatives’ spending bill for next year would cut off funds for the SEC to pursue legal actions against crypto businesses. The provision was introduced by Majority Whip Tom Emmer (R-Minn.), a strong supporter of the crypto industry in Congress.

Emmer accused SEC Chair Gary Gensler of trying to regulate the crypto industry through enforcement action rather than making clear policy. The House appropriations bill, called the Financial Services and General Government Appropriations Act of 2024, received several changes, including this one from Emmer.

Emmer noted the amendment “prohibits the SEC from using funds for enforcement activities related to digital asset transactions until Congress passes legislation that gives the SEC jurisdiction over this asset class.”

He added it will “keep Chair Gensler – who has proven himself to be ineffective and incompetent – in check while Congress continues working to give this industry a chance to grow and develop right here in the United States."

The Senate, which has a Democratic majority more in favor of Gensler, also needs to approve the House bill. Some Democrats, like Senate Banking Committee Chairman Sherrod Brown (D-Ohio), have shown support for Gensler’s legal actions against crypto firms.

Spot Trading on Centralized Exchanges Hits Seven-Month High in October

Centralized exchanges experienced a notable uptick in spot trading for the first time in four months, surging by 87.2% to reach $632 billion. This figure represents the largest monthly spot trading volume these exchanges have seen since March 2023.

The 87.2% increase in October also marks the most significant month-over-month rise in spot trading volumes since January 2021. Similarly, trading volumes of derivatives on centralized exchanges climbed by 44.4% to $1.94 trillion, the largest amount recorded for a month since June 2023.

However, the market share for derivatives on these centralized platforms has dipped to 75.4%, the lowest seen since March 2023.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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