The U.S. Securities and Exchange Commission (SEC) has chosen not to appeal a court decision reversing its denial of Grayscale's Bitcoin Trust (GBTC) becoming a spot Bitcoin exchange-traded fund (ETF).

Australia has unveiled a proposal for regulating digital-asset services platforms, with a consultation paper from the Australian Treasury reading that the country is stepping up efforts to “provide clarity” and “protect customers.”

Ferrari’s chief marketing and commercial officer Enrico Galliera has confirmed that the luxury car brand is set to accept cryptocurrency payments for its sports cars in the United States in response to growing customer demand.

Top stories in the Crypto Roundup today:

• SEC Won’t Challenge Court Ruling on Grayscale’s Spot Bitcoin ETF
• Australia Unveils New Strategy to Regulate Crypto Platforms
• Ferrari to Accept Crypto Payments in the US Following Customer Demand
• CME Derivatives Trading Volume Plummets 21% in September

SEC Won’t Challenge Court Ruling on Grayscale’s Spot Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) has chosen not to appeal a court decision reversing its denial of Grayscale's Bitcoin Trust (GBTC) becoming a spot Bitcoin exchange-traded fund (ETF).

In August, a Washington court said the SEC made a mistake when it turned down Grayscale’s plan to turn the fund into a spot bitcoin ETF, which would make it easier for investors to buy and sell the digital currency.

The SEC’s decision not to fight the court’s verdictmeans that the regulator will soon look at Grayscale’s application again. This case has been closely watched as the industry has waitied for 10 years for such products to be approved.

A spot Bitcoin ETF would allow investors to gain exposure to the leading cryptocurrency without having to own it directly, meaning they wouldn’t have to manage their own private keys. The SEC has so far rejected all spot Bitcoin ETF applications on the grounds that applicants did not prove they could keep investors safe from people who might try to manipulate the market.

Given the refusal, Grayscale sued the SEC, arguing that the regulator had previously greenlit surveillance agreements to prevent fraud in bitcoin futures ETFs, noting a similar arrangement should be satisfactory for Grayscale’s spot ETF, as both spot and futures funds rely on Bitcoin’s price.

The appeals court ruled that the SEC’s refusal of Grayscale’s request was arbitrary as it never explained why the two arrangements were significantly distinct.

Australia Unveils New Strategy to Regulate Crypto Platforms

Australia has unveiled a proposal for regulating digital-asset services platforms, with a consultation paper from the Australian Treasury reading that the country is stepping up efforts to “provide clarity” and “protect customers.”

According to the consultation paper, there’s a growing necessity for regulation in light of the failures and vulnerabilities of digital asset platforms. The government's strategy is to harness the framework of existing Australian financial services legislation.

The Australian government plans to require platforms that oversee more than AU$1,500 (roughly $948) for an individual or AU$5 million ($3.2 million) in aggregate to obtain an Australian Financial Services License.

The regulatory blueprint expands beyond licensing, with authorities looking to set up standards for custody software and requirements when transacting tokens, as well as specific obligations for trading, staking, tokenization, and other activities.

The move comes as Australian banks become increasingly cautious about the risks of potential cryptocurrency scams, with the National Australia Bank saying in July it halted some of its customers from sending payments to “high-risk” cryptocurrency exchanges in a bud to protect them.

Ferrari to Accept Crypto Payments in the US Following Customer Demand

Ferrari’s chief marketing and commercial officer Enrico Galliera has confirmed that the luxury car brand is set to accept cryptocurrency payments for its sports cars in the United States in response to growing customer demand.

The carmaker’s move was reportedly driven by market demand and is set to be followed by a similar one to accept cryptocurrency payments in Europe. Galliera did not say how many cars Ferrari hopes to sell using crypto payments, but he said that the carmaker’s order portfolio is full until 2025.

Ferrari plans to introduce cryptocurrency payments in Europe in the first quarter of next year, before starting to expand to other cryptocurrency-friendly regions. In the US, the firm plans to receive payments through crypto payment processor BitPay.

Per Galliera, using cryptocurrency to pay for Ferraris won’t cost customers any extra, as BitPay will convert the digital assets into regular cash for the firm’s dealers, ensuring they aren’t affected by crypto price fluctuations.

BitPay will also verify the legitimacy of the digital currency, ensuring it did not originate from illicit activities.

CME Derivatives Trading Volume Plummets 21% in September

The derivatives trading volume on CME dropped by 21% in September, to $33.1 billion. The volume of BTC futures on the exchange decreased by 22.8% to $25.4 billion, while the volume of ETH futures traded on the exchange declined by 12.8% to $6.35 billion.

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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