BlackRock’s proposed iShares spot Bitcoin exchange-traded fund (ETF) moved crypto markets yesterday after it was listed on the Depository Trust & Clearing Corporation (DTCC) website, however, as it turns out it has been on the website since August.

Nasdaq-listed cryptocurrency exchange Coinbase has argued that the U.S. Securities and Exchange Commission (SEC) has overstepped its authority when it classified cryptocurrencies it listed as securities.

The largest cryptocurrency market in the world that Chainalysis has studied, according to a recently published report,estimated a transaction volume of $1.2 trillion between July 2022 and June 2023.

Top stories in the Crypto Roundup today:

• BlackRock’s Bitcoin ETF Has Been on DTCC Website Since August
• Coinbase Challenges SEC’s Crypto Authority as It Seeks to Dismiss Regulator’s Suit
• FTX in Talks With Three Potential Buyers to Revive Crypto Exchange
• Chart of the Week: Spot Bitcoin Price Reaches $35,919 on OKX

BlackRock’s Bitcoin ETF Has Been on DTCC Website Since August

BlackRock’s proposed iShares spot Bitcoin exchange-traded fund (ETF) moved crypto markets yesterday after it was listed on the Depository Trust & Clearing Corporation (DTCC) website, however, as it turns out it has been on the website since August.

The DTCC provides post-trading clearing, settlement, custody, and information services for Nasdaq, and the listing was seen as the world’s largest asset manager preparing for potential approval of its spot Bitcoin ETF.

Cryptocurrency traders interpreted BlackRock’s ETF listing on the DTCC as a signal that the ETF was going to be approved and traded accordingly. However, the DCC said that this does not mean anything about the regulatory status of the ETF, but is a normal step that involves getting a ticker symbol and a unique ID code known as CUSIP that any fund must go through before getting the SEC’s approval.

Bloomberg ETF analyst Eric Balchunas noted that the listing on the DTCC was hard “not to view” as BlackRock “getting signal that approval is certain/imminent.”Bitcoin’s price rallied to surpass $35,000 as a result, but has since corrected.

Coinbase Challenges SEC’s Crypto Authority as It Seeks to Dismiss Regulator’s Suit

Nasdaq-listed cryptocurrency exchange Coinbase has argued that the U.S. Securities and Exchange Commission (SEC) has overstepped its authority when it classified cryptocurrencies it listed as securities.

The argument came in a recent filing in a New York District Court as Coinbase moved to dismiss the SEC’s lawsuit against it. In it, the firm claimed the regulator’s definition of a security was too broad and disputed that the cryptocurrencies the exchange offers are not within the SEC’s authority.

“The SEC’s authority is limited to securities transactions. Not every parting of capital with a hope of gain qualifies, and trades over Coinbase are only securities transactions if they involve ‘investment contracts.’ The transactions at issue here do not.”

Coinbase asserted that the SEC had embarked on a "radical expansion of its own authority" and claimed jurisdiction "over essentially all investment activity," a prerogative reserved exclusively for Congress under the major questions doctrine.

On social media, Coinbase’s chief legal officer Paul Grewal said the SEC’s definitions have “no limiting function at all.”

FTX in Talks With Three Potential Buyers to Revive Crypto Exchange

Collapsed cryptocurrency exchange FTX is considering proposals from three bidders to restart its once-large cryptocurrency trading operations. The company is set to make a decision on how to proceed by mid-December.

FTX’s investment banker Kevin M. Cofsky, from Perella Weinberg Partners, noted that the firm is negotiating potentially binding offers with investors. Options to revive the exchange include selling the entire business, including its list of more than 9 million customers, or bringing in a partner to help restart the exchange.

The alternative for FTX is to try and restart the trading platform by itself. Cofsky noted that the firm is “engaging with multiple parties every day,” but did not disclose the names of the bidders.

FTX has been working to raise funds to pay back its creditors since it went bankrupt. According to court documents, FTX’s administrators have recovered about $7 billion in assets so far, including $3.4 billion of crypto, according to court documents.

The firm and its primary creditors have reached a tentative agreement on major disputes, paving the way for a detailed payout plan to be filed in December, according to company attorney Andrew Dietderich.

In bankruptcy cases, these plans usually provide creditors with an estimated recovery percentage, but what exactly FTX’s customers will receive is uncertain and will rely on its potential revival or sale.

Chart of the Week: Spot Bitcoin Price Reaches $35,919 on OKX

In this week's Chart of the Week, we delve into Bitcoin’s price action, which recently peaked at a 15-month high of $35,183. According to CCData, the BTC-USDT pair on OKX spiked to $35,919 at 10:30 pm UTC.

Within that hour, it recorded a trading volume of $352 million, coming in second to the BTC-USDT pair on Binance, which experienced a $577 million trading volume in the same timeframe.

State of the Crypto by Top Tier Exchange Volume

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