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A bipartisan group of lawmakers from the House Financial Services Committee has sent a letter to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler saying the regulator should listen to the courts and approve spot Bitcoin exchange-traded funds (ETFs).

JPMorgan’s UK bank is set to restrict cryptocurrency-related payments for its customers starting next month in a bid to combat bad actors using it for scams and frauds. The ban is set to come into effect on October 16.

Popular cryptocurrency exchange Kraken has announced that it has been granted permission to expand its services in both Ireland and Spain as it further pushes into Europe.

Top stories in the Crypto Roundup today:

  • Lawmakers Urge SEC to Approve Spot Bitcoin ETFs
  • JPMorgan’s UK Subsidiary Bank to Ban Crypto Transactions From Mid-October
  • Crypto Exchange Kraken Receives New Licenses in Ireland and Spain
  • PayPal USD’s Market Cap Soars 88% in September

 
24 hours chart of the price of BTC
 

Lawmakers Urge SEC to Approve Spot Bitcoin ETFs

 

A bipartisan group of lawmakers from the House Financial Services Committee has sent a letter to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler saying the regulator should listen to the courts and approve spot Bitcoin exchange-traded funds (ETFs).

The letter, sent on the eve of Gensler's slated testimony to the Committee, was authored by four influential panel members and suggested a spot Bitcoin ETF is “indistinguishable” from crypto futures ETFs that the regulator has already approved.

The lawmakers, as a result, argue the SEC should approve spot Bitcoin ETF applications from firms such as Fidelity and BlackRock’s iShares. Last month, a judge in the D.C. Circuit Court of Appeals instructed the regulator to review its stance on these applications.

Taking this into account, the letter from Reps. Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Wiley Nickel (D-N.C.) and Ritchie Torres (D-N.Y.) noted that the “SEC's current posture is untenable moving forward” as there is “no reason to continue to deny such applications under inconsistent and discriminatory standards.”

The House lawmakers called for the SEC to approve outstanding spot Bitcoin ETF applications “immediately.”

 
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JPMorgan’s UK Subsidiary Bank to Ban Crypto Payments From Mid-October

 

JPMorgan’s UK bank is set to restrict cryptocurrency-related payments for its customers starting next month in a bid to combat bad actors using it for scams and frauds. The ban is set to come into effect on October 16.

Several banks in the UK, including HSBC and NatWest, have set restrictions on cryptocurrency-related transactions, but haven’t outright banned them. Per Chase, after October 16 customers will “receive a declined transaction notification if they do attempt to make a crypto-related transaction.”

The move comes over data showing a high rate of cryptocurrency scams and fraud in the UK, including false celebrity endorsements and fake investment opportunities. The firm referred to data from Action Fraud, the UK’s fraud reporting agency, showing that cryptocurrency fraud losses surged over 40% year-over-year as of May 2023.

According to the data, cryptocurrency-related fraud losses surpassed £300 million ($365 million) for the first time.

While the move isn’t part of JPMorgan-wide policy, the bank has banned customers from buying cryptocurrencies with credit cards in 2018. Its chief executive Jamie Dimon has long been a critic of cryptocurrencies and called Bitcoin a “hyped-up fraud” in January.

 
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Crypto Exchange Kraken Receives New Licenses in Ireland and Spain

 

Popular cryptocurrency exchange Kraken has announced it has been granted permission to expand its services in both Ireland and Spain as it further pushes into Europe.

In Ireland, the country’s Central Bank has given the company authorization to be listed as an E-Money Institution" (EMI),” which, according to Kraken, enables it to “expand its EUR fiat services in partnership with European banks.”

Per Kraken, the license “ extends to clients in the 27 European Union member states and European Economic Area countries." In Spain, the exchange secured a Virtual Asset Service Provider (VASP) registration, allowing it to offer exchange custodial wallet services to Spanish residents.

Kraken obtained a VASP registration in both Ireland and Italy as well as it continues to expand further into Europe. Earlier this month, the exchange revealed it was rolling out support for PayPal deposits for users in the UK and Europe, with exceptions for Hungary and Croatia.

 
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PayPal USD’s Market Cap Soars 88% in September

 

The total market capitalization of PayPal’s stablecoin PayPal USD (PYUSD) surged 87.9% to $8.46 million by September 18. This substantial growth can be attributed to the coin's enhanced visibility, thanks to its inclusion in additional centralized exchanges.

While PYUSD’s trading volume stood at a modest $2.12 million in August, with Kraken accounting for 90% of volumes, these figures more than quadrupled in September to $9.29 million as of the 18th, with Huobi accounting for 57% of the volumes.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

 
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State of the Crypto by Top Tier Exchange Volume

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