The U.S. Securities and Exchange Commission (SEC) has announced a postponement in the review timelines for seven pending spot Bitcoin ETF applications. Amid an influx of new submissions, the regulatory agency has rescheduled the decision deadlines for numerous funds. 

SWIFT, the international financial messaging service, and Chainlink, a leading Web3 services platform, have embarked on a series of experiments. These experiments aim to streamline the transfer of tokenized assets across a variety of blockchain networks. The initiative garnered participation from major financial institutions, including ANZ, BNP Paribas, BNY Mellon, Citi, and several others.

Binance, the world's largest crypto exchange by trading volume, has revealed plans to gradually withdraw support for its stablecoin, Binance USD (BUSD), across all its services. This move follows Paxos' decision to stop minting new BUSD tokens. Binance is encouraging its users to transition their BUSD holdings to other stablecoins on the platform before February 2024. 

Top stories in the Crypto Roundup:

• SEC Extends Review Period for Seven Spot Bitcoin ETF Proposals to October
• SWIFT Collaborates with Chainlink to Explore Seamless Tokenized Asset Transfers Across Multiple Blockchains
• Binance to Discontinue BUSD Services, Urges Users to Shift to Alternative Stablecoins

SEC Extends Review Period for Seven Spot Bitcoin ETF Proposals to October

The U.S. Securities and Exchange Commission (SEC) has announced a postponement in the review timelines for seven pending spot Bitcoin ETF applications. Amid an influx of new submissions, the regulatory agency has rescheduled the decision deadlines for numerous funds. 

BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, and Invesco Galaxy Bitcoin ETF now have until October 17 to receive the SEC's decision. Valkyrie Bitcoin Fund faces a new deadline of October 19, while the Bitwise Bitcoin ETP Trust is set for a decision by October 16.

The SEC has clarified that the extension is designed to facilitate a more thorough examination of the proposed rule changes. The agency remains cautious and has explicitly cited concerns, such as fraud and market manipulation, as reasons for not yet approving any spot Bitcoin ETFs.

The delays were largely anticipated by market experts, who speculate that the SEC might opt to issue decisions on all the proposed funds in a coordinated manner.

This extension comes on the heels of a recent court ruling in favor of Grayscale Investments in its ongoing legal feud with the SEC over a spot Bitcoin fund. While this doesn't guarantee immediate approval for a spot Bitcoin ETF, it does indicate that the SEC will be compelled to reevaluate Grayscale's proposal, potentially setting a precedent for future decisions.

SWIFT Collaborates with Chainlink to Explore Seamless Tokenized Asset Transfers Across Multiple Blockchains

SWIFT, the international financial messaging service, and Chainlink, a leading Web3 services platform, have embarked on a series of experiments. These experiments aim to streamline the transfer of tokenized assets across a variety of blockchain networks. The initiative also garnered participation from major financial institutions, including ANZ, BNP Paribas, BNY Mellon, Citi, and several others.

The research indicates that SWIFT's robust, secure infrastructure can function as a centralized entry point to multiple blockchain platforms. This has the potential to mitigate both operational and financial challenges that institutions currently face. Chainlink's Cross-Chain Interoperability Protocol (CCIP) played a pivotal role in this, ensuring smooth and effective communication between different blockchain networks.

Beyond validating SWIFT's capabilities, the experiments also shed light on the technical and business requirements essential for interacting effectively with both public and business blockchains. The tests explored various aspects, such as data privacy, governance, operational risk, and legal liability, and involved simulated transfers of tokenized assets between different types of blockchains.

Sergey Nazarov, Co-Founder at Chainlink, pointed out that the experiments have made it clear that there is a growing interest in digital assets among top global banks and market infrastructures. He emphasized the critical role of cross-chain interoperability in advancing the next stage of digital asset adoption across the global financial system.

SWIFT says it is committed to continuing its work with the financial community to pinpoint the most viable use cases for tokenized assets, with a near-term focus on secondary trading of non-listed assets and private markets.

Binance to Discontinue BUSD Services, Urges Users to Shift to Alternative Stablecoins

Binance, the world's largest crypto exchange by trading volume, has revealed plans to gradually withdraw support for its stablecoin, Binance USD (BUSD), across all its services. This move follows Paxos' decision to stop minting new BUSD tokens. Binance is encouraging its users to transition their BUSD holdings to other stablecoins on the platform before February 2024. As an incentive, users can trade BUSD for FDUSD without any trading fees or opt for a 1:1 conversion.

Starting September 7, 2023, Binance will suspend BUSD borrowing in its Cross Margin trading. From October 19, 2023, additional BUSD will not be accepted as new collateral in Cross Margin Wallets. Binance will also cease withdrawals of Binance-Peg BUSD tokens via networks like BNB Chain and Avalanche from September 7, 2023. However, deposits and withdrawals of BUSD via the Ethereum network will continue until further notice.

Binance will also begin delisting BUSD-margined perpetual contracts and will stop offering BUSD subscriptions in its Simple Earn Flexible Products from October 13, 2023. Auto-Invest will discontinue BUSD plans from September 15, 2023. Liquid Swap will gradually remove BUSD liquidity pools, and Dual Investment will support BUSD until December 31, 2023. Binance Gift Cards will cease to support BUSD from September 30, 2023, and BUSD will also be deactivated as an order currency within Binance Pay Merchant Service from the same date.

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