Australia is poised for several spot Bitcoin exchange-traded fund (ETFs) launches, mirroring trends in the United States and Hong Kong as major issuers like VanEck and BetaShares are lining up to list their products, potentially unlocking billions in investment.

British law enforcement has been equipped with sharper tools to combat criminal activity involving cryptocurrency, including new regulations that empower authorities to seize crypto assets suspected of being obtained through criminal means before an arrest is made.

Cryptocurrency industry giants are uniting behind Consensys, the company behind the popular MetaMask wallet, after its surprise lawsuit against the U.S. Securities and Exchange Commission (SEC).

Top stories in the Crypto Roundup today:

• Australia Poised for Spot Bitcoin ETF Launches
• U.K. Strengthens Crypto Crime Response with Pre-Arrest Seizure Authority
• Crypto Titans Coinbase and Uniswap Rally Behind Consensys in SEC Lawsuit
• Stablecoins Hit Record Highs Amid Inflation and Geopolitical Unrest 

Australia Poised for Spot Bitcoin ETF Launches

Australia is poised for several spot Bitcoin exchange-traded fund (ETFs) launches, mirroring trends in the United States and Hong Kong as major issuers like VanEck and BetaShares are lining up to list their products, potentially unlocking billions in investment.

The Australian Securities Exchange (ASX), which handles most of the country’s equity’s trading, is expected to approve the first spot Bitcoin ETFs for its main board by year-end, following the immense success of spot Bitcoin ETFs in the United States, which have amassed over $53 billion in 2024 alone, with offerings from giants like BlackRock and Fidelity.

Justin Arzadon, head of digital assets for Sydney-based BetaShares, noted that inflows in the US “prove digital assets are here to stay,” and added the firm has secured ASX tickers for both spot Bitcoin and spot Ether ETFs.

Australia's massive $2.3 trillion pension market could be a significant driver of inflows, with a quarter of the country's retirement savings residing in self-managed superannuation programs that allow individuals to control their investments.

This wave of applications represents a second attempt at launching spot Bitcoin ETFs in Australia as two years ago similar products debuted on the CBOE Australia, a smaller exchange accounting for less than a fifth of equity trading volume.

However, these efforts met with limited success. A spot Bitcoin ETF by Sydney-based Cosmos Asset Management was ultimately delisted due to low investor participation while the lone survivor, the Global X 21Shares Bitcoin ETF, has managed only $62 million in assets. Monochrome Asset Management, led by former Binance Australia CEO Jeff Yew, is currently seeking another CBOE listing.

U.K. Strengthens Crypto Crime Response with Pre-Arrest Seizure Authority

British law enforcement has been equipped with sharper tools to combat criminal activity involving cryptocurrency, including new regulations that empower authorities to seize crypto assets suspected of being obtained through criminal means before an arrest is made.

These new rules are coming after the U.K. Parliament approved a crime bill last year that laid the foundations for faster cryptocurrency seizures. In a press release, the UK Home Office said these rules “will make it easier to take assets which are known to have been criminally obtained.”

Police across the U.K. have deployed specialized crypto tactical advisors, specialists that have already played a role in the seizure of hundreds of millions of pounds worth of cryptocurrency.

The new powers also grant officers the authority to transfer seized crypto into law enforcement-controlled wallets. Additionally, authorities can now destroy crypto assets "if returning it to circulation is not conducive to the public good.”

Privacy coins were specifically mentioned as an example of an asset type that might be destroyed.

Crypto Titans Coinbase and Uniswap Rally Behind Consensys in SEC Lawsuit

Cryptocurrency industry giants are uniting behind Consensys, the company behind the popular MetaMask wallet, after its surprise lawsuit against the U.S. Securities and Exchange Commission (SEC).

Consensys accused the SEC of attempting to “seize control over the future of cryptocurrency” and of an “unlawful seizure of authority” over Ethereum, attempting to regulate it as a security.

On social media Hayden Adams, the founder and CEO of leading decentralized exchange Uniswap, thanked Consensys for “fighting back and defending our industry.” The decentralized exchange, it’s worth noting, received earlier this month a Wells notice from the SEC.

A Wells notice is used by the regulator to inform entities of possible enforcement action. After receiving a Wells notice, companies have a chance to write back to the SEC and explain why they should not move forward with a lawsuit.

The SEC has a history of friction with the crypto sector, having filed lawsuits against major players including Binance, Kraken, and Coinbase. In its own lawsuit, Consensys revealed it also received a Wells notice after a lengthy SEC investigation into Ethereum, the network’s move to a Proof-of-Stake consensus algorithm, and MetaMask itself.

Consensys’ lawsuit contends that MetaMask is “simply an interface” that "neither holds customers' digital assets nor carries out any transaction functions," thus not functioning as a broker under federal securities law, while also seeking a ruling that Ethereum is not a security.

The lawsuit seeks a court ruling that Ethereum is not a security, effectively invalidating the SEC's claims. This strategy mirrors recent actions by Coinbase, which is currently embroiled in its own legal battle with the SEC over unregistered securities sales.

In the wake of Consensys’ move Paul Grewal, Coinbase's chief legal officer, said on social media that it’s “time for the SEC to admit that ETH is still a commodity and thanked Consensys “for standing up against the SEC's unlawful expansion of authority."

Stablecoins Hit Record Highs Amid Inflation and Geopolitical Unrest

The stablecoin sector recorded its seventh consecutive monthly increase in market capitalization in April, moving up 4.76% to $147 billion as of April 24^th, leading to its highest market capitalization since May 2022.

The growth in market capitalization led to stablecoin dominance rising from 5.43% to 6.3%, the sector’s first increase in dominance as markets retracted over higher-than-expected inflation data in the U.S. and escalating geopolitical tensions.

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

State of the Crypto by Top Tier Exchange Volume

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