Are Spot Bitcoin ETF Filings Falling Short? SEC Pushes for Improved Applications

Kraken Ordered To Hand Over Customers’ Account and Transaction Data to IRS ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $1.21T (+1.11%) 24 Hour Volume $32.84B (+30.40%) Notable Movers[(PEPE) $0.000001828]( (+18.73%) Notable Movers (DeFi)[(GRT) $0.1355]( (+28.29%) Bitcoin Dominance 49.23% [(-0.32%)]( Bitcoin Price[(BTC) $30,659.05 (+0.44%)]( Ethereum Price[(ETH) $1,962.39 (+2.29%)]( Cardano Price[(ADA) $0.2946 (+1.82%)]( Today’s Top Stories [SEC Calls Recent Spot Bitcoin ETF Filings Inadequate, Asset Managers To Refile]( The US Securities and Exchange Commission (SEC) has found recent filings for a spot Bitcoin ETF inadequate, citing lack of clarity and comprehensive information. Following the SEC's feedback, asset managers can make necessary corrections and resubmit their filings, with some firms already modifying or resubmitting their applications for a spot Bitcoin ETF. [South Korea Passes Cryptocurrency Bill Tackling Unfair Trading]( South Korea has enacted the Virtual Asset User Protection legislation, aimed at regulating unfair practices and safeguarding crypto investors. The new law consolidates multiple acts, defines digital assets, and imposes penalties for illicit trading methods in the cryptocurrency industry, with virtual asset service providers (VASPs) now required to protect customer deposits and provide insurance coverage. [SEC vs Coinbase Case Moved Ahead to July 13]( The U.S. Securities and Exchange Commission (SEC) will provide its response to Coinbase's legal defense earlier than expected, following the exchange's filing 40 days ahead of the deadline. Coinbase's defense argues that certain tokens mentioned in the SEC's complaint are beyond the Commission's jurisdiction, and the court will decide if Coinbase can proceed with its motion during the upcoming appearance on July 13. [Poly Network Hacked Again, Attacker Issued Large Amounts of Assets on Several Chains]( Poly Network, an interoperability platform, experienced a significant hack resulting in the creation of billions of tokens. The attacker's wallet held a substantial amount of cryptocurrency, but due to low liquidity, most of the tokens cannot be sold. Poly Network has suspended its services and is assessing the extent of the attack and impacted assets. [Kraken Ordered To Hand Over Customers’ Account and Transaction Information to IRS]( Kraken, a crypto exchange, has been ordered by a federal court to provide the IRS with customer account and transaction information. The court order aims to identify potential tax liabilities for individuals who transacted in cryptocurrencies between 2016 and 2020. [Read The Full Newsletter]( CMC Lisbon 2024 Bringing together the world's brightest minds in technology, art, philosophy and finance. [Register Now]( [Last Week on Crypto Twitter: Rate Limit Exceeded]( Last Week on Crypto Twitter: Rate Limit Exceeded In case you've exceeded your Twitter rate limit — check out our roundup of the latest happenings on CT, including reflink drama and NFT reveal gone wrong. [Read More]( [Week in DeFi: Central Banks in DeFi, Compound Finance CEO Steps Down and ZK-Stack Unveiled]( Week in DeFi: Central Banks in DeFi, Compound Finance CEO Steps Down and ZK-Stack Unveiled Check out the latest DeFi news and alpha — from central banks using Curve for CBDC test, Matter Labs releasing ZK Stack and dYdX announcing the testnet of their Cosmos-based chain. [Read More]( Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2023 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States