SEC Declines to Appeal Grayscale Ruling on Bitcoin ETF ... Now What?

Grayscale’s Bitcoin ETF Push: What’s Next After SEC Doesn’t Appeal Ruling

With the Securities and Exchange Commission opting against appealing a ruling that paves the way for Grayscale Investments LLC to convert its Bitcoin trust into an exchange-traded fund, analysts are now trying to gauge how the process may unfold from here.

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What’s likely to occur is that dialog between Grayscale and the SEC is going to open up, according to James Seyffart, an analyst at Bloomberg Intelligence. “We’ll get more information next week and then we’ll know what happens next,” he said. Seyffart added that the regulator has the option to file an appeal with the Supreme Court, though he views that as highly unlikely to happen.

Sam Bankman-Fried May Testify at Trial, Defense Says. First, He Needs His ADHD Meds

In a letter to Judge Lewis Kaplan, defense attorney Mark Cohen said his client “has been doing his best to remain focused during the trial” despite receiving inadequate doses of Adderall from the Bureau of Prisons (BOP).

“However, as we approach the defense case and the critical decision of whether Mr. Bankman-Fried will testify, the defense has a growing concern that because of Mr. Bankman-Fried’s lack of access to Adderall he has not been able to concentrate at the level he ordinarily would and that he will not be able to meaningfully participate in the presentation of the defense case,” Cohen wrote.

Ferrari to accept crypto as payment for its cars in the US

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.

These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.

For $44 Billion, Musk Got Twitter—and a Host of Legal Problems

Federal regulator probes over alleged securities violations and data lapses and a law firm billing dispute are among the legal headaches dogging Elon Musk ever since he bought Twitter Inc.

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Some issues Musk inherited, while others are new. X didn’t immediately comment.

Here’s a look at some notable disputes.

Gov. Gavin Newsom Signs California Crypto Licensing Bill

California Governor Gavin Newsom signed a crypto licensing bill on Friday, set to take effect in July 2025.

Considered California’s answer to New York’s “BitLicense,” the Digital Financial Assets Law faced heavy industry criticism but was passed by the U.S. state’s Assembly in September 2022.

The law requires California’s Department of Financial Protection (DFPI) and Innovation to create a regulatory framework for crypto. The framework includes a licensing regime and gives the department enforcement and rulemaking authority over the sector. The DFPI also gets an 18-month implementation period to ensure “the adopted regulatory framework can be thoughtfully tailored to address industry trends and mitigate consumer harm,” the letter said.

Crypto Lending Returns: Coinbase, Binance Try to Revive Revenues

Crypto exchanges seeking to bolster sagging revenues are stepping up lending, potentially seeding the market with fresh risks less than a year after the last major crisis.

Recently launched programs from the likes of Coinbase Global Inc. and Binance come in many different guises, from margin loans meant to stimulate trading to facilitating borrowing through their platforms to making direct loans to clients.