SEC deems ETF filings inadequate, Binance loses euro partner, Bitcoin's future uncertain
The U.S. Securities and Exchange Commission (SEC) has deemed recent filings for spot Bitcoin exchange-traded funds (ETFs) as inadequate, causing a delay in the approval process. ARK Investment Management is reportedly ahead of BlackRock in the race for a spot Bitcoin ETF. Binance, facing regulatory backlash, will lose support from its euro banking partner Paysafe Payment Solutions. FTX has recovered $7 billion in assets so far, but still needs to cover $2 billion in misappropriations. Decentralized finance (DeFi) hacks and scams resulted in over $204 million in losses in Q2 2023.