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Sec Chair Atkins Voices Support For Bitcoin &Amp; Crypto Self-Custody

SEC Chair Atkins Voices Support for Bitcoin & Crypto Self-Custody

by admin June 9, 2025

SEC Chairman Paul Atkins delivered a strong message today at the “DeFi and the American Spirit” roundtable in Washington, D.C.

His speech outlined some plans to make the United States a leader in crypto space – a vision that matches President Trump’s goal of turning America into the “crypto capital of the planet.”

🚨 JUST IN: SEC Chair Paul Atkins announces efforts to draft policy that would exempt DeFi platforms from certain regulatory hurdles.

“We recognize the innovation and want to ensure it thrives in the U.S.” pic.twitter.com/v45R7bRicx

— The Crypto Times (@CryptoTimes_io) June 9, 2025

Atkins said that decentralized finance, or DeFi, fits well with American values like freedom, rights to private property, and innovation. He explained what blockchain technology is: “a very creative and potentially revolutionary innovation that has us rethinking evidence of ownership and transfer of intellectual and economic property rights.”

“These are free market systems,” he said in his speech as he explained the openness and fair nature of the network.

Atkin took his time to criticize the previous administration for discouraging Americans from engaging with blockchain networks through lawsuits, regulations, and threats. Also for wrongly treating staking and mining as securities transactions.

He thanked the current staff for clarifying that “voluntary participation in a proof-of-work or proof-of-stake network as a ‘miner,’ ‘validator,’ or ‘staking-as-a-service’ provider is not within the scope of the federal securities laws.” However, he stressed, “It is not a duly promulgated rule with the force of law, so we cannot stop there.”na wee

The SEC Chair also gave his support for people to self-custody their crypto assets in personal digital wallets. “The right to have self-custody of one’s private property is a foundational American value that should not disappear when one logs onto the internet.” He said.

According to Atkin, the software developers who create these tools should also not be treated as brokers under securities law. Quoting a court, he said, “It would be irrational to hold the developer of a self-driving car liable for a third party’s misuse.”

As part of his remark, Atkins praised the resilience of on-chain software systems, which run automatically without central control and continued to operate during recent financial crises, unlike some centralized platforms.

Also Read: SEC Warns Nigerians Against Investing in Punisher Coin $PUN

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June 9, 2025 0 comments

GameFi Guides

SEC Warns Nigerians Against Investing in Punisher Coin $PUN

by admin June 9, 2025

The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians about investing in a cryptocurrency called Punisher Coin, also known as $PUN.

The SEC revealed that the ongoing presale of $PUN has no regulatory approval and resembles a dangerous Ponzi scheme. In a statement released from Lagos, the SEC clarified that the promoters behind Punisher Coin are not registered or authorized to operate in Nigeria’s capital market.

The Commission also expressed concern over misleading online promotions, including an article by Daily Trust E-Paper titled “Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink.”

The investigation by the SEC concluded that Punisher Coin is a typical ‘meme coin’ that typically has no real value, technical support, or an obvious project goal. The value of such coins mostly comes from hype and social media buzz, making them easy prey for ‘pump and dump’ scams.

Scams artificially inflate the price of a coin, then promoters sell their holdings at a profit, leaving regular investors with huge losses when the price crashes. Investing in Punisher Coin is risky and the public is advised to carefully check any digital asset and its promoters before investing money, the Commission warned.

To prevent Nigerian investors from being defrauded and losing their funds to financial loss, Nigerian investors should remain cautious and not fall for hype driven cryptocurrencies such as $PUN.

Also Read: Pi Network Cautions Pioneers on Fake Wallet Phishing Scams

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June 9, 2025 0 comments

NFT Gaming

Asset Managers Push SEC To Revive “First-To-File” Principle- Details

by admin June 8, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Asset managers VanEck, 21Shares and Canary Capital have jointly approached the US Securities and Exchange Commission (SEC) seeking for a reinstatement of the first-to-file principle i.e. a regulatory approach that ensures exchange-traded products (ETP) applications are reviewed and approved in the order they are submitted. The trio of prominent investment firms claims that the Commission’s recent departure from this standard has stifled innovation and created an uneven playing field, among other negative consequences.

SEC’s Shift From ‘First-To-File’ Principle Signals Favoritism: ETF Issuers

In an email addressed to SEC Chairman Paul Atkins on June 5, CEOs of VanEck, 21Shares and Canary Capital in the persons of Jan van Eck, Duncan Moir, and Steven McClurg outlined a deep grievance with the Commission’s abandonment of its first-to-file principle and the adoption of simultaneous approval approach towards recent ETP applications.

The letter explained that the “first-to-file” rule acted as a strong pillar of fairness which supported innovation, and a first-mover advantage. This approval model allegedly created a competitive market landscape as smaller asset managers were able to seize significant market shares of a particular product to increase their general standing.

A statement from the letter explains:

…If multiple sponsors were working in parallel on similar ideas, those filing first were first in line to receive market approval. This has enabled the ETP industry to grow to $15.4 trillion in investor assets. Newer, innovative companies like Wisdomtree have been able to become industry leaders; it’s not necessarily established mutual fund companies that have gained high ETP market share.

However, the head executives at VanEck, 21Shares and Canary Capital explain that the SEC’s shift to a simultaneous approval method as seen with the Bitcoin spot ETFs and Ethereum spot ETFs in 2024 completely undermines the need for innovation in the ETP industry. They also strongly claim that this approach signals a favouritism towards bigger asset managers who are able to comfortably copy the products of other firms with an assurance of securing the same launch date from the Commission.

While Van Eck, Moir and McClurg acknowledge the potential reasons for simultaneous approval such as reducing the work burden on the Commission’s staff, they maintain the “first-to-file” is integral to upholding the regulatory integrity of the US ETP market. They urge a swift return to this governance standard which they claim will ensure financial innovation, creativity and competition.

Crypto Market Overview

At the time of writing, the total crypto market cap is valued at $3.22 trillion following a 2.41% gain in the past day. Meanwhile, total trading volume currently stands at $109.06 billion.

Total crypto market valued at $3.22 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from iStock, chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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June 8, 2025 0 comments

NFT Gaming

Bitcoin ETF Issuers VanEck, 21Shares and Canary Send Letter to SEC

by admin June 6, 2025

Three major financial firms, VanEck, 21Shares, and Canary Capital, sent a letter to the U.S. Securities and Exchange Commission (SEC), raising concerns about how new exchange-traded funds (ETFs) are approved.

According to the letter, shared by James Seyffart on X, the SEC previously followed a “first-to-file, first-to-approve” rule when deciding which ETFs could launch. The crypto ETF issuers that submitted an application for an ETF initially were typically approved first, which allowed them to have an edge over others.

The same happened with the introduction of Bitcoin and Ethereum ETFs, where top ETF issuers had the upper hand at the beginning.

However, according to VanEck, 21Shares, and Canary Capital, the SEC is now adopting a different method, which is harming small firms and slowing growth in the ETF market.

In their message to SEC Chairman Paul Atkins, they mention that the move makes it difficult for small or new firms to compete with the more established firms.

If top companies have the advantage, they will attract more investors and control a bigger piece of the market, which reduces the availability of ETFs that could profit traders.

If smaller firms can launch new ETFs more easily, investors might get more products that interest them or which could offer higher returns.

Seeking fair crypto ETFs approvals

The firms also warn that the SEC’s current approach could discourage companies from creating new ETFs altogether, which would limit choices for investors. They want the SEC to modify its process so that it is fairer and inspires more new crypto ETF issuers.

If the SEC pays attention, traders and investors would benefit from more ETF options, which could help them get better returns and better manage their risks. Right now, no statement from the SEC has been made about the situation.

Billionaire Winklevoss Twins-Backed Crypto Exchange Gemini Files With SEC For Planned IPO

by admin June 6, 2025

Gemini Space Station Inc., the crypto exchange and custody platform founded by Cameron and Tyler Winklevoss, has taken a significant step toward becoming a publicly traded company.

The firm announced Friday that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC), signaling its intent to pursue an initial public offering (IPO) of its Class A common stock.

While specific details around the size and valuation of the offering remain undisclosed, the move positions Gemini among a growing list of crypto-native firms seeking a foothold in traditional capital markets.

The crypto exchange has been taking major steps to go public in the U.S., including hiring Goldman Sachs and Citigroup as its financial advisors for the IPO. Gemini had also settled a $5 million lawsuit by the Commodity Futures Trading Commission, while the SEC ended its investigation into the exchange earlier this year.

The timing aligns with renewed interest in digital asset IPOs after stablecoin issuer Circle (CRCL) started trading on the New York Stock Exchange (NYSE) this week. Shares of Circle surged in its first day of trading Thursday, closing at $83 after going public at $31. The stock is currently trading around $113, almost 264% higher than its IPO price.

Gemini’s offering, if completed, would mark a major milestone not just for Gemini but for the crypto industry’s ongoing quest for mainstream financial legitimacy.

The company noted that the IPO will proceed after SEC review and pending market conditions, per standard disclosure protocols.

Read more: Circle Shares Surge on NYSE Debut, Signalling Strong Appetite for Stablecoin Issuers

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June 6, 2025 0 comments

Crypto Trends

Ripple SEC Lawsuit Settlement on June 16: Fact Check

by admin June 6, 2025

Rumors have recently gone viral on social media, particularly on X (formerly Twitter), claiming that the long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) will end on June 16. Social media posts consider June 16 as the final settlement date for the XRP lawsuit.

But, there’s no official confirmation of a settlement. Those speculating on June 16 rely on the upcoming deadline in the case, not when the court will issue the verdict. Pro-XRP attorney Fred Rispoli, clarified the significance of the June 16 date.

It marks a deadline for a status update to the U.S. Court of Appeals for the Second Circuit. This stems from a May 15 decision by Judge Analisa Torres, who rejected a joint request from Ripple and the SEC that sought to approve a settlement deal. She ruled the filing was made under the wrong legal rule and warned she would have denied it regardless.

Importantly, since that denial, neither party has refiled a corrected motion, prompting concern and speculation. If no new filing is made by June 16, the appeals court may proceed based on the judge’s original rejection — potentially restarting the appeal process. Meanwhile the motion is valid and is brought within the deadline, it can lead to the proceedings being suspended for 60 more days.

Currently there are no papers or statements to show that the case has been settled. Any statements about the ending of the case are at most vague and only theoretical.

Upon fact checking, on June 16 the expected settlement of the Ripple SEC lawsuit is still not certain. The claims on social media about a secret agreement between the Ripple, SEC, and Judge Torres also don’t seem to be true, since there is no evidence to support them.

To summarize, the June 16 date only serves as an agreed timeframe for the next step and doesn’t decide the outcome. The existence of a secret settlement deal is yet to be confirmed

Also Read : XRP Lawsuit: US SEC Files Opposition in Ripple Case

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June 6, 2025 0 comments

GameFi Guides

Chinese Company Moves To Buy $300 Million Worth Of XRP, SEC Filing Shows

by admin June 5, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Chinese company Webus has officially declared its intention to establish a $300 million XRP treasury. The company filed a Form 6-K with the US Securities and Exchange Commission (SEC) detailing the moves it has so far made to create this XRP-focused treasury.

Webus Files Form 6-K For XRP Treasury With US SEC

A SEC filing shows that Webus has filed the Form 6-K for its XRP treasury with the Commission. The Chinese firm noted the signing of a Delegated Digital-Asset Management agreement with Samara Alpha, aimed at establishing a strategic framework for potential future digital asset treasury operations.

Webus last week announced that it was exploring a financing strategy of up to $300 million to establish an XRP reserve for supporting global payment solutions. The company intends to use available cash reserves, bank lending, shareholder guarantees, and third-party institutional-backed credit facilities from traditional banks to fund this endeavor.

The company further declared that an XRP blockchain integration has the potential to revolutionize how they handle cross-border payments for both partners and travelers worldwide. Besides Webus, Nasdaq-listed VivoPower is another company that is looking to establish an XRP Treasury.

Bitcoinist reported that VivoPower has secured $121 million in its bid to become the first public company to execute an XRP-focused treasury and DeFi strategy. As part of its move to achieve this, the company has entered into a strategic partnership with BitGo to facilitate the initial $100 million XRP acquisition for its treasury strategy.

VivoPower will use BitGo as an exclusive over-the-counter (OTC) trading desk to acquire the $100 million XRP tokens. The company will also use the crypto platform for the trading of its XRP holdings through BitGo’s 24/7 OTC trading desk and holding of its assets through the custody platform.

Odds For An XRP ETF On The Rise

Amid these developments, the odds of an XRP ETF launching this year have skyrocketed in the past few weeks. Polymarket data shows that there is a 92% chance that the SEC approves this ETF before December 31.

However, this fund is unlikely to be available before the first half of the year ends, as there is only an 18% chance of approval before July 31. The XRP ETFs will drive more institutional inflows into the XRP ecosystem, which is bullish for the altcoin’s price.

Source: Chart from Polymarket

Crypto analyst BarriC had previously predicted that the altcoin could rally to between $10 and $20 once the ETFs get approved. Grayscale, Bitwise, Canary Capital, 21Shares, Wisdomtree, CoinShares, and Franklin Templeton have all filed to offer an XRP ETF.

At the time of writing, the XRP price is trading at around $2.18, down over 2.14% in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $2.20 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

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June 5, 2025 0 comments

Crypto Trends

Chinese Firm Files $300M XRP Plan with SEC. What’s Going On?

by admin June 4, 2025

Webus International Limited, a company that offers AI-driven mobility solutions, has filed Form 6-K with the U.S. Securities and Exchange Commission (SEC) to inform the regulator about its intention to set up an XRP treasury.

As reported by U.Today, the Hangzhou-based firm initially announced the plan last week.

On Monday, the firm signed an agreement with US-based investment advisor Samara Alpha Management that has set the framework for its future crypto operations.

The initiative is meant to support instant international payments for its chauffeur services as well as booking programs. This essentially means that the XRP token will be integrated into the company’s business model.

Chair Paul Atkins Says It’s a ‘New Day’ for the SEC, Calls for ‘Rational’ Crypto Regulation

by admin June 4, 2025

In brief

SEC Chair Paul Atkins said Tuesday the agency will prioritize “clear rules of the road” for crypto.
He testified that investor protection and innovation require regulatory clarity.
But some lawmakers are pushing for the CLARITY Act to shift oversight away from the SEC.

U.S. Securities and Exchange Commission Chair Paul Atkins is continuing on his crusade to bring a “new day” to the SEC and shift the agency’s stance toward digital assets.

Testifying before the Senate Appropriations Subcommittee on Financial Services and General Government on Tuesday, Atkins vowed to pursue a “rational regulatory framework” for crypto assets, prioritizing rulemaking and transparency over enforcement actions.

“Clear rules of the road are necessary for investor protection against fraud—not the least to help them identify scams that do not comport with the law,” he said.

“Policymaking will be done through notice and comment rulemaking, not through regulation-by-enforcement,” Atkins added.

Atkins, a veteran of the SEC, was confirmed in April after a lengthy and partisan nomination process.

His return marks a stark departure from the approach taken by his predecessor, Gary Gensler, whose tenure was marked by enforcement actions against crypto firms and a broad interpretation of securities laws that made him unpopular with the crypto industry.

Since Gensler’s exit, the SEC has dropped several high-profile lawsuits, first under interim chair Mark Uyeda and then under Atkins, and has issued guidance for multiple categories of crypto, including exempting certain staking activities from securities regulation.

The agency’s evolving posture comes amid growing momentum in Congress to strip the SEC of its authority over crypto altogether.

Last week, lawmakers introduced the CLARITY Act, which would amend securities laws to exempt most crypto assets from SEC jurisdiction and establish a new legal framework.

“Our bill secures American dominance, democratizes digital assets, unleashes innovation, and protects consumers from fraud,”Rep. Bryan Steil (R-WI), chair of the House’s Financial Services Subcommittee, said at the time.

Democratic staffers on the House Financial Services Committee have criticized the SEC for withholding an impact analysis of the bill, raising concerns that the proposal could create loopholes for traditional finance under the guise of blockchain adoption.

Atkins acknowledged the shifting legislative landscape but emphasized the role of the SEC’s new Crypto Task Force and upcoming DeFi roundtable in supporting innovation.

“I anticipate benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation,” he said.

Edited by Sebastian Sinclair

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June 4, 2025 0 comments

Crypto Trends

Trump’s Truth Social seeks SEC greenlight for Bitcoin ETF

by admin June 4, 2025

US President Donald Trump’s sprawling crypto empire could grow even larger, as filings show plans for a Bitcoin exchange-traded fund (ETF) branded with his social media platform, Truth Social.

Stock exchange NYSE Arca filed for the Truth Social Bitcoin ETF with the Securities and Exchange Commission on June 3 on behalf of crypto asset manager Yorkville America Digital, a partner of Truth Social’s owner, Trump Media & Technology Group.

Trump is the majority owner of Trump Media, but moved his shares into a trust controlled by his son, Donald Trump Jr., before he re-entered the White House.

The ETF seeks to list on the NYSE Arca exchange and track the price of Bitcoin (BTC). The filing did not disclose a management fee or ticker but listed Foris DAX Trust Company, the custodian of Crypto.com’s assets, as the proposed custodian.

Source: Eric Balchunas

If approved, the Trump-linked ETF enters a crowded Bitcoin ETF market of 11 similar funds dominated by BlackRock’s iShares Bitcoin Trust ETF (IBIT) with nearly $69 billion in assets under management.

It could also add to Trump’s controversial ties to crypto, which critics say are a conflict of interest with his presidential duties and have accused Trump of profiting from the presidency.

Trump and his family have ties to an increasingly growing number of crypto projects, which include multiple non-fungible token (NFT) collections, two memecoins, a stablecoin, a crypto mining company and a crypto platform with an associated token.

The ETF filing comes after Trump Media signed an agreement in April with Yorkville America Digital and Crypto.com to launch a series of “Made in America” crypto ETFs.

The 19b-4 filing of the Truth Social Bitcoin ETF effectively initiates the SEC’s review process, and it must decide whether to accept, reject or delay the application within 45 days. It can delay its decision multiple times, for a maximum review period of 240 days.

Related: Donald Trump gives conflicting answers over memecoin profits

The SEC must decide on the application by Jan. 29, 2026, at the latest.

Yorkville will also need to file an S-1 registration statement for the ETF, which informs the SEC what the fund plans to offer, how it will operate, how it intends to use any proceeds raised from investors and associated risks.

Trump Media also filed for a “Truth.Fi Bitcoin Plus ETF” in February, which could receive a portion of the $250 million allocated to its fintech platform, Truth.Fi.

Trump Media wants to integrate crypto in video streaming site

Trump Media is also looking to integrate a crypto token and wallet into its video streaming site, Truth+, the company’s CEO, Devin Nunes, told shareholders on April 29.

“We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere.”

Trump Media first signaled plans for a potential crypto payments venture last November when it filed a trademark application with the US Patent and Trademark Office to build a digital asset wallet and allow crypto payments to be processed on Truth.Fi.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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June 4, 2025 0 comments