The U.S. Securities and Exchange Commission (SEC) has rejected NYDIG and Global X’s applications to list spot bitcoin exchange-traded funds (ETFs), citing concerns around fraud, manipulation, and valuation methodology.

The European Parliament committee is set to vote on a proposed legislative framework that includes language regarding limiting proof-of-work cryptocurrencies. The Markets in Crypto-Assets Directive, or MiCA, includes language seemingly looking to outlaw proof-of-work cryptos over energy usage concerns.

Ukraine’s minister of digital transformation, Mykhailo Fedorov, has asked leading stablecoin issuer Tether to stop all transactions with Russians. Fedorov has in the past made similar pleas to other Western companies including software giant SAP and chipmaker Intel.

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Top stories in the Crypto Roundup today:

• SEC Rejects Two Spot Bitcoin ETF Applications
• EU Legislation Could Limit Proof-of-Work Cryptos
• Ukraine Asks Tether to Block Russian Users
• Chart of the Week: Total Value Locked of Ethereum Competitors
• Sponsored: Register for a Rewarding Bybit Experience

SEC Rejects Two Spot Bitcoin ETF Applications

The U.S. Securities and Exchange Commission (SEC) has rejected NYDIG and Global X’s applications to list spot bitcoin exchange-traded funds (ETFs), citing concerns around fraud, manipulation, and valuation methodology.

SEC Chair Gary Gensler has indicated numerous times he prefers to see bitcoin futures ETFs being traded over funds that would hold the cryptocurrency directly. The regulator has recently also rejected spot bitcoin ETF applications from Fidelity, VanEck, WisdomTree, Kryptoin, and First Trust.

An ETF is a type of pooled investment security that operates like a mutual fund. These funds can be purchased or sold on a stock exchange the same way a regular stock can, and can be structured to track any asset.

A futures ETF is a fund that buys and sells contracts representing the value of an asset, but does not own the underlying asset.

EU Legislation Could Limit Proof-of-Work Cryptos

The European Parliament committee is set to vote on a proposed legislative framework that includes language regarding limiting proof-of-work cryptocurrencies. The Markets in Crypto-Assets Directive, or MiCA, includes language seemingly looking to outlaw proof-of-work cryptos over energy usage concerns.

MiCA has faced industry criticism over this type of language in the past, and while provisions included in it were initially removed, new versions of the document show they were once again included. They state:

"Crypto-assets shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union."

The European Commission would, as a result, be required to set “minimum environmental sustainability standards for consensus mechanisms used for validating crypto-assets transactions.”

Ukraine Asks Tether to Block Russian Users

Ukraine’s minister of digital transformation, Mykhailo Fedorov, has asked leading stablecoin issuer Tether to stop all transactions with Russians. Fedorov has in the past made similar pleas to other Western companies including software giant SAP and chipmaker Intel.

Previously, Fedorov asked cryptocurrency exchanges to stop supporting Russian users. Whilst cryptocurrency exchanges refused to stop servicing Russian users who had not been sanctioned, Tether has issued a statement seemingly indirectly responding to Fedorov’s request.

In the statement, the British Virgin Islands-based company said it conducts “constant market monitoring to ensure that there are no irregular movements or measures that might be in contravention of international sanctions.”

Chart of the Week: Total Value Locked of Ethereum Competitors

Activity in the decentralized finance (DeFi) space has been booming, with Ethereum competitors like Terra (LUNA), Solana (SOL), Avalanche (AVAX) and the Binance Smart Chain standing out.

Since 2021, Ethereum’s dominance of the DeFi space dropped from 95% to 54%. Among its competitors Terra has been leading the pack with a total value locked of over $25.6 billion.

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