The U.S. Securities and Exchange Commission (SEC) has abruptly requested that the exchanges that want to list and trade spot Ether exchange-traded funds (ETFs) update key filings related to these products, fueling speculation that the regulator is considering approving these products.

Michael Sonnenshein is stepping down as chief executive officer of Grayscale Investments after helping the firm’s spot Bitcoin exchange-traded fund (ETF) launch and amid significant outflows from its fund.

British judge has ruled that Craig Wright, the Australian computer scientist who claims to be Bitcoin creator Satoshi Nakamoto, lied “extensively and repeatedly” in a copyright lawsuit over the cryptocurrency’s code and white paper.

Top stories in the Crypto Roundup today:

• Spot Ether ETFs Move Closer to Reality Over SEC Request
• Grayscale Investments Announces CEO Transition After Historic Outflows
• K. High Court Rules Craig Wright Lied ‘Extensively’ About Creating Bitcoin
• Ethereum Surges on Rekindled Spot Ether ETF Hopes

Spot Ether ETFs Move Closer to Reality Over SEC Request

The U.S. Securities and Exchange Commission (SEC) has abruptly requested that the exchanges that want to list and trade spot Ether exchange-traded funds (ETFs) update key filings related to these products, fueling speculation that the regulator is considering approving these products.

The exchanges are being asked to update their 19-4b filings on an accelerated basis, suggesting that the SEC is moving to approve spot Ether ETF applications ahead of a key deadline.

Spot Ether ETF issuers would still need approval of their S-1 registration statements before trading would commence, and the SEC has no set timeframe to review these documents.

The request marks a shift from earlier perceptions that the SEC was dragging its feet, with one firm in talks with the regulator now suggesting it feels it’s on the right track to approve these ETFs.

The SEC has been scrutinizing whether the native token of the Ethereum blockchain, Ether, is a security or not, with the inquiry intensifying after the network moved to a Proof-of-Stake consensus mechanism.

A security designation could be grounds for the regulator to reject spot Ether ETF applications.

Grayscale Investments Announces CEO Transition After Historic Outflows

Michael Sonnenshein is stepping down as Chief Executive Officer of Grayscale Investments after helping launch the firm’s spot Bitcoin exchange-traded fund (ETF) amid significant outflows from its fund.

Succeeding Sonnenshein is Peter Mintzberg, who currently serves as the global head of strategy for asset and wealth management at Goldman Sachs Group, Grayscale announced and confirmed Mintzberg is set to start his role as CEO on August 15.

Grayscale’s Bitcoin Trust, its spot Bitcoin ETF, has been seeing significant outflows since it was converted back in January, with rival spot Bitcoin ETFs receiving significant inflows  to the point BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed GBTC in Bitcoin holdings.

Sonneshein, who joined Grayscale in 2014 and became CEO in 2021, led Grayscale in a legal battle against the U.S. Securities and Exchange Commission to allow GBTC to be converted into a spot Bitcoin ETF, and it ultimately succeeded.

U.K. High Court Rules Craig Wright Lied ‘Extensively’ About Creating Bitcoin

British judge has ruled that Craig Wright, the Australian computer scientist who claims to be Bitcoin creator Satoshi Nakamoto, lied “extensively and repeatedly” in a copyright lawsuit over the cryptocurrency’s code and white paper.

High Court Judge James Mellor elaborated on his March decision that Wright was not Satoshi Nakamoto, citing “clumsy… fabrications” and “forgeries” on a “grand scale” as evidence for his ruling.

The ruling caps a years-long legal battle between Wright and the Crypto Open Patent Alliance (COPA) over the intellectual property rights to Bitcoin’s blockchain and database. COPA, a nonprofit organization, sued Wright in 2021 to prevent him from asserting copyright claims over the Bitcoin whitepaper and codebase.

According to the judgment, Wright’s defense team submitted fabricated evidence to support his claim, including documents with fonts unavailable at the time of their alleged creation and metadata revealing their creation was just before the trial.

Wright has become notorious within the cryptocurrency community for his aggressive legal tactics as since 2019, he has filed lawsuits against several Bitcoin developers in a bid to gain control of the network and silence his critics.

The Bitcoin Legal Defense Fund has argued that these lawsuits stifle innovation by threatening developers who contribute to the Bitcoin blockchain.

Judge Mellor acknowledged the chilling effect of Wright’s legal strategy on Bitcoin’s development, citing Satoshi Nakamoto’s collaborative nature as another factor in his ruling.

Ethereum Surges on Rekindled Spot Ether ETF Hopes

The price of Ethereum is up over 18% in the last 24-hour period after the SEC requested updates to key filings on spot Ether ETFs, rekindling hopes these funds are set to soon be approved in the US.

If these funds mirror the performance of spot Bitcoin ETFs in the country, they could significantly increase demand for the second-largest cryptocurrency and bolster institutional investments in it.

State of the Crypto by Top Tier Exchange Volume

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