U.S lawmakers are urging the SEC to approve spot Bitcoin ETFs, while crypto lender BlockFi is working on repaying customers amid a legal battle. Additionally, a Hong Kong-based crypto protocol suffered a $200 million hack. Jennifer Shulp from the Cato Institute emphasized the need for clear crypto regulation in the U.S. However, the regulatory landscape in the U.S. is still evolving, and there are concerns that companies may choose to operate abroad due to the lack of clarity. Shulp also discussed the distinction between cryptocurrencies falling under SEC or CFTC jurisdiction, highlighting the importance of decentralization in determining regulatory oversight.
Here are the key facts extracted from the provided text:
1. U.S. lawmakers urged the SEC to approve spot Bitcoin ETFs.
2. Crypto lender BlockFi received court approval to restructure.
3. There's a legal battle between BlockFi, FTX, and Three Arrows Capital over $5 billion.
4. A Hong Kong-based crypto protocol experienced a $200 million hack.
5. Jennifer Schulp of the Cato Institute testified about the need for clear crypto regulation.
6. Regulatory developments have occurred in the U.S., including the proposed "Crypto Framework Act."
7. Several U.S. crypto companies, including Coinbase and Fact, plan to expand internationally.
8. Jennifer Schulp discussed the need to clearly define which cryptocurrencies fall under SEC or CFTC jurisdiction.
9. She mentioned that some cryptocurrencies should be regulated under Securities laws, while others, like Bitcoin and Ethereum, are more like commodities.
10. She also commented on recent court rulings involving Ripple and Grayscale.