New Movements :SEC VS SFC

Regulatory challenges for Uniswap from SEC as Hong Kong SFC moves towards approving Bitcoin ETFs and HashKey expands globally.

New Movements :SEC VS SFC

Wells Notice on Uniswap

Uniswap founder Hayden Adams posted on X that Uniswap Labs received a Wells notice from the SEC, which means SEC is prepare to sue Uniswap Labs.

In a press conference on Wednesday afternoon, Uniswap’s COO Mary-Catherine Lader and Chief Legal Officer Marvin Ammori told reporters that the content of the Wells notice was focused on Uniswap acting as an unregistered securities broker and unregistered securities exchange. It remains unclear whether Uniswap’s native token, UNI, was implicated as a potential security in the SEC’s notice.

Chief Legal Officer of Uniswap Labs, Marvin Ammori provided his opinion on X. He implied that SEC had no authority over Uniswap self-custodial, non-intermediated products, that's why they cannot could tell Uniswap how to register them. It has provided no clarity and no guidance – as several SEC commissioners have stated in multiple dissents. (such statement is identical to Coinbase Brian Armstrong's statement to SEC)

UNI token price dropped (both against USDT, and BTC)

Hong Kong SFC to approve BTC spot ETF

April 6-9 is the Hashkey Web3 conference in Hong Kong. Right after the conference, the SFC has been active on the news on virtual asset managers (crypto spot ETF funds).

The Reuters reprots that Hong Kong is likely to approve the first set of applications for spot-bitcoin exchange-traded funds this week. Four entities have submitted applications to launch the spot bitcoin ETFs. It named three of them as the Hong Kong units of China Asset Management, Harvest Fund Management and Bosera Asset Management.

Other sources says the annoucing date would be April 15, and there'll be 2 weeks time for HKEX for prepare the listing.

Overall in Asia, Australia and Hong Kong are the two jurisdictions that could become the first in Asia to offer spot bitcoin ETFs, with Singapore and the UAE not reflecting immediacy just yet.

From Hashkey HK exchange to Hashkey Global

HashKey Group, an operator in Hong Kong’s licensed cryptocurrency exchange market, has expanded its offerings with the initiation of HashKey Global. This move introduces a global trading platform under a Bermuda-issued Digital Asset Business license.

HashKey Global will be facing global retail users, with futures (perps), and 'LaunchedPad', however, the service is unavailable in several areas, including the US, mainland China, and Hong Kong, according to HashKey Group’s COO, Livio Weng, during an event at the Hong Kong Web3 Festival.

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