Attorneys for Grayscale argued that the US regulator's delay of the approval or disapproval decision clashes with existing statutes. Attorneys for digital asset manager Grayscale pushed back against the US Securities and Exchange Commission’s (SEC) delay on approving its Digital Large Cap exchange-traded fund (ETF) in a letter sent on Tuesday. The SEC’s Division of Trading and Markets initially approved the ETF proposal, but the SEC’s Office of the Secretary decided to review the action immediately afterward, halting the decision, Grayscale’s attorneys said. This violates the “statutory approval or disapproval deadline” set by the SEC and conflicts with established procedure, according to the attorneys. The letter read: Read more
A Friday report from Bloomberg suggested closer ties between US President Donald Trump's family-backed crypto business and one of the largest digital asset exchanges. Cryptocurrency exchange Binance reportedly helped create the code behind the stablecoin issued by World Liberty Financial (WLF), one of the crypto businesses tied to US President Donald Trump. According to a Friday Bloomberg report citing three people familiar with the matter, Binance helped create, promote, and played a role in the largest transaction of WLF’s USD1 stablecoin. The crypto business, backed by Trump and his three sons, launched USD1 on March 4. An Abu Dhabi-based investment firm, MGX, announced a $2-billion investment in Binance on March 12 using a then-unnamed stablecoin. Eric Trump, one of WLF’s co-founders, said in May that the company would be using USD1 to settle the investment. Read more
The blockchain and AI infrastructure company has doubled its Bitcoin hashrate and boosted its annual revenue run rate to $250 million. Shares of blockchain and AI infrastructure provider HIVE Digital Technologies (HIVE) rose on Friday, boosted by Bitcoin’s record rally and a series of operational milestones in its mining business. HIVE jumped nearly 6.5% to $2.47 per share, lifting its market capitalization to about $530 million. The stock has climbed more than 21% over the past month, in line with a broader rebound among Bitcoin (BTC) mining stocks. The latest rally was fueled by news that Hive Digital surpassed 12 exahashes per second (EH/s) of Bitcoin mining hashrate, doubling its output since the start of the year. The company is currently generating over $250 million in annualized revenue and expects to reach $400 million once it scales up to 18 EH/s. Read more