Stablecoin issuer Valkyrie defends Binance in SEC case

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Stablecoin issuer Valkyrie defends Binance in SEC case

Stablecoin issuer Circle has argued in the SEC's case against major crypto exchange Binance that financial trading laws shouldn't spread to stablecoins whose value is tied to other assets. In June, the SEC charged Binance with numerous legal violations for facilitating trades in cryptocurrencies, including Solana's SOL, Cardano's ADA and the Binance stablecoin BUSD, which the SEC claimed constituted unregistered securities. That's become one of the most significant cases of crypto right now, as the world's biggest crypto exchange - together with rivals like Coinbase - seek to argue that crypto is not caught by existing heavy-handed U.S. financial laws.

After getting approved to convert its current bitcoin futures exchange traded fund to a two-for-one investment vehicle, asset manager Valkyrie started buying ether futures contracts. Valkyrie was the first to get approval for ETH futures ETF among other firms as it supplemented its prospectus and updated risk disclosures related to Ether futures, the spokeswoman said.

Cryptocurrency exchange Coinbase announced today that it has received regulatory approval in Bermuda to list perpetual futures to users outside of the United States. Coinbase has acquired a license in Bermuda to operate a spot exchange in April, following a gung-ho approach from U.S. regulators, with the ultimate aim of rolling out a perpetual futures platform. Perpetual futures are a type of cash-settled derivatives contract that allow traders to 'long' or'short' an underlying asset with leverage. When a perpetual swap trader expires every month or quarter, they pay a financing rate that represents the difference between the mark and index price of the underlying assets, ensuring that prices remain efficient.

Since then bitcoin has seen three other spikes of $400 million+ in net inflows to large holders, showing strong interest quietly building up, according to IntoTheBlock.