Crypto futures and ETFs are knocking at the door: Law Decoded, Aug. 13–20.

Published

2 years ago

August 21, 2023

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Cryptocurrency exchange Coinbase has received approval from the United States National Futures Association to offer investments in crypto futures to eligible customers. The approval enables Coinbase to introduce Bitcoin (BTC) and Ether (ETH) futures contracts through its Commodity Futures Trading Commission-regulated derivatives exchange.

Meanwhile, citing sources familiar with the matter, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (SEC) is likely to approve multiple applications for Ether futures exchange-traded funds (ETFs) simultaneously. So far, the SEC has not instructed the firms to withdraw their applications, unlike in 2021. This suggests the regulator won’t block the fund’s launch within a few weeks. The SEC’s decision on Bitcoin ETFs could also come in early 2024.

This could be why asset management firm Valkyrie has joined the list of companies filing for crypto ETFs. As per its application, the fund will not directly invest in Ether but will seek to purchase several ETH futures contracts. The ETF investment in Ether futures contracts will be limited to 8,000 contracts per month in compliance with position limits established by the Chicago Mercantile Exchange.

SEC is allowed to appeal in the Ripple case

U.S. Judge Analisa Torres has granted a request from the SEC to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. According to U.S. law, an interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding.

The decision came just a few hours after Ripple Labs voiced opposition to a potential appeal in the case. Ripple’s lawyers argued that an appeal requires a pure question of law and that the SEC’s request raises no new legal issues needing review. They also insisted that the regulator’s claim of an incorrect court ruling is insufficient and that an immediate appeal will not advance the termination litigation proceedings.

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Singapore gets its regulatory framework for stablecoins

Singapore’s central bank has released a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The framework outlines several requirements for stablecoin issuers, including redemption timelines, disclosures, reserve management and capital requirement. The Monetary Authority of Singapore noted only stablecoin issuers that fulfill the new framework’s requirements could apply to become MAS-regulated — a label the central banks says ensures they can be distinguished from non-regulated stablecoins by users.

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U.S. House Democratic coalition creates AI working group

Democrats from the U.S. House of Representatives have formed a working group on artificial intelligence to introduce new legislation around the nascent artificial intelligence (AI) tech sector. The 97-member New Democrat Coalition promises its unit to work with President Joe Biden’s administration, stakeholders and lawmakers from both sides of the political arena to develop “sensible, bipartisan policies to address this emerging technology.” According to Representative Derek Kilmer, who will serve as chair of the working group, its primary focus will be to crack down on the spread of misinformation and air concerns about advanced AI-generated deepfakes becoming increasingly prevalent online.

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Politics

Senator Tim Scott pushes for December vote on crypto market bill

Published

4 hours ago

November 19, 2025

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Senator Tim Scott pushes for December vote on crypto market bill

Senate Banking Committee Chair Tim Scott says he’s looking to mark up a crypto market structure bill next month to have it on President Donald Trump’s desk by early next year.

Scott told Fox Business on Tuesday that the committee has been negotiating with Democrats to reach a deal, but accused the party’s senators of stalling.

“Next month, we believe we can mark up in both committees and get this to the floor of the Senate early next year so that President Trump will sign the legislation making America the crypto capital of the world,” Scott said.

Law, Senate, US Government, Bills — *Banking Committee Chairman Tim Scott says a vote on the market structure bill could occur in December. Source:* *YouTube*

The House passed the CLARITY Act in July, which outlines the Commodity Futures Trading Commission and the Securities and Exchange Commission’s power to regulate crypto, and the Senate has been working on its own version of the bill.

Republicans on the Senate Banking Committee released a discussion draft on their section of the bill in July and suggested it would marry up with the CLARITY Act, and the Senate Agriculture Committee released its discussion draft on Nov. 10, which left much of the bill up for change.

The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the SEC and is leading parts of the bill relating to securities laws.

Bill will create clear rules and unlock crypto: Armstrong

Coinbase CEO Brian Armstrong said in a video posted to X on Tuesday that he was in Washington, DC, “pushing for market structure legislation,” and noted there had been “a lot of progress.”

“Senate banking is also working nights and weekends to get the next iteration of their text out, so we’ve got a good chance, I think, of a markup for this bill in December, hopefully get it to the president’s desk shortly thereafter,” Armstrong said.

“This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies,” he added.

Where the bill will go from here

The CLARITY Act was one of three major crypto bills the House passed in July after a 10-hour voting session alongside the GENIUS Act, which aims to regulate stablecoins and the Anti-CBDC Surveillance Act, which outlaws central bank digital currencies.

As the Senate is working on its own version, the CLARITY Act will return to the House for final approval if it’s passed by the Senate. It would then be sent to Trump to be signed into law.