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• First bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC

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The U.S. Court of Appeals for the D.C. Circuit has paved the way for bitcoin exchange-traded funds.

On Tuesday, the court sided with Grayscale in a lawsuit against the Securities and Exchange Commission which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF. The decision could impact other companies that want to create bitcoin ETFs, like BlackRock and Fidelity.

A spot bitcoin ETF would be traded through a traditional stock exchange, although the bitcoin would be held by a brokerage, and would allow investors to gain exposure to the world’s biggest cryptocurrency without having to own the coin themselves. Many crypto bulls believe that approval of a spot bitcoin ETF will lead to more mainstream institutional adoption.

• Elon Musk’s X moves closer to crypto payments with new state license

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Rhode Island’s regulators have granted X (Twitter) a currency transmitter license, marking a step forward for the company’s foray into the financial services sector. 

The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies.  

X’s Rhode Island Currency Transmitter License was approved on Aug. 28, according to the Nationwide Multi-State Licensing System (NMLS).

• HashKey, OSL, first exchanges to offer retail crypto services in Hong Kong

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Hong Kong retail cryptocurrency traders are slowly gaining access to locally based cryptocurrency exchanges as HashKey Exchange launched retail trading services to users in China’s special administrative region on Aug. 28.

The company was previously permitted to serve professional and institutional investors before being granted Type 1 and Type 7 licenses by the Hong Kong Securities and Futures Commission (SFC) on Aug. 3. This paved the way to becoming a licensed retail exchange in Hong Kong. 

Digital asset platform OSL also announced its license uplift from the SFC on Aug. 3, which enabled the brokerage, exchange and custody provider to offer its services to retail customers in Hong Kong.

• Ethereum staking services agree to 22% limit of all validators

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At least five Ethereum liquid staking providers have either imposed or are working to impose a self-limit rule in which they promise not to own more than 22% of the Ethereum staking market — seen as a move to ensure the Ethereum network remains decentralized.

Among the Ethereum staking providers either already committed or are working to commit to the self-limit rule include Rocket Pool, StakeWise, Stader Labs and Diva Staking, according to Ethereum core developer Superphiz.

Puffer Finance, another liquid staking service, also announced its commitment to the self-limit. 

• Bitcoin heads for red September, but analysts tip October as ‘days to watch’

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Bitcoin investors may be in for a rollercoaster ride. While history shows September is typically a bumpy month for Bitcoin, two ETF analysts have suggested investors turn their gaze to mid-October as the next “major days to watch.”

According to historical data, Bitcoin’s monthly returns have closed in the red at the end of September nine times over the course of the last 13 years.

Popular crypto analyst Will Clemente informed his 689,000 X followers that September has had the “least number of positive-returning months” and is on a six-year negative-returning streak.

• Binance Australia GM ‘really confident’ regulators will side with crypto

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Binance Australia General Manager Ben Rose says he’s “really confident” that Australian regulators will eventually make the right choices when it comes to laws that govern digital assets in the country. 

“There are lots of very smart people in the government working really hard on [crypto] policy, so I’m really confident that we’ll get there in the end,” said Rose, speaking to Cointelegraph at the Intersekt Fintech conference in Melbourne, Australia on Aug. 31.

Roses’ comments stand against a backdrop of recent hostility towards crypto — some of which has impacted his exchange, Binance Australia — including a reported search by regulators in July and several banking blocks from the traditional finance sector.

Concluding Notes:

  • First bitcoin ETF could be coming soon
  • Elon Musk’s X moves closer to crypto payments
  • HashKey, OSL, exchanges to offer retail crypto services in Hong Kong
  • Ethereum staking services agree to 22% limit of all validators
  • Bitcoin heads for red September
  • Binance Australia GM ‘really confident’ regulators will side with crypto

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