#ChinaCrackdown
Expert Says Peer-to-Peer Nature of Crypto Activity Renders China’s Ban Ineffective

Rising instances of Chinese raids on underground gangs and companies using digital assets to facilitate illegal foreign exchange transactions are exposing China’s seemingly faltering crypto prohibition, a Bloomberg report has said. It suggests that the alleged busts of gangs moving more than $140 million (one billion yuan) could indicate that China remains a significant crypto market, despite the 2021 ban.

As previously reported by Bitcoin.com News, China has not only curtailed the use of crypto but also cracked down on cryptocurrency mining. This crackdown is believed to have prompted many miners to relocate to more welcoming countries, resulting in China relinquishing its position as the world’s top Bitcoin miner. However, the Asian nation’s attempts to block or curb cryptocurrency trading have not been as successful.

The Bloomberg report explains that the persistent demand for crypto among Chinese residents can be attributed to their desire for alternative investments and a means to circumvent the country’s strict capital transfer rules. Additionally, understanding the decentralized nature of crypto assets like bitcoin (BTC) may also be sustaining Chinese residents’ interest in crypto.

#Bitcoin❗
something else going to be happen!

#ETHETFsApproved
US Lawmakers Pressure SEC to Apply Same Principles for Ethereum as Bitcoin ETFs

Five U.S. representatives have urged the U.S. Securities and Exchange Commission (SEC) to adopt a consistent policy for ethereum exchange-traded funds (ETFs), following their previous approval of spot bitcoin ETFs. In a letter dated May 22 to SEC Chair Gary Gensler, Representatives French Hill, Tom Emmer, Mike Flood, Josh Gottheimer, and Wiley Nickel explained that “the approval of spot bitcoin exchange-traded products (ETPs) represents a pivotal moment for both digital assets and our financial markets.”
The lawmakers continued: “We urge the Commission to maintain a consistent and equitable approach when reviewing upcoming applications for other digital asset-backed ETPs.”

#EthereumETFApprovalExpectations
REGULATION

UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange
The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated.

First Bitcoin and Ethereum ETP Listings on LSE
The UK Financial Conduct Authority (FCA) has approved crypto exchange-traded products (ETPs) by Wisdom tree and 21 shares to list on the London Stock Exchange (LSE).

“Wisdomtree is amongst the first issuers to have its prospectus relating to crypto ETPs approved by the FCA,” the company emphasized, adding:

Its 100% physically backed bitcoin and ethereum ETPs, Wisdom tree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE at the earliest date possible which is expected to be on Tuesday May 28th. At the time of listing, these ETPs will only be available to professional investors.

The two Wisdomtree’s physically backed bitcoin and ethereum ETPs will have fees of 0.35%, the same as equivalent vehicles listed in a number of continental European exchanges. Alexis Marinof, Head of Europe at Wisdomtree, explained that the FCA’s approval is a crucial development for the crypto industry, potentially leading to increased institutional adoption. All the UK-listed crypto funds will be constructed as exchange-traded notes (ETNs), a structure common across the European cryptocurrency market.