SEC calls ETF filings inadequate, Binance loses euro partner and other news: Hodler's Digest, June 25 - July 1

Top stories this week US SEC Considers Spot Bitcoin ETF Filings Inadequate

There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, such as the Securities and Exchange Commission. The SEC told Nasdaq and the Chicago Board Options Exchange that their filings were not "clear and complete enough." The regulator returned the documents, citing lack of information regarding the proposed surveillance sharing agreement. Asset managers can always resubmit their requests.

Cathie Wood's ARK would be "in the front line" for a spot Bitcoin ETF

ARK Investment Management is in the running for a spot Bitcoin ETF, as it still has a previous application pending with the United States securities regulator. ARK and 21Shares filed their third application for a spot BTC ETF in April and amended it this week, making it similar to BlackRock's filing. Since BlackRock's application on June 16, other investment firms such as Valkyrie, WisdomTree, and Invesco have reapplyed for spot Bitcoin ETFs.

Binance will lose support from its euro banking partner

The Binance crypto exchange, Paysafe Payment Solutions, will no longer support the exchange after September 25th. Binance said it would switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, although it did not name which provider that would be. In recent months, Binance has faced waves of backlash from regulators around the world, leading to the halting of operations in various countries.

FTX has recovered $7 billion in assets so far, it has almost $2 billion left to cover the diversions

FTX has , and the search for additional assets continues, according to an interim report published on June 26. The large mix of funds, however, complicates their efforts. FTX Debtors, consisting of FTX and its affiliates, currently estimate the amount of assets misappropriated from customers at $8.7 billion. Most of that money, around $6.4 billion, was in fiat and stablecoins. The former FTX executive "did not mix and misuse customer deposits by accident," according to the report.

3AC liquidators seek to recover $1.3 billion from founders

Teneo, the liquidator of bankrupt hedge fund Three Arrows Capital (3AC) is owned by its founders Su Zhu and Kyle Davies. The debt was reportedly incurred when 3AC was already insolvent, adding to creditors' losses. The company owed $3.5 billion to its creditors, making the founders' potential liability more than a third of the total debt. Davies and Zhu have maintained active social media profiles, but their physical whereabouts are unknown, delaying the liquidation process. Both 3AC founders received digital subpoenas during the bankruptcy proceedings. To date, they have not cooperated.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $30,418, Ether (