Crypto gets political, NFTs plummet, ETF inflows surge

Global Regulatory Developments

This week, regulatory developments in the cryptocurrency industry centered on various countries taking steps to introduce or enforce regulations. The Philippines’s Securities and Exchange Commission revealed plans to enact crypto regulations in the second half of the year. Meanwhile, Binance faced regulatory issues in Canada, resulting in a significant fine for violating anti-money laundering provisions. Nigeria also made headlines as the CEO of a firm accused the government of demanding bribes in relation to the arrest of its officials, although the government denied these claims.

Ripple and Kraken

In the ongoing legal battle between Ripple and the U.S. SEC, the House Financial Services Committee announced considerations to enact the FIT21 Act for regulatory clarity in the digital asset industry. Ripple faced the SEC’s final response in the remedies phase of the lawsuit, with the agency arguing against multiple claims made by Ripple. On the other hand, Kraken filed to dismiss the SEC’s lawsuit, citing incorrect terms and lack of evidence related to investment contracts or unregistered securities.

NFT Market Records Dip

The NFT market experienced a mix of favorable and unfavorable trends this week. While the Magic Eden marketplace surpassed Blur to lead in NFT trade volume, the broader market saw a decline in volume. Crypto-focused hacks also impacted the NFT scene, with an NFT trader losing a significant amount to a phishing attack. These events reflect the ongoing challenges and opportunities in the NFT space.

Grayscale Touts Spot ETF Revival

The spot crypto ETF market witnessed a resurgence of inflows this week, with all spot Bitcoin ETF products in the U.S. recording positive net inflows for the first time. Grayscale Bitcoin Trust leveraged this trend to record its first-ever net inflow, signaling renewed investor interest. CoinShares reported that outflows from crypto investment products could be higher than initially estimated, but inflows from Hong Kong-based spot ETFs helped soften the global outflow. Institutional adoption also continued to grow, as evidenced by leading American banking giant Wells Fargo investing in ETF products.

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