All articles tagged with #us securities and exchange commission
Bitcoin surged past $49,000 as trading commenced on the first US exchange-traded funds investing directly in the cryptocurrency, following the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission. Over $1.4 billion was traded in early trading, marking a historic moment for Bitcoin.
Lawmakers in the United States are increasing their scrutiny of Shein, a fast-fashion retailer, after it filed for an initial public offering (IPO). Congressman Blaine Luetkemeyer is threatening to pursue legislation to prevent Shein from trading if the U.S. Securities and Exchange Commission (SEC) does not reject its application. Luetkemeyer alleges that Shein uses forced labor and exploits U.S. trade laws. He urges the SEC to thoroughly investigate Shein's business practices before allowing it to access U.S. capital markets. The House Select Committee on the Chinese Communist Party is also investigating Shein over its use of forced labor and trade practices. Shein, which has denied using forced labor, has faced increasing criticism from lawmakers. It remains uncertain whether there is enough support to pass legislation restricting Shein's ability to trade or do business in the U.S.
Nasdaq has decided to halt its plans for a crypto custody service due to the shifting business and regulatory environment in the U.S. The company had previously applied for a limited-purpose trust company license but will now focus on supporting the digital asset industry through partnerships and providing technology for crypto custody. This move is seen as a setback for institutional adoption of crypto in the U.S., as regulators continue to target crypto firms and impose strict requirements for involvement in the space.