Circle CSO Dante Disparte said the firm cannot be involved in such activities as it is subject to regulatory regimes and laws centered on money laundering and countering terror financing.
FTX's stakes in these trusts would be sold in a manner that increases their value and does not impact the broader digital investment market, the court filing read.
Bloomberg Intelligence ETF analysts predict that there is a 90% likelihood that the U.S. Securities and Exchange Commission will approve the much-awaited spot Bitcoin ETF applications by Jan. 10.
Binance had previously made an announcement on this matter in August, stating that it would "gradually" phase out support for the stablecoin after the stablecoin issuer, Paxos, was ordered to stop minting the coin earlier this year.
With BlackRock's revised in-kind model proposal, it remains to be seen if the SEC would change its mind.
Zhao has been under fire since he pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement agreement with the Department of Justice and other agencies last week.
The crypto entrepreneur immediately released a statement defending his crypto businesses after the decline the value of TRON dropped and TrueUSD de-pegged.
The SEC's latest move on Franklin might also apply to Hashdex, analyst James Seyffart said, adding it might set in motion what industry watchers, including ARK Invest's Cathie Wood, have been discussing earlier about a potential full wave of approvals.
The platform warned customers that it may respond to the regulator's subpoena unless it is reversed by a court by Thursday.
The decision keeps Zhao from playing any role in Binance.US, including in the exchange's governance.
Last week, American investment management firm ARK Invest sold more GBTC shares, specifically 163,722, to earn $5.02 million.
This is not the only trouble Zhao could be facing in the days leading to his prison sentencing. A court filing by DOJ lawyers on Saturday revealed they might argue the Binance founder should be sentenced to up to 10 years in prison.
The SEC said its counsel was expected to report by Dec. 15, and if it failed to do so, the financial regulator would have to explore alternative services.
Malicious actors pretended to be officials from South Korea's National Pension Service, National Health Insurance, National Tax Service and National Police Agency to send phishing emails to recipients.
Zhao and the crypto exchange he founded, Binance, pleaded guilty to the DOJ's charge of one count of violating the Bank Secrecy Act.
Do Kwon must serve his sentence in Montenegro before the extradition takes place.
Changpeng Zhao created a buzz on Tuesday when he announced that he was stepping down as the CEO of Binance, and now he is under fire.
The delisting, which takes effect from Friday, is a bold move as it reflects the exchange's commitment to its Special Treatment Rules, which disqualifies the affected tokens and essentially removes them from the platform.
This was the second time the exchange was hacked after being rebranded as HTX in September.
Bankman-Fried is seemingly adapting well to this new chapter of his life. The fallen crypto mogul is trading mackerel fish to pay for prison services, a report said.
In a presentation shown at the meeting, BlackRock, like ARK Invest, leaned toward a Bitcoin exchange-traded fund (ETF) that uses in-kind creations and redemptions, which goes against the reported recommendations of the commission to BTC ETF applicants.
Grayscale's revised spot Bitcoin ETF filing came after a meeting with the major Wall Street regulator on Monday.
Days before the historic settlement with the U.S. Department of Justice, Binance transferred $3.9 billion in Tether between its wallets, raising suspicions in the cryptocurrency industry.
While the former crypto kingpin's camp argued that the New York District court failed to consider that his activities were part of his freedom of speech, which is protected by the First Amendment, the appellate court upheld the decision, saying witness tampering "falls outside the zone of constitutional protection."
In the latest court filing, the SEC identified Cardano (ADA), Axie Infinity (AXS), Algorand (ALGO), Cosmos (ATOM), Chiliz' CHZ, COTI, Dash (DASH), FIL, FLOW, ICP, Decentraland's MANA, Polygon's MATIC, NEAR, OMG, Sandbox's SAND and Solana (SOL) as securities
To support their claims, the plaintiffs cited the Apple App Store Guidelines, where one of the rules stated that apps can engage in crypto transactions only via approved exchanges and in regions that have allowed the app licenses and permissions.
Binance and Zhao were presented with a settlement agreement by the DOJ as part of a move to not push for a trial and allow the exchange to continue with its operations instead of succumbing to a potential collapse.
CZ has been at the center of the storm over the past years because of investigations conducted by different financial and regulatory authorities not only in the U.S. but also in other parts of the world.
Zhao also announced the new CEO of Binance, whom he described as a "highly qualified leader" with decades of financial and regulatory experience.
Powell, who stepped down from his post as the CEO of the exchange this year, called the SEC "masochists" and labeled its latest enforcement action "another assault."