Here’s what happened in crypto today. 

South Korea passes crypto bill to tackle unfair trading

The South Korean government is taking steps to protect cryptocurrency investors from implosions like Do Kwon’s Terra ecosystem by passing a new crypto bill.

Chairman Kim Do-eup at the plenary meeting of the Judiciary Committee on Legislation held at the National Assembly on the morning of the 29th. Source: Yonhap News

The legislation reportedly integrates 19 crypto-related bills, providing a unified bill defining digital assets and imposing penalties for illicit trading activities like using undisclosed information, market manipulation and other unfair trading practices in crypto.

Australian crypto association urges unified effort to fight scams

The new CEO of Blockchain Australia, the country’s peak crypto body, has called for closer collaboration between banks and the government to tackle scams that involve crypto.

Cryptocurrency exchanges and their Australian customers have had a difficult few months after two major banks imposed blocks, restrictions, and delays to payments going to crypto exchanges, citing the need for consumer protection from scams. 

Simon Callaghan, who now leads Australia’s 111-member blockchain lobby group, says the association’s focus will now be turned toward ways for the crypto industry to assist the fight.

US SEC deems spot Bitcoin ETFs filings as inadequate: Report

The United States Securities and Exchange Commission (SEC) put a temporary pause on recent ETF filings from BlackRock, ARK Invest, Fidelity and others citing incomplete paperwork.

According to the SEC, the exchanges failed to provide adequate disclosure concerning which exchange partner and surveillance-sharing agreements.

So the SEC wants the ETF proposals to specify the spot exchange with which an information sharing agreement is established with. Which is now missing. This is page 42 of the Blackrock proposal. I’m guessing now not a deal breaker. But bull run on pause regardless.

— Alex Krüger (@krugermacro) June 30, 2023

While the delay has caused some discomfort among the community, many are urging patience as the SEC has clearly indicated the companies are welcome to reapply once they’ve updated their paperwork.

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