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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/swiss-crypto-bank-seba-breaks-barriers-in-hong-kong-is-the-us-falling-behind/">Swiss Crypto Bank SEBA Breaks Barriers in Hong Kong – Is the US Falling Behind?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/crypto-live-news/seba-bank-receives-approval-for-virtual-asset-services-in-hong-kong/">Swiss Bank SEBA</a> has taken a significant stride forward by securing permission to conduct cryptocurrency operations in Hong Kong. On Wednesday, the <a href="https://coinpedia.org/news/hong-kongs-first-retail-crypto-exchange-goes-live-in-web3-milestone/">Hong Kong</a> regional branch of the Swiss crypto bank received an approval-in-principle (AIP) from the city’s securities regulator. This marks the initial step towards becoming a licensed virtual asset service provider in Hong Kong’s crypto-friendly environment.</p> 
<h2 id="hong-kong-vs-the-united-states" data-name="hong-kong-vs-the-united-states" class="wp-block-heading">Hong Kong vs. the United States?</h2> 
<p>In stark contrast, the regulatory landscape in the United States remains uncertain. Attorney <a href="https://coinpedia.org/news/ripple-news-john-deaton-slams-jim-cramer-over-ignorant-and-fake-statements-on-xrp/">John Deaton</a> has drawn attention to the recent actions of the Securities and Exchange Commission (SEC) concerning digital asset regulation.</p> 
<p>Also Read: <a href="https://coinpedia.org/crypto-live-news/hashkey-launches-hong-kongs-first-licensed-cryptocurrency-exchange/">HashKey Launches Hong Kong’s First Licensed Cryptocurrency Exchange!</a></p> 
<p>Deaton, the founder of a crypto law firm, shed light on the situation in the United States in a recent tweet, comparing it to SEBA’s success in Hong Kong. Deaton emphasized that the U.S. Court of Appeals for the District of Columbia Circuit had deemed the SEC’s rejection of Grayscale’s application to convert its <a href="https://coinpedia.org/news/gbtc-shares-skyrocket-by-17-following-favorable-grayscale-court-decision/">Grayscale Bitcoin Trust (GBTC)</a> into a spot Bitcoin ETF as “unreasonable and inconsistent.” The court further declared the SEC’s stance on Bitcoin as “confusing,” suggesting that the SEC’s arguments for denying Grayscale’s application lacked coherence and logical consistency.</p> 
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   <p lang="en" dir="ltr">Meanwhile in the United States <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> an Appellate Court found the <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a>’s conduct regarding <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> arbitrary and capricious, going so far as to say its position on <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> is incoherent.<br><br>The SEC’s position on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is so irresponsible, most commentators can’t rule out… <a href="https://t.co/t0jPfES5rv">https://t.co/t0jPfES5rv</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1697233509776015643?ref_src=twsrc%5Etfw">August 31, 2023</a>
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<h2 id="a-true-turning-point-for-crypto" data-name="a-true-turning-point-for-crypto" class="wp-block-heading">A True Turning Point for Crypto</h2> 
<p>This court ruling signifies a significant victory for the cryptocurrency industry and raises the possibility of a <a href="https://coinpedia.org/news/bitcoin-etf-news-bitwises-etf-withdrawal-raises-questions-about-sec-scrutiny/">spot Bitcoin ETF</a> receiving approval soon. However, <a href="https://coinpedia.org/news/us-sec-chair-gary-gensler-set-to-tackle-major-crypto-discussions-in-congressional-hearings/">Gary Gensler</a>, the chairman of the SEC, remains unconvinced that a spot Bitcoin ETF is in the best interest of investors. He has also expressed a willingness to consider revoking the approval of existing Bitcoin futures ETFs.</p> 
<p>Related: <a href="https://coinpedia.org/news/sec-delays-bitcoin-spot-etfs-to-october-17-2023-as-predicted-by-insiders/">SEC Delays Bitcoin Spot ETFs to October 17, 2023, as Predicted by Insiders</a></p> 
<h2 id="when-will-we-receive-clarity" data-name="when-will-we-receive-clarity" class="wp-block-heading">When Will We Receive Clarity?</h2> 
<p>The broader context implies that the United States may harbor an “anti-crypto” sentiment within its regulatory landscape. During the oral arguments in a case involving Grayscale, a digital asset management company, appellate judges raised questions about whether the SEC would reconsider its stance on Bitcoin futures ETFs. This indicates that even the judiciary is seeking clarity regarding regulatory direction and potential shifts in the SEC’s position.</p> 
<p>The SEC’s position on Bitcoin remains a topic of controversy and has faced criticism from many within the crypto industry. Some argue that the SEC is overly cautious and fails to provide Bitcoin with the fair treatment it deserves, while others believe that caution is warranted due to the perceived risks associated with Bitcoin investments.</p>

Swiss Crypto Bank SEBA Breaks Barriers in Hong Kong – Is the US Falling Behind?

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