A federal judge has denied an appeal from a cryptocurrency promoter accused of orchestrating an $18 million fraud scheme. The decision, announced on Nov. 21, keeps the legal proceedings against the promoter, identified as Michael Glaspie, on track. Prosecutors allege that Glaspie misled investors through false promises and deceptive practices tied to a fraudulent crypto investment scheme.

Glaspie is accused of luring investors into a program called “CoinDeal,” which purportedly offered high returns through a cryptocurrency and blockchain-based investment platform. According to court filings, Glaspie and his associates allegedly fabricated claims about securing partnerships with major companies to boost investor confidence. Instead, the funds were reportedly diverted for personal enrichment and to pay off earlier investors in a classic Ponzi-style operation.

The appeal was an effort to contest the charges on procedural grounds, but the judge ruled that the evidence presented by prosecutors justified proceeding with the case. If convicted, Glaspie could face significant penalties, including prison time and financial restitution to defrauded investors. The case is part of a broader crackdown on fraudulent schemes in the crypto industry, as regulators and law enforcement agencies intensify scrutiny of bad actors.

The decision underscores the increasing regulatory focus on combating crypto-related fraud. As digital asset adoption grows, authorities worldwide are ramping up efforts to safeguard investors and uphold market integrity. The outcome of Glaspie’s case could set a precedent for how similar fraud cases are prosecuted, serving as a warning to those attempting to exploit the burgeoning cryptocurrency space for illicit gain.

Bitwise Asset Management has filed applications with the U.S. Securities and Exchange Commission (SEC) to launch Bitcoin and Ether exchange-traded funds (ETFs) on the NYSE Arca. Announced on Nov. 21, the proposed ETFs aim to provide investors with direct exposure to the two largest cryptocurrencies by market capitalization through regulated and accessible investment vehicles. This move reflects the growing demand for institutional-grade crypto investment products.

The proposed funds would track the spot prices of Bitcoin and Ether, enabling investors to gain exposure without directly holding the underlying assets. Bitwise’s filing comes amid a wave of similar applications from major asset managers, signaling heightened competition to secure SEC approval in the evolving digital asset market. If approved, these ETFs could serve as a significant milestone in bridging traditional finance with the cryptocurrency ecosystem.

Bitwise has emphasized its commitment to transparency and investor protection, outlining measures to address concerns over market manipulation and liquidity. The company’s filing coincides with increasing optimism about the SEC’s willingness to greenlight spot crypto ETFs following years of resistance. Industry observers believe approval of such products could drive significant capital inflows into the crypto market, further legitimizing digital assets in the eyes of mainstream investors.

The race to launch spot Bitcoin and Ether ETFs underscores the accelerating institutionalization of the cryptocurrency industry. As leading financial firms vie for regulatory approval, Bitwise’s latest initiative reflects its ambition to remain at the forefront of this transformation. Approval of these ETFs would mark a turning point for crypto investments, potentially unlocking new opportunities for retail and institutional participants alike.

Kraken, one of the leading cryptocurrency exchanges, has announced the closure of its NFT marketplace, citing challenging market conditions and shifting priorities. The platform, which launched in late 2022, will cease operations on Dec. 3. Kraken stated that the decision was made to refocus resources on its core services, including crypto trading and staking, amid a downturn in the NFT sector.

The NFT marketplace had initially aimed to capitalize on the growing interest in digital collectibles and tokenized assets. However, the broader NFT market has faced significant headwinds in recent months, with declining sales volumes and reduced enthusiasm from both creators and collectors. Kraken’s withdrawal highlights the ongoing struggles of crypto firms to sustain niche offerings in a rapidly evolving industry.

While the shutdown marks an end to Kraken’s NFT ambitions for now, the company emphasized its commitment to exploring new opportunities in the Web3 space. Kraken CEO Dave Ripley noted that the exchange would continue to monitor trends and revisit NFTs in the future if market conditions improve. Users currently holding NFTs on the platform have been advised to transfer their assets before the closure date.

The decision reflects a broader trend of consolidation in the crypto industry as companies reassess their priorities during a challenging economic environment. As NFT platforms grapple with declining demand and increased competition, Kraken’s exit underscores the importance of adaptability and focus for long-term survival in the digital asset space.