Franklin Templeton Enters Spot Bitcoin ETF Race; Binance Fires Back at SEC

Sec chair, Gary Gansler discusses crypto on the hill and could there be an alt coin crash on the horizon? Welcome to Coindesk Daily. I'm your host, Jenna. Let's take a look at the markets. Bitcoin is climbing above $26,000 as Franklin Templeton files for a spot. Bitcoin ETF becoming the latest traditional asset management firm to join the crowded race. This comes as Matrix port warns an alt crash could be in the cards. The crypto services provider notes that at least $3.4 billion worth of crypto is likely to be sold by FTX so that it can return fiat currency to its users instead of tokens. This should create an overhang for alt coins for the rest of the year. There are new developments in the case between Binance and the S ECB US is calling the Regulators Motion for depositions by the exchange's executives and further discovery quote unduly burdensome. In June, the SEC alleged that Binance executives funneled billions of customer funds through intermediate companies at the time. B and CEO CZ publicly denied all claims in a redacted response to the SEC. The exchange wrote in part quote, the SEC still has no evidence to support its unsubstantiated allegations that imply investor assets have been somehow diverted and quote. The founder and former Ceo of Celsius is looking to have the FTC drop its case against him. In a Monday court filing, Alex Minsky's lawyers said the court should dismiss claims that he misled investors. Minsky resigned a year ago after the company filed for bankruptcy. He was arrested in July and has pleaded not guilty to multiple counts of fraud and manipulating the price of Celsius's token right now. Unfortunately, there's significant non-compliance and it's a field which is rife with fraud abuse around you and uh misconduct. That's sec chair Gary Galer on Capitol Hill this morning, not mincing words when it comes to his views on the crypto space, he told the Senate banking Committee that most crypto tokens are subject to securities laws and that the agency is working to update rules to cover all crypto assets along with enhancing consumer protections. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.