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The latest in financial news: Greyscale wins a case against the SEC, Hurricane Idalia hits Florida, and Elon Musk’s X gets a currency transmitter license.

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Greyscale vs. SEC

In a significant development, Grayscale has emerged victorious in an appeal against the SEC. The US Court of Appeals has overturned the SEC's previous order that mandated the agency to elaborate on the reasons for rejecting Grayscale's Bitcoin ETF back in 2022. The SEC's stance rested on the assertion of adequate safeguards against price manipulation. However, Grayscale countered by contending that the anti-manipulation measures utilized for their futures ETF could be equivalently applied to a spot ETF, given their reliance on the same market data.

Hurricane Idalia

On this Wednesday morning, Hurricane Idalina made its impact felt as it reached Florida's shores. The storm underwent a downgrade from Category 4 to Category 3 prior to landfall. Remarkably, this marks Florida's inaugural hurricane of the year. The National Oceanic and Atmospheric Administration (NOAA) has forecasted 2023 as a hurricane season characterized by near-normal activity. Their projections suggest the occurrence of 1-4 major hurricanes, 5-9 hurricanes in total, alongside an anticipated 12-17 storms throughout the year. In light of recent events like Hurricane Idalina, the tally presently stands at 2 hurricanes and 7 tropical storms so far this year.

X Expanding

In a recent development, X has successfully obtained a currency transmitter license in Rhode Island. This achievement complements the license previously acquired from the Treasury Department's Financial Crimes Enforcement Network (FinCEN) back in November. A notable aspect of X's evolving strategy is Elon Musk's persistent drive to transform X into an “everything app“, now incorporating its payment service to facilitate seamless money transfers.

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