The United States Securities and Exchange Commission (SEC) could approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications by Nov. 17. On Nov. 9, the SEC reportedly has a “window” to authorize all 12 spot Bitcoin ETF filings, including Grayscale Investments conversion of its Grayscale Bitcoin Trust product.
However, even if the SEC approves spot Bitcoin (BTC) ETFs by Nov. 17, it could be more than a month before the products launch. The expected delay in launch following SEC approval is due to the two-step process of launching an ETF. To start a Bitcoin ETF, an issuer must get approval from the SEC’s Trading and Markets division on its 19b-4 filing and its Corporate Finance division on the S-1 filing or prospectus. Of the 12 Bitcoin ETF applications, nine issuers have submitted revised prospectuses showing they have communicated with the Corporate Finance division.
Meanwhile, Nasdaq filed the 19b-4 form with the securities regulator on behalf of the $9 trillion asset management firm BlackRock for a proposed ETF, the iShares Ethereum Trust. This signals BlackRock’s intention to expand beyond Bitcoin with its crypto ETF aspirations. The fund has already registered the corporate entity iShares Ethereum Trust in Delaware. At least five other firms are seeking SEC approval for a spot Ether (ETH) ETF: VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex.
The difference between web3 and web 3.0 is that web3 is a decentralized platform that allows for the development of decentralized applications, while web 3.0 is an umbrella term that encompasses the various technologies that make up the decentralized web. There is a distinction between web 1.0, web 2.0, web 3.0, and web 4.0. Web 1.0 is characterized by static websites, web 2.0 is characterized by dynamic websites, web 3.0 is characterized by the use of artificial intelligence and machine learning, and web 4.0 is characterized by the use of the Internet of Things.
The CLARITY Act could prevent U.S. officials from interacting with the parent firm of Tether
U.S. Representatives Zach Nunn and Abigail Spanberger recently presented the Creating Legal Accountability for Rogue Innovators and Technology Act of 2023, also known as the CLARITY Act of 2023. This legislation is designed to forbid government personnel from using Chinese blockchain networks or cryptocurrency trading platforms. Moreover, it would explicitly bar U.S. government officials from taking part in transactions with iFinex, the parent company of USDT issuer Tether.
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Forty-seven countries pledge to start exchanging crypto tax data by 2027
Forty-seven national governments have agreed to swiftly implement the Crypto-Asset Reporting Framework (CARF) — an international standard for the automated exchange of information between tax authorities — into their respective legal systems. This mandate was issued in April 2021 by the G20 and requires reporting on the type of cryptocurrency and digital asset transactions, whether through intermediaries or service providers. The signatories of the statement intend to activate the exchange agreements for the information exchanges to begin by 2027.
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The European Banking Authority proposes its guidelines for stablecoin issuers
The European Banking Authority (EBA) — the EU’s banking regulator — has proposed new rules for stablecoin issuers to establish minimum capital and liquidity requirements. According to the official proposal by the EBA, the liquidity guidelines will act as a stress test for stablecoin issuers, ensuring that only fully-backed stablecoins with enough liquidity buffer are approved. The proposed guidelines state that any stablecoin backed by a currency must be fully redeemable at par for investors.
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