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JUST IN: 🇺🇸 SEC tells spot #Bitcoin ETF applicants to update submissions by December 29 if they want to be approved in the first wave - Reuters
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📣📣TODAY MARKET NEWS! (25/12/23) 1️⃣ SEC Sets Deadline for Spot Bitcoin ETF Updates On Dec. 29 🤔 According to a Reuters report, officials with the U.S. Securities and Exchange Commission met on Thursday with representatives of at least seven companies who were planning to launch spot bitcoin ETFs in early 2024, including representatives from BlackRock, Grayscale Investments, ARK Investments and 21 Shares. During this meeting, the SEC set a deadline for spot Bitcoin ETF applicants to file final S-1 amendments by Dec. 29. Notably, the SEC reportedly told attendees that any issuer that doesn’t meet the Dec. 29 deadline will not be part of a first wave of potential spot Bitcoin ETF approvals in early January. Source 2️⃣ Spot Bitcoin ETFs Could ‘Completely Destroy’ Bitcoin: Arthur Hayes 🥶 According to a recent blog post published by former BitMEX CEO Arthur Hayes, spot Bitcoin ETFs could “completely destroy” Bitcoin if they are too successful. Notably, Hayes suggested that Bitcoin has value because “it moves,” since a healthy number of transactions on the network is essential to keeping miners incentivised to continue validating transactions. However, if spot Bitcoin ETFs are “too successful” it will result in a vacuuming up of assets by other ETF issuers who will “store them in a metaphorical vault.” This will eventually result in a future where investors predominantly end up buying Bitcoin derivatives rather than HODLing themselves. 3️⃣ Japan Seeks to Exempt Companies from Tax on Unrealised Crypto Gains 🇯🇵 According to local media reports, the Japanese government has approved a 2024 tax regime revision that seeks to exclude corporations from paying tax on unrealised crypto gains if they hold the assets longer term. While the cabinet approved the revision on Friday, the bill still needs to be submitted to a regular Diet session set in January 2024 and approved by the Lower House and the Upper House.
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