● The Federal Reserve announced that it would keep interest rates unchanged

According to BlockBeats, on December 14, the Federal Reserve concluded its 2023 annual interest rate decision and decided to maintain the benchmark interest rate in the range of 5.25%-5.50%, which was in line with expectations. In the eight decisions this year, the Federal Reserve raised interest rates by 25 basis points four times and kept interest rates unchanged in the other four times.

● Market pricing: Fed will cut interest rates six times next year

According to Jinshi, the market continues to increase bets on the Fed's interest rate cuts. Interest rate futures show that market pricing linked to the Fed's interest rate meeting dates predicts that the Fed will cut interest rates six times, or 150 basis points, by the end of next year.

● Bitwise Bitcoin Spot ETF has been listed on the DTCC website with the ticker BITB

According to the Daily Planet, the Bitwise Bitcoin spot ETF "Bitwise Bitcoin ETF" (code: BITB) has been listed on the DTCC website, and the Create/Redeem column shows Y. It is reported that Y means that shares can be actively created and redeemed, and N means that the ETF does not allow active creation or redemption of shares.

● US SEC approves proposed rule changes for Hashdex Bitcoin futures ETF

According to Planet Daily, the U.S. SEC approved the proposed rule changes for the Hashdex Bitcoin Futures ETF, which aims to change certain statements related to the ETF.

Bloomberg analyst James Seyffart said he believed this was an approval order to convert Hashdex products from Teucrium trust products to Tidal trust products. NYSE Arca submitted a proposed rule change to the U.S. SEC on December 1. This change is intended to modify certain statements about the Hashdex Bitcoin Futures Fund. The fund is currently listed and traded on NYSE Arca under Rule 8.200-E.

This rule change mainly involves the details of the reorganization of the Hashdex Bitcoin Futures Fund into the Hashdex Bitcoin Futures ETF, which will be one of the series of products of Tidal Commodities Trust I. After the reorganization, the assets and liabilities of the original fund will be transferred to the new ETF, and the shareholders of the original fund will automatically become shareholders of the new ETF, holding new ETF shares equal to the net asset value (NAV) of the original fund.

The SEC has approved this rule change, emphasizing that the change will not have a significant impact on investor protection or the public interest and will not impose unnecessary or undue burdens on competition. The change reflects organizational and administrative changes implemented as a result of the reorganization, but will not change the investment objectives of the ETF.

● US SEC postpones decision on Invesco Galaxy Ethereum spot ETF to February 6, 2024

According to PANews, the U.S. SEC has postponed its decision on the Invesco Galaxy Ethereum spot ETF, with the new deadline being February 6, 2024. Invesco submitted an application for an Ethereum spot ETF to the SEC in September this year, and Galaxy Digital Funds will serve as an execution agent to help the trust buy and sell Ethereum.

● BlackRock modifies the Bitcoin ETF mechanism to make room for Wall Street banks to participate

According to CoinDesk, BlackRock recently adjusted the mechanism of its proposed spot Bitcoin (BTC) ETF, creating conditions for Wall Street banks that are restricted from holding cryptocurrencies to play a key role. BlackRock modified the regulations for authorized participants (APs) to allow them to use cash rather than just cryptocurrencies to create new fund shares. Since strictly regulated US banks cannot hold Bitcoin themselves, this arrangement will allow companies with the world's largest balance sheets, such as JPMorgan Chase or Goldman Sachs, to become authorized participants in BlackRock ETFs.

The cash could be converted into bitcoin by an intermediary and held in safekeeping with the ETF’s custodian provider, according to a memo about a Nov. 28 meeting between the SEC, BlackRock and Nasdaq.

● Grayscale submits new registration documents to the SEC, intends to expand GBTC advertising activities for retail investors

According to the Daily Planet, Grayscale recently submitted a new registration document to the US SEC, planning to expand its GBTC advertising campaign for retail investors. The ad text stated that GBTC is the industry's largest Bitcoin investment tool, allowing investors to gain Bitcoin exposure in a familiar investment structure and benefit from its potential. It is reported that the SEC recently met with Grayscale to discuss the potential ETF conversion of GBTC.

Previously, the District of Columbia Circuit Court of Appeals urged the SEC to reconsider Grayscale's application to convert its flagship GBTC fund into a spot Bitcoin ETF. Google is about to update its crypto advertising policy, which is expected to take effect in the same month as the U.S. approves a spot Bitcoin ETF. Although it is not clear whether ETFs meet Google's definition of "cryptocurrency trusts," the policy update will allow Google-certified advertisers to promote these products, provided they meet the company's requirements.

● US Financial Accounting Standards Board releases cryptocurrency accounting rules

According to Foresight News, the U.S. Financial Accounting Standards Board (FASB) announced cryptocurrency accounting rules that require cryptocurrency companies and companies holding Bitcoin or Ethereum to record at fair value. The rules will take effect in 2025, but early adoption is allowed.

● Nasdaq plans to use cryptocurrency custody technology to expand into emerging markets

According to TechFlow, Nasdaq plans to use the technology of its cryptocurrency custody business, which it had planned to enter but failed to launch, to expand into other emerging markets. Nasdaq suspended its plan to launch digital asset custody business in the United States in July this year, and now hopes that the technology can attract more customers to get involved in emerging asset fields such as carbon.

● Türkiye's two largest banking groups launch cryptocurrency projects, and the government plans to introduce new regulations

According to CoinDesk, the Turkish government is preparing to introduce new legislation for the cryptocurrency industry. Although the extent of the new regulations is unclear, it has not affected the adoption of cryptocurrencies even at the institutional level. This week, two major Turkish banking groups announced cryptocurrency projects. On Monday, Akbank's investment arm announced the acquisition of local crypto company Stablex, and a senior official at Ak Investment said the group hopes to become a key player in the digital asset field. Another leading bank, Garanti BBVA, launched its cryptocurrency wallet app the next day. The app has a cold wallet function that allows users to send and receive assets such as Bitcoin (BTC), USD Coin (USDC) and Ethereum (ETH).

Turkey ranks in the top 20 of Chainalysis’ 2023 Global Cryptocurrency Adoption Index. The country also hosted Ethereum conference Devconnect this year. However, the government does not support uncontrolled cryptocurrency adoption. In 2021, the Turkish central bank banned the use of cryptocurrencies for payments, although officials have ruled out a blanket ban on digital assets.

Last November, a government official said cryptocurrency legislation would be submitted to parliament soon. Details about the framework are unclear, but it is part of the country’s strategy to get off the “grey list” of global regulator the Financial Action Task Force (FATF), which targets countries that need to address inadequate anti-money laundering and counter-terrorist financing measures.