SEC Chair Gensler has not commented on whether he will grant an appeal to Grayscale Investments, the largest digital asset manager in the world, as the clock ticks down to the midnight deadline. Grayscale has been seeking approval from the SEC to convert its popular Bitcoin Trust into an exchange-traded fund (ETF), a move that could boost investor confidence and liquidity in the crypto market.
However, the SEC has been reluctant to approve any crypto ETFs, citing concerns over market manipulation, fraud and investor protection. Grayscale has argued that its trust meets the SEC’s standards and that denying its request would harm innovation and competition in the industry.
Coinbase, one of the largest cryptocurrency exchanges in the world, has expressed its “serious concerns” about the proposed tax rules by the Internal Revenue Service (IRS) that would require crypto businesses to report transactions over $10,000 to the agency. In a blog post published on October 13, Coinbase said that the rules are “unworkable” and “would have a negative impact on the crypto industry and its users”.
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Coinbase argued that the rules are based on outdated assumptions about how crypto transactions work, and that they would impose an unreasonable burden on crypto businesses and customers. Coinbase said that the rules would require crypto businesses to collect and verify personal information from every counterparty in a transaction, even if they are not customers of the business. This would create privacy and security risks, as well as increase costs and complexity for both businesses and users.
Coinbase also said that the rules would create a competitive disadvantage for U.S. crypto businesses, as they would not apply to foreign competitors. Coinbase said that this would drive innovation and investment away from the U.S., and harm the growth of the crypto industry. Coinbase urged the IRS to reconsider its approach and engage with the crypto industry to develop more sensible and effective tax rules.
The cryptocurrency market saw a boost on Friday as the U.S. Securities and Exchange Commission (SEC) did not file an appeal against a court decision that granted Grayscale Investments the right to offer a Bitcoin exchange-traded fund (ETF). The ruling, which was issued on September 30, marked the first time that the SEC approved a Bitcoin ETF in the U.S., opening the door for more institutional investors to enter the crypto space.
Bitcoin, the largest and most popular digital asset, rose by more than 5% on Friday, reaching a high of $27,000. Analysts expect the bullish momentum to continue as more investors seek exposure to Bitcoin through the Grayscale ETF, which has lower fees and higher liquidity than other crypto products.
The cryptocurrency market is showing signs of weakness as Bitcoin struggles to stay above the $27,000 mark. The leading digital coin has lost more than 10% of its value in the past week, amid regulatory uncertainty and increased volatility. The SEC is expected to announce its decision on whether to approve or reject a Bitcoin exchange-traded fund (ETF) by November 14, which could have a significant impact on the market sentiment and liquidity.
Some analysts believe that the SEC will deny the ETF application, citing concerns over market manipulation and investor protection. If that happens, Bitcoin could face further downward pressure and test the $25,000 support level.
Social finance platforms are trying out new features to attract more users and challenge the dominance of FriendTech, the leading social network that also offers financial services. Some of these platforms, such as MoneyMate and CashClub, are even aiming to compete with X, the global digital currency that has disrupted the traditional banking system.
These platforms claim to offer more transparency, security and convenience than their rivals, as well as better rewards and incentives for their users. They hope to appeal to a growing segment of consumers who are looking for alternative ways to manage their money and socialize online.
MetaMask, the popular Ethereum wallet and browser extension, seems to have disappeared from the Apple App Store as of today. This is a surprising and unfortunate development for the crypto community, as MetaMask has been a reliable and user-friendly tool for accessing decentralized applications (dApps) on the Ethereum network. The reason for the removal is not clear yet, but some speculate that it may be related to Apple’s policies on cryptocurrency apps, which have been inconsistent and restrictive in the past.
MetaMask has not issued any official statement on the matter, but we hope that they will be able to resolve the issue with Apple and restore their app to the store as soon as possible. In the meantime, users who have already downloaded MetaMask can continue to use it, but they may not receive any updates or bug fixes until the situation is resolved. Users who have not downloaded MetaMask yet can still use it on their desktop browsers or on Android devices. We will keep you updated on any further developments regarding this issue.