🚨🚨Crypto Market News You Can’t Miss! (25/12/23) 🚨🚨

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25 Dec 2023

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The crypto market is always full of surprises and exciting developments. In this article, we will cover three of the most important news stories that could have a significant impact on the future of crypto. Let’s dive in!

1️⃣ SEC Gives Ultimatum to Spot Bitcoin ETF Applicants: Update by Dec. 29 or Miss Out 😱

As reported by Reuters, the U.S. Securities and Exchange Commission (SEC) held a meeting on Thursday with representatives of seven companies that are seeking to launch spot Bitcoin ETFs in early 2024. These include BlackRock, Grayscale Investments, ARK Investments and 21 Shares.

The SEC gave them a clear deadline: they have to file their final S-1 amendments by Dec. 29, or they will not be considered for the first batch of spot Bitcoin ETF approvals in January. The SEC also warned them that they will face a rigorous review process and that they should be prepared to address any potential issues or concerns.

Source (https://www.reuters.com/technology/sec-tells-spot-bitcoin-etf-hopefuls-make-final-changes-by-year-end-sources-2023-12-22/)

2️⃣ Spot Bitcoin ETFs Could Spell Doom for Bitcoin: Arthur Hayes 😨

In a recent blog post, former BitMEX CEO Arthur Hayes expressed his pessimistic view on spot Bitcoin ETFs. He argued that they could “completely destroy” Bitcoin if they become too popular. His reasoning is that Bitcoin’s value comes from its movement, meaning that a high level of transactions on the network is crucial to keep the miners motivated to secure the network.

However, if spot Bitcoin ETFs take off, they will suck up the supply of Bitcoin from the market and lock them up in a “metaphorical vault.” This will reduce the movement of Bitcoin and make it more like a derivative than a real asset. Hayes warned that this could lead to a scenario where investors only buy Bitcoin derivatives instead of holding Bitcoin themselves.

Source (https://cointelegraph.com/news/spot-bitcoin-etf-could-completely-destroy-bitcoin-arthur-hayes)

3️⃣ Japan Plans to Exempt Long-Term Crypto Holders from Tax on Unrealised Gains 🎁

According to local media reports, the Japanese government has approved a tax reform proposal for 2024 that aims to exempt corporations from paying tax on unrealised crypto gains if they hold the assets for a long time. The proposal was approved by the cabinet on Friday, but it still needs to be passed by the Lower House and the Upper House in a regular Diet session in January 2024.

Daiki Moriyama, director of Oasys, a gaming blockchain company based in Japan and Singapore, commented on the proposal:
Holdings of [crypto] assets issued by other companies that are considered short-term holdings will continue to be subject to year-end unrealized gains taxation. The fact that the Japanese government has demonstrated its willingness to grow Web3 business by enacting tax reform for the second year in a row is extremely important to all Web3 business stakeholders around the world.

Source (https://www.theblock.co/post/269200/japan-seeks-to-exempt-companies-from-tax-on-unrealized-crypto-gains-reports)

Conclusion

These are some of the most important crypto market news that you should know about. They could have a major impact on the future of crypto and your investment decisions. Stay tuned for more updates and insights from me!

Disclaimer: The information and content provided in this article are for informational and educational purposes only and do not constitute any financial, investment, or legal advice. Trading, buying, or investing in cryptocurrencies involves significant risks and may result in the loss of your capital. You should do your own research and consult a professional before making any decisions. This article is not a suggestion or an endorsement of any cryptocurrency or platform.

I hope you enjoyed this edition of the crypto news roundup, and that you learned something new and useful. If you did, please share this article with your friends and family, and subscribe to me for more updates and insights. Thank you for reading, and happy crypto!