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SEC's ETF Advancement, FedNow Launch, UK Crypto Regulation, Societe Generale's Crypto License, and more
This week's focus includes significant progress in crypto ETF applications, a major move by the Federal Reserve, decisions on crypto regulation in the UK, insights from automotive pioneers, and a French banking giant entering in crypto.
1. U.S. SEC Progresses on Spot Bitcoin ETF Applications
The U.S. Securities and Exchange Commission (SEC) is moving forward on spot Bitcoin exchange-traded fund (ETF) applications. BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree are among the firms that have had their applications published in the Federal Register. This publication gives the SEC up to 240 days to issue their final decision, which will fall in March 2024. This development is a crucial advancement in the SEC's process. Read More
2. Federal Reserve Unveils FedNow for Instant Payments
The U.S. Federal Reserve has officially rolled out its new instant payments service, FedNow. This service significantly accelerates money transfers within the U.S. economy. Although the service aligns with functionalities advocated by cryptocurrencies, it is explicitly stated not to be tied to any digital U.S. dollar initiative. Read More
3. UK Government Declines Proposal to Regulate Crypto as Gambling
The U.K. government has denied plans to regulate cryptocurrency like gambling, asserting that its existing proposals better tackle the risks presented by events such as the FTX collapse. The government's decision contradicts the concerns expressed by the House of Commons’ Treasury Committee about the leniency of the proposed regulations. Read More
4. What Crypto Can Learn From Early Automakers' Struggle for Acceptance
An intriguing comparison has emerged between the initial struggles faced by automotive pioneers in the 1890s and today's challenges in the cryptocurrency landscape. Much like early automakers, crypto enthusiasts are navigating a world filled with skepticism, regulatory hurdles, and a need for broad acceptance. Read More
5. Societe Generale Acquires First French Crypto License
Societe Generale's cryptocurrency division, SG Forge, has made history by becoming the first company to receive a license for offering crypto services in France from the country's financial regulator. This development marks a significant stride for Societe Generale, France's third-largest bank by market cap, in demonstrating compliance with regulatory requirements. Read More
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