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FameEX Morning Crypto News Recap | December 19, 2023
2023-12-19 14:04:05
Grayscale Offers Insight into Tax Consequences for Investors in Cash-Based Spot Bitcoin ETF
Grayscale has addressed tax concerns related to a cash creation model in an upcoming spot Bitcoin exchange-traded fund (ETF). The firm emphasized that no spot Bitcoin ETF qualifying as a grantor trust would have a disadvantage in cash redemptions compared to others. This clarification aims to provide investors with a better understanding of the tax implications associated with such ETFs.
UK Parliament Receives Proposal for Digital Securities Sandbox The UK government has introduced Digital Securities Sandbox (DSS) regulations, enabling cryptocurrency companies to test their products and services in the country. These regulations, presented to Parliament on December 18, will come into effect on January 8. The Bank of England and the UK Financial Conduct Authority will oversee the sandbox program. Pope and US Regulators Raise Concerns Over AI Risks Both Pope Francis and the Financial Stability Oversight Council (FSOC) have expressed concerns regarding the potential risks associated with artificial intelligence (AI). Pope Francis called for responsible AI development, while the FSOC, led by US Treasury Secretary Janet Yellen, emphasized the specific risks such as cybersecurity and model-related concerns in its annual report. Goldman Sachs' Positive 2024 US Dollar Forecast Dominates Crypto News Headlines Goldman Sachs' forecast of a potential weakening US Dollar due to anticipated Federal Reserve rate cuts has garnered attention. This outlook is seen as positive for Bitcoin (BTC) and the wider cryptocurrency market, as a devalued US Dollar may boost digital asset performance and attract more interest and investment in cryptocurrencies. Franklin Templeton Executive Envisions Worldwide Bitcoin Holdings: 'Every Country Will Need Reserves' A Franklin Templeton executive foresees Bitcoin becoming a vital asset for every treasury, with the belief that "every country is going to have to hold some reserves." This reflects the cryptocurrency's expanding role within the traditional banking system, establishing itself as a fundamental element. This perspective underlines the growing acknowledgment of cryptocurrencies in the global financial landscape. Twitter Faces EU Inquiry Over Failure to Moderate Illegal Content and Disinformation Twitter faces an EU inquiry over allegations of inadequate efforts to moderate illegal content, disinformation, and suspected breaches of transparency and user interface design obligations. Thierry Breton, the EU industry chief, disclosed the launch of formal infringement proceedings, raising concerns regarding Twitter's performance in these aspects. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
