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FameEX Morning Crypto News Recap | December 19, 2023

2023-12-19 12:26:36

Grayscale Provides Clarity on Tax Implications for Investors in a 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 Digital Securities Sandbox Proposal Presented to Parliament

The UK government has introduced the Digital Securities Sandbox (DSS) regulations under the 2023 Financial Services and Markets Act, allowing cryptocurrency companies to trial their offerings in the country. The regulations, presented to Parliament on December 18, will become effective on January 8, with the Bank of England and the UK Financial Conduct Authority overseeing the sandbox program.

Pope and US Regulators Issue Warnings on AI Risks

Both Pope Francis and the Financial Stability Oversight Council (FSOC) have sounded alarms about the potential risks posed by artificial intelligence (AI). The Pope highlighted the need for responsible AI development, while the FSOC, chaired by the US Treasury Secretary, Janet Yellen, emphasized the specific risks tied to AI, including cybersecurity and model risks, in its annual report.

Goldman Sachs' Bullish 2024 US Dollar Prediction Tops Crypto News Headlines

Goldman Sachs' recent prediction of a potential weakening of the US Dollar due to expected Federal Reserve rate cuts is causing a stir. This projection is viewed as favorable for Bitcoin (BTC) and the broader cryptocurrency market, as a weaker US Dollar could bolster digital asset performance and potentially lead to increased interest and investment in cryptocurrencies.

Franklin Templeton Executive Anticipates Universal Bitcoin Holdings: 'Every Country Will Need Reserves'

A Franklin Templeton executive predicts that Bitcoin will become a necessary asset for every treasury. She anticipates that "every country is going to have to hold some reserves," emphasizing Bitcoin's growing integration into the traditional banking system as a foundational component. This outlook reflects the increasing acceptance of cryptocurrencies as part of global financial infrastructure.

Twitter Under Investigation by EU for Failure to Moderate Illegal Content and Disinformation

Twitter is under investigation by the EU for alleged failures to combat illegal content, disinformation, and breaches of transparency and user interface design obligations. Thierry Breton, the EU industry chief, announced the formal infringement proceedings, emphasizing concerns related to the platform's performance in these areas.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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