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PDAXScope: SEC delays spot Ether ETF applications decisions

PDAXScope

(January 26) The U.S. SEC postponed Grayscale Investments' request to transform its Ethereum trust (ETHE) into an ETF, mirroring a recent delay for BlackRock's similar application. Check out other fresh news in the crypto world in today’s issue of the PDAXScope. 📰

Crypto news

The U.S. Securities and Exchange Commission (SEC) recently delayed Grayscale Investments' application to convert its Ethereum trust (ETHE) into an exchange-traded fund (ETF). A day prior, the SEC also postponed a similar application by BlackRock. The SEC, historically cautious about spot crypto ETFs, allowed spot bitcoin ETFs to launch in the U.S. earlier in January. The delays in deciding on Grayscale and BlackRock's applications were expected, given the SEC's approach to these types of investment products.

In 2023, the Layer-2 scaling network Polygon nearly matched Ethereum in terms of acquired crypto users, recording 15.24 million users compared to Ethereum's 15.4 million, as reported by blockchain analytics firm Flipside.

Securing USD 17M in a recent funding round, Kiln, an Ethereum staking platform, has generated optimism within the Ethereum community. Ethereum's strong ecosystem supports the development and deployment of decentralized apps (dapps) and smart contracts, contributing to its decentralized finance (defi) sector, which currently boasts a total value locked (TVL) exceeding USD 30.7B. Kiln's successful funding round aims to democratize value creation within the Ethereum network.

Finance today

In 2023, the Philippines experienced a significant decline in portfolio investments, marking the highest net outflows in two years, as reported by the Bangko Sentral ng Pilipinas (BSP). The data revealed that foreign investment transactions, processed through authorized agent banks (AABs) or hot money, resulted in a net outflow of $247 million. This contrasts with the previous year, 2022, which saw a notable net inflow of $887 million, signifying a considerable shift in the country's investment landscape.

There can be no doubt about the capability of efficient tax collection in raising revenues, but in the Philippines, local economists said this could mean growth-hurting austerity measures and mounting debts while the government tries to make tax collection more efficient.

The Bureau of Internal Revenue (BIR) will continue with its approach to ensure tax compliance and efficiency in revenue generation by addressing the illicit trade in e-cigarettes and vapor (vaping) products.

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems.  Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.  

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name and use your registered email address.

The Philippine Digital Asset Exchange  (PDAX), Inc. is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: 

Email: consumeraffairs@bsp.gov.ph; 

Webchat: http://www.bsp.gov.ph (click webchat feature); 

Facebook: https://www.facebook.com/BangkoSentralngPilipinas; 

Direct Line: (02) 5306 2584 / (02) 8708 7087; 

Trunk Line: (02) 8708 7701 loc. 2584;  or 

SMS: 21582277 (for Globe subscribers only). 

For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.

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