PDAXScope: SEC delays spot Ether ETF applications decisions

(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. 📰

• Spot Ether ETF Applications Decisions Delayed by SEC

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.

• Polygon almost 'acquired' as many users in 2023 as Ethereum: Report

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.

• Ethereum recovering, Pushd and Polkadot vie for top crypto position

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.

• Hot money outflows post 2-year high at USD 247M

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.

• Experts cite risks in DOF no-new-taxes stand

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.

• BIR to stick to its guns in revenue generation

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.

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