Bitcoin News Update

It’s been a big week in Bitcoin as the race to launch the first spot Bitcoin ETF in the USA heats up, with all 13 applicants actively engaged with the SEC in ongoing discussions. “Something we’ve never seen before” as Ark’s Cathie Wood put it.

Together with Grayscale’s court victory, this has given Bloomberg’s ETF analysts Jeff Seyffart and Eric Balchunaus reason to issue a 90% chance of approval with a looming deadline for approval of January 10, 2024.

Here are the other big headlines from this week:

- El Salvador’s Bitcoin Volcano Bonds will be officially issued in Q1 next year.

- SEC likely to approve Bitcoin ETFs all at once because it doesn’t want to play kingmaker - Bloomberg's James Seyffart says

- Saudi Aramco partners with Japanese finance giant SBI Holdings to explore investing in Digital Assets.

- Russia considers treating Bitcoin earned through mining as export products similar to oil and gas.

- Coinbase expands globally in push outside US

- Bitcoin to be recorded at fair value under new FASB accounting rules, removing big barrier to corporates holding Bitcoin as a treasury asset.

- SEC met with BlackRock this week for a 4th time. SEC also met Grayscale, Fidelity & Franklin Templeton.

- Numerous ETF applicants made amendments after SEC feedback. Key issue is redemption mechanism (cash vs in-kind). ETF issuers seem to be falling into line and SEC actively engaged in discussions to get them over the line.

SEC Chair Gary Gensler acknowledges Court loss to Grayscale and says they are taking a new approach to assessing Bitcoin ETF applications.

- Google changes advertising policy to allow Bitcoin ads. They cite “Cryptocurrency Coin Trust” advertising — effective from 29th of January. Just in time for the Bitcoin ETF marketing push.

- Financial Times gets bullish, acknowledging that Bitcoin has been resilient despite regulatory aggression, noting "startling rally" in 2023.

- FT also profiled the advantages of Bitcoin Mining in turning 'unprofitable, small electrical grids linked to local renewable energy to become “financially viable” in developing countries and in turn improve electricity access'

- Swiss Bitcoin and Crypto exchange for institutions just launched, with 7 major banks as clients of the exchange, Rulematch.