The SEC extends its time to 45 more days to evaluate Grayscale’s proposal to convert its Ethereum trust into an Ethereum ETF.
The Securities and Exchange Commission (SEC) just announced that it will need more time, specifically more than 45 days, to evaluate a possible rule change that would allow Grayscale to transform its Ethereum trust into a spot Ethereum ETF. In this sense, the SEC extends this process until January 25, 2024.
For Grayscale, this SEC decision comes a few weeks after the same entity delayed another application filed by the crypto asset manager. In this case, to evaluate an Ethereum futures ETF, a request that was submitted in September.
In both cases, the reason given by the SEC is virtually the same, as mentioned in the official notice: “The commission finds it appropriate to designate a longer period to take action on the proposed rule change. So, please have sufficient time to consider the proposed change in the standard and the issues raised in it.”
Société Générale Launches into the Exciting World of Cryptocurrencies with Its Own Digital Currency
Société Générale, the French banking giant, has decided to join the cryptocurrency boom and has just launched its own digital currency, the EUR CoinVertible (EURCV). This makes it one of the first European banks to venture into the stablecoin market, and that is no small feat.
EURCV will make its grand debut on Bitstamp, a Luxembourg-based cryptocurrency exchange, according to the Financial Times. It will also be backed by the euro, meaning that the bank’s clients will be able to immerse themselves in the exciting world of digital assets. This currency will be available to a lot of customers and will be useful for doing business transactions.
Jean-Marc Stenger, the head of Société Générale Forge, could not have been more excited. He notes that this move highlights the bank’s role in the ever-changing world of cryptocurrencies. And, it highlights the growing need for a stablecoin linked to the euro.
Tether Consolidates as a Leader in the Stablecoin Competition Amid Regulatory Changes
The race for supremacy in the stablecoin world is in full swing, and Tether is taking the lead, in large part, thanks to geographic factors and ever-changing regulations. As the United States steps up pressure on cryptocurrency companies, the rest of the world appears to have made a clear decision about which stablecoin they prefer for dollar transactions.
The battle between two heavyweights for stablecoin dominance, Tether and Circle, has been evolving since mid-2022. In June of that year, the difference in outstanding reserves between Circle’s USDT and USDC was just $10 billion. However, today, that gap has widened to more than $65 billion, and it continues to grow.
Tether’s market capitalization has reached an impressive record of $90 billion. While Circle’s has fallen to just over 24 billion. Tether now holds almost 70% of the stablecoin market share, while Circle has dropped to just 18%. On December 5, Rob Hadick, general partner at Dragonfly, commented on this divergence, emphasizing trading volumes.
Coinbase Wallet Revolutionizes Sending Cryptocurrencies Through Shared Links
Coinbase Wallet has taken an innovative step by launching a service that allows its users to send cryptocurrencies through links shared on messaging and social media platforms. This new service will allow cryptocurrency links to be shared through popular platforms such as WhatsApp, iMessage, Telegram, Facebook, Snapchat, TikTok and Instagram, as well as by email.
By Leonardo Perez
