Welcome to a fresh edition of Datawallet Daily, where we decode the pulse of the crypto universe. As always, here's a sneak peek at what we've got in store for you today:
Bitcoin ETF faces potential delays from the SEC
Today's leading story is the Securities and Exchange Commission's (SEC) recent decision to defer the rule change proposal for the debut physical carbon allowances ETF. A decision that, as per Bloomberg Intelligence analyst Eric Balchunas, could spell delays for spot Bitcoin ETF contenders, including Ark Invest, BlackRock, and Fidelity, who are ensnared in the same approval process.
Cathie Wood’s Ark Invest is set to receive the first feedback on its application. The SEC decision is projected to arrive by mid-August, but it could take up to January 10, 2024. BlackRock and Fidelity, along with several other asset managers, await their turn. Meanwhile, analysts suggest that the SEC's concerns may not be completely allayed despite surveillance-sharing agreements with Coinbase and Nasdaq.
The introduction of a spot-based ETF has long been considered the key to wider Bitcoin adoption. However, its impact is debatable, with perspectives ranging from skepticism by JPMorgan analysts to optimism from Coinbase, which underlines the potential of such a product in the world's largest and most developed ETF market. As we continue to explore these developments, the possibility of a BlackRock Bitcoin ETF emerges as an intriguing prospect.
Ripple runs CBDC pilot with Palau
Ripple has joined forces with the Republic of Palau to launch a pilot program for a stablecoin backed by the U.S. dollar. This digital currency will be created on the XRP Ledger and will initially be distributed to government employees in Palau.
According to a press release, President Surangel Whipps Jr of Palau stated, "Our collaboration with Ripple to develop our national digital currency reflects our commitment to being at the forefront of financial innovation and technology. This initiative will enhance financial accessibility for the people of Palau."
Ripple runs CBDC pilot with Pacific island nation of Palau https://t.co/GmwGvZL2gN— The Block (@TheBlock__) July 26, 2023
Binance exits 3 European markets
Binance has recently pulled out of several European countries due to issues with registration. The most recent country affected is Germany. The decision was made considering both the global market conditions and regulatory environment.
According to a spokesperson from Binance, the company has voluntarily withdrawn its application with BaFin, the country's financial regulator. This comes after BaFin declined to grant a license to Binance last month, adding to the regulatory hurdles the company is currently facing in the region, as reported by Finance Forward.
NEWS: Binance is leaving multiple European countries, but gearing up for MiCA compliancehttps://t.co/skmLjTQq54— Blockworks (@Blockworks_) July 26, 2023
Italy’s Central Bank taps Polygon
The innovation hub of the Bank of Italy has chosen a decentralized finance project that involves Polygon Labs, an Ethereum scaling network developer, and Fireblocks, a crypto custodian. This project aims to assist financial institutions in exploring decentralized finance and tokenized assets. The Milano Hub, which is the central bank's center for innovative finance ideas, will provide support for the development of the Institutional DeFi for Security Token ecosystem for a duration of six months, as stated in the press release.
The initiative supported by @bancaditalia’s innovation arm aims to help Italian banks, asset managers and financial institutions, including the $1 trillion banking group @intesasanpaolo, experiment with decentralized finance. @sndr_krisztian reportshttps://t.co/Kp0KWz6iH0— CoinDesk (@CoinDesk) July 26, 2023
Reddit prepares a new NFT drop on Polygon
Reddit is not letting the recent decline in the NFT industry stop it from venturing into digital collectibles. The platform recently announced that it will be releasing a new series of collectible avatars on July 26. Reports suggest that the drop will take place at 3:00 pm Eastern Time.
- zkSync Era-based lending protocol EraLend exploited
- Arbitrum community is relaunching Odyssey 2.0
- Cryptojacking attacks surged 399% over past year
- BTC whales move $60 million in a week
- DeFi daily volume dwindles to 7-month lows
In today's edition, we've covered SEC's potential delay of a Bitcoin ETF, Ripple's CBDC pilot with Palau, Binance's exit from three European markets, Italy's Central Bank's collaboration with Polygon, and Reddit's upcoming NFT drop. Each of these stories illustrate the rapidly evolving, dynamic nature of the crypto industry. As we proceed, we'll continue to keep a close eye on these ongoing trends and their potential impacts.