The SEC has given the green light to a new exchange-traded fund based on Bitcoin futures. It's called “x2 Bitcoin Strategy ETF” (BITX), from the firm Volatility Shares. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
A new Bitcoin-based ETF arrives in the US
📍The SEC has approved the x2 Bitcoin Strategy ETF, listed as BITX on the New York Stock Exchange. The new ETF will allow investors to easily purchase Bitcoin futures contracts with x2 leverage, the company said. It is the first leveraged Bitcoin futures ETF authorized on US soil.
After receiving the approval by the SEC, the new Volatility Shares ETF will debut on the New York Stock Exchange next Tuesday, June 27.
Like other US-approved Bitcoin futures ETFs, such as the ProShares Bitcoin Strategy ETF, the First Bitcoin-related exchange-traded fund In the country, BITX will not track the price of Bitcoin directly. Instead, this ETF will track Bitcoin futures based on the CME Bitcoin Futures Daily Roll Index.
Furthermore, as it is a x2 leveraged ETF, investors will have the possibility of doubling their profits or losses.
The approval of this new exchange-traded fund comes at a time when institutional interest in Bitcoin is driving its price in the market, despite the regulatory uncertainty that exists in the country. As reported by this media, other financial companies, such as BlackRock, WisdomTree, Valkyrie Investments and others, are seeking SEC approval for the Launch of a Bitcoin Spot ETF on the market. However, the US securities regulator has rejected 28 applications for Bitcoin spot ETFs in recent years.
Japan and its tax rules for cryptocurrency companies
📍Japan's tax authority will update its tax policy to favor cryptocurrency companies in the country. Japan is improving its regulatory environment in favor of the virtual asset industry. Recently, the country’s National Tax Agency issued a notice on its tax rules, informing that unrealized gains from cryptocurrencies and tokens issued by the companies themselves will no longer be taxed at the usual 30%, in order to improve their attractiveness for companies that are part of the crypto industry.
Until now, companies holding cryptocurrencies and token issuers in the country were required to report unrealized profits at the end of each tax period. According to local media, the Japanese tax authority had been discussing for months updating its tax policy to remove this obligation from companies, which was considered a burden hindering innovation in crypto assets and the Web3 industry.
The Japanese government recently presented a whitepaper focused on creating new policies to boost its development and growth at all levels. The country considers it essential to drive Web3 innovation to position itself as a global technological leader.
Interest in DeFi is back
📍DeFi tokens are the main market gainers in the last few hours. According to data from cryptocurrency pricing platform CoinMarketCap, tokens related to the decentralized finance (DeFi) ecosystem are the main gainers on Monday. The platform shows that the prices of PancakeSwap (CAKE), Uniswap (UNI), Synthetix (SNX), Aave (AAVE) and dYdX (DYDX), registered gains between 2,4% and 9,8% in the last few hours.
Source: CoinMarketCap
The price gain that DeFi tokens are registering in the market may be driven by the SEC, since According to According to crypto blogger Colin Wu, the securities regulator considers decentralization among the main criteria for measuring whether or not a token is a security.
The trading volume of these tokens in the last 24 hours exceeds $1.120 billion, according to CoinMarketCap.
ChatGPT on the Hedera Network
📍The ChatGPT plugin integrates into the Hedera network. Hedera is the latest network to tap into OpenAI’s ChatGPT artificial intelligence to streamline asset management. Specifically, the integration of ChatGPT into Hedera will allow users to obtain and monitor balances in HBAR and other tokens available in Hedera accounts.
Continue reading: Bitcoin and energy stability: BTC miners offer rapid response to power outages
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