Bitcoin ETF Approval Could Cause Exchange "Bloodbath"!

Experts believe centralized exchanges could take a hard knock if Spot Bitcoin ETFs get approved.

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Here's what we've got for you today:

💰️ Binance to Pay $2.7B in Fines to CFTC; CZ Will Pay $150M

⚠️ A Spot Bitcoin ETF Approval Could Cause Exchange “Bloodbath”

⭐️ Circle’s EURC Launch on Solana Revolutionizes Euro Liquidity in DeFi

⌚️ SEC Delays Several Ethereum ETFs, pushing Final Decision to May

In response to a money laundering case brought forth by the Commodity Futures Trading Commission (CFTC), the court has mandated that Binance pay a fine of $2.7 billion.

In March of 2023, regulators accused both Binance and its founder, CZ, of "Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange." After an extended legal battle with the CFTC, Binance and CZ recently pleaded guilty to violating anti-money laundering regulations. As part of a settlement agreement, they committed to paying a hefty sum of $4.3 billion. Additionally, CZ has stepped down from his role as CEO, making way for the appointment of Richard Teng.

Bitcoin ETF approvals could cause a “bloodbath” for exchanges, but an ETF denial could hold dire consequences for the crypto market as a whole.

There is growing concern within the crypto community regarding the potential consequences of an ETF approval for centralized cryptocurrency exchanges. Some experts are apprehensive about the possibility of a "bloodbath" in the industry, as ETFs provide institutional-level trade execution and offer lower commission fees. Additionally, a rejection of ETF applications by the SEC could also have far-reaching negative impacts on the overall cryptocurrency market.

Circle has introduced EURC, a digital currency backed by the Euro, on the Solana blockchain.

Developers and users can now leverage the capabilities of EURC and USDC on the Solana blockchain, offering faster and more cost-effective options for money transfers, spending, and savings. Rachel Mayer, Circle's Vice President of Product Management, emphasized the importance of this EURC launch on Solana, describing it as a significant stride towards a more efficient, inclusive, and user-centric financial ecosystem. Mayer highlighted the convenience of securely holding savings in Euros without the necessity for traditional bank accounts, ultimately enhancing financial accessibility for users.

In a series of filings on Dec. 18,the SEC announced a postponement of its verdict regarding the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF.

The SEC also postponed its ruling on both the VanEck spot Ethereum ETF and the spot Ethereum ETF proposed by ARK Invest, led by Cathie Wood, and 21Shares. In recent regulatory filings, the SEC disclosed its decision to initiate proceedings that involve seeking additional public input on whether these ETFs should actually be granted listing approval. According to Bloomberg ETF analyst James Seyffart, these delays were “expected” and were due to arrive sometime before Dec. 25.


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