El Salvador buys 420 BTC and builds schools, Valkyrie spot ETF delayed and stablecoins to be regulated
ETF-mania for Valkyrie: withdrawed and delayed filings
Valkyrie officially withdrawed its 1.25x Bitcoin futures ETF. At the same time, their proposal for a “physical” Bitcoin ETF had been delayed till the first week of January, according to documents from the SEC.
The asset manager filed their proposal to become the first company to offer a spot market BTC exchange traded fund. So far, only a futures-based ETF had been approved in the United States.
Besides Valkyrie, also Grayscale is trying to be the first of its kind. They want to convert their GBTC Trust into an ETF.
El Salvador buys the dip
And again, El Salvador increased its Bitcoin position. Earlier this week, president Nayib Bukele announced that his country bought 420 more Bitcoin.
Which brings their total stack at 1.120 BTC. With the current price, it means that El Salvador holds more than $71 million in Bitcoin.
He also announced that El Salvador will build 20 schools with the profits they made from their $150 million fund. This fund is needed to facilitate the conversion between dollars and bitcoin for the users of the Chivo-app.
When the price of Bitcoin increases, the value of the fund increases too, which gives some space to take profits and use this money to build (for example) schools.
‘Stablecoins to be regulated by Congress’, according to Biden administration
Stablecoins could transform the way Americans pay for everything. From cell phones and gasoline to haircuts and cups of coffee, according to a report released by the Biden administration.
When regulated, stablecoins could “support faster, more efficient, and more inclusive payments options,” said the President’s Working Group on Financial Markets, which includes several top economic advisors to President Joe Biden.
But… this regulation is something yet to come. Biden’s economic advisors said Congress must introduce regulatory oversight and formal market structure as soon as possible to both protect and inform investors, issuers and exchanges.
Specifically, the Biden team recommended Congress pass legislation that limits stablecoin issuance to insured banks, a move that would give regulators far greater jurisdiction over the industry.
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