20 March 2024 | FXGT.com
Crypto News Catchup
- On Monday, Grayscale experienced its largest daily outflow since converting to a spot Bitcoin ETF on 11th January 2024, with $642.5 million worth of Bitcoin leaving its fund, while Fidelity’s Bitcoin ETF saw a record low inflow of $5.9 million, leading to a net outflow of $154.3 million for spot Bitcoin ETFs, according to Farside Investors data.
- The US Securities and Exchange Commission (SEC) has requested an additional $158 million in federal funds for the 2025 fiscal year to manage the expanding complexity of financial markets, notably the turbulent crypto sector, raising its budget request to $2.594 billion from the previous year’s $2.436 billion, as detailed in its 11th March Congressional Budget Justification.
- Galaxy Asset Management has reached over $10 billion in assets under management (AUM) due to increasing institutional interest in digital assets, with Galaxy Digital CEO Mike Novogratz highlighting this achievement on X as a step towards expanding investor access to the digital economy. In a recent blog post, the firm reported a preliminary AUM of $10.1 billion, as of 29th February 2024.
- US President Joe Biden’s 2025 budget proposal includes crypto-related taxes and regulations, aiming to generate nearly $10 billion next year and over $42 billion in ten years. A notable measure is an excise tax on Bitcoin mining, which would tax firms 30% of their electricity costs for mining, phased in from 10% in the first year to 30% by the third year, starting after 31st December 2024.
- Fidelity has submitted an amendment to the US SEC for its proposed Ether ETF, intending to stake a portion of its Ether holdings to earn additional income for investors. Detailed in filing on Monday, this plan involves using trusted staking providers to stake an unspecified amount of the fund’s assets, pending ETF approval.
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