π Asset manager VanEck has filed an amended application for a spot Bitcoin exchange-traded fund (ETF) with the SEC. The filing revealed that a seed capital investor purchased Seed Creation Baskets with Bitcoin. This is different from other spot Bitcoin ETF proposals that used cash for seeding. A spot Bitcoin ETF directly invests in Bitcoin, which is expected to attract investors looking for Bitcoin exposure through traditional asset managers. VanEck’s filing comes after several other asset managers, including Bitwise Asset Management and ARK Invest, updated their applications for a spot Bitcoin ETF, indicating progress in negotiations with regulators. The SEC has delayed its decision on several spot Bitcoin ETF proposals, and a decision is expected to be made in the coming weeks.πΌ
π° Stablecoin Tether (USDT) has gained significant adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country. Data from Brazil’s revenue service agency shows that USDT transactions this year amounted to $271 billion Brazilian reais, almost double the volume of Bitcoin transactions. Stablecoins are designed to have a stable value, often pegged to fiat currencies like the U.S. dollar and the Brazilian real. USDT transactions surpassed Bitcoin volume in July 2022, during the crypto industry’s storm, which saw the collapse of crypto lenders. The Brazilian tax agency tracks crypto-related activities using artificial intelligence and network analysis, aiming to detect suspicious activity and trace individuals trading cryptocurrencies. The agency is also targeting crypto investments held by Brazilian citizens overseas, implementing taxes starting in January 2024. Since 2019, crypto exchanges operating in Brazil are required to disclose all user transactions to the government.π±