SEC Chair Gensler Addresses Coinbase Valuation, MetaMask Launches New Feature in Crypto Roundup


SEC Chair Gensler has yet to comment on whether he will grant an appeal to Grayscale Investments, the largest digital asset manager in the world, as the deadline draws near. Grayscale is seeking approval from the SEC to convert its popular Bitcoin Trust into an exchange-traded fund (ETF), which could raise investor confidence and liquidity in the crypto market.

The SEC has been hesitant to approve any crypto ETFs, citing worries over market manipulation, fraud and investor safety. Grayscale has argued that its trust meets the SEC’s criteria and that denying its request would damage innovation and competition in the industry.

Coinbase, one of the largest cryptocurrency exchanges, has expressed its “serious concerns” over the proposed tax regulations by the Internal Revenue Service (IRS) that would require crypto businesses to report transactions over $10,000 to the agency. On October 13, Coinbase wrote in a blog post that the rules are “unworkable” and “would have a negative impact on the crypto industry and its users”.

The company argued that the rules are based on outdated assumptions about how crypto transactions are made, and that they would impose an unreasonable burden on businesses and customers. Coinbase believes that the rules would create a competitive disadvantage for U.S. crypto businesses, as foreign competitors would not be subject to them, driving investment away from the U.S. and hampering the growth of the crypto industry. They encouraged the IRS to reconsider and consult with the crypto industry to formulate more sensible and effective tax rules.

Last Friday, the U.S. Securities and Exchange Commission (SEC) did not appeal a court decision from September 30 that granted Grayscale Investments the right to offer a Bitcoin ETF. This marked the first time that the SEC authorized a Bitcoin ETF in the U.S., stirring up more institutional investment in the crypto space.

The news caused Bitcoin, the largest digital asset, to surge by more than 5%, reaching a high of $27,000. Analysts expect the bullish momentum to continue as more investors invest in the Grayscale ETF, which has lower fees and higher liquidity than other crypto investments.

However, the cryptocurrency market has been showing signs of weakness as Bitcoin struggles to stay above the $27,000 mark, dropping more than 10% in the past week. The SEC is expected to announce its verdict on the Bitcoin ETF by November 14, which could significantly affect the market sentiment and liquidity.

Social finance platforms are introducing new features to challenge the dominance of FriendTech, the leading social network that also offers financial services. MoneyMate and CashClub, for example, are targeting to compete with X, the global digital currency that has disrupted the traditional banking system. These platforms promise more transparency, security and convenience than their rivals, as well as better rewards and incentives for their users.

MetaMask, the popular Ethereum wallet and browser extension, has vanished from the Apple App Store. This is a surprising and unfortunate development for the crypto community, as MetaMask has been a dependable and user-friendly tool for accessing decentralized applications (dApps) on the Ethereum network. The reason for the removal is unclear, but it may be related to Apple’s inconsistent and restrictive policies on cryptocurrency apps.

MetaMask has not issued an official statement on the matter, but we hope they will be able to resolve the issue with Apple and restore their app to the store soon. For now, users who have already downloaded MetaMask can continue to use it, but won’t receive any updates or bug fixes until the situation is cleared. Users who haven’t downloaded MetaMask yet can still use it on their desktop browsers or on Android devices. We will keep you updated on any further developments regarding this issue.

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