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Grayscale completes reverse share splits of Bitcoin and Ether ETFs

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Grayscale Investments has announced its intention to implement reverse share splits for two of its flagship exchange-traded funds (ETFs), the Grayscale Bitcoin and Ethereum Futures ETFs. The move, aimed at optimizing share prices, is set to take effect on Dec. 14, 2023. Shareholders will see the splits adjust the number of shares while increasing their value proportionally, ensuring no change in overall investment worth.

The reverse splits will be executed at a 1-for-10 ratio for the Bitcoin ETF (ticker: GBTC) and a 1-for-5 ratio for the Ethereum ETF (ticker: ETHE). Grayscale stated that the adjustment is designed to align the ETFs with industry norms and improve their appeal to institutional investors. Post-split, the number of outstanding shares will decrease while their value per share increases, maintaining total shareholder equity.

This announcement comes as Grayscale continues to push for further acceptance of its crypto ETFs. The company has been at the forefront of advocating for cryptocurrency-related investment products, including its ongoing pursuit of converting its Bitcoin Trust into a spot Bitcoin ETF. These efforts reflect the growing competition in the ETF space as more institutional players recognize the potential of digital assets.

Market analysts have noted that reverse share splits are not uncommon in the ETF industry, often used to attract higher-value investors or to enhance trading efficiency. For Grayscale, the move underscores its commitment to staying competitive and ensuring its products remain relevant in an evolving market. The planned adjustments are anticipated to bolster investor confidence and support the broader adoption of cryptocurrency ETFs.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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