Spot bitcoin ETFs shed $1.2 billion in second-largest weekly outflows since debut

Speculations over ETF approvals are now drawing institutional and retail excitement. These updates augur well for XRP price prediction, with […] The post XRP Price Prediction: Ripple’s ETF Speculation Lifts XRP, But LBRETT Price Forecasts Hint at Multi-Billion Market Cap appeared first on Coindoo.

PANews reported on October 20th that, according to Jinshi, the Hong Kong Securities and Futures Commission (SFC) expressed its support for market-driven regulatory compliance at a seminar hosted by the Hong Kong and Greater Bay Area Fund Administrators Association (HBAA) last week. The seminar aimed to enhance industry awareness of regulatory compliance standards in the rapidly evolving digital asset industry. Dr. Yip Chi-hang, Executive Director of the Intermediaries Department of the SFC, delivered a keynote speech at the seminar. At the seminar, the HBAA discussed various risk management and oversight measures to support the management of digital asset and tokenized funds. Notably, the discussion emphasized the importance of collaboration within the fund industry to enhance the adoption of innovative technologies in fund management while also improving technical and regulatory compliance capabilities related to digital assets. Dr. Ye stated, "The SFC is committed to promoting professional standards and fostering trust in the digital asset market. By supporting industry players in their continued commitment to complying with regulatory requirements for managing digital asset funds and tokenized funds, we hope to build a safe, reliable, sustainable, and competitive digital asset fund ecosystem, based on robust risk management and investor protection."

PANews reported on October 20th, according to Decrypt. Last Friday, U.S. Democratic Representative Anna Kelles introduced Bill A9138 in the New York State Assembly and sent it to the Ways and Means Committee for consideration. The bill proposes imposing a consumption tax on electricity used by digital asset mining companies using proof-of-work authentication. It complements Senator Liz Krueger's Bill S8518. Both bills would require crypto miners to contribute to the New York State Energy Affordability Program based on electricity consumption. The specific tax rate is based on electricity consumption, with a tax exemption for up to 2.25 million kilowatt-hours, followed by a tax ranging from 2 to 5 cents per kilowatt-hour in various intervals. A9138 exempts mining facilities that are powered entirely by renewable energy and operate off-grid, to encourage sustainable development. The tax proceeds would be used directly for energy affordability programs. If passed, the tax would take effect on January 1, 2027. Both versions are currently under committee review.