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SEC Rejects Grayscale ETF as Hong Kong Debuts See Gains

The Securities and Exchange Commission has reaffirmed its decision to reject Grayscale’s application for a Bitcoin exchange-traded fund (ETF). Grayscale’s proposal to convert its Bitcoin Trust into an ETF in June earlier this year. Grayscale argued that the SEC was discriminating against ETFs investing in spot Bitcoin. Upon receiving the rejection, Grayscale sued the SEC. It claimed the regulator was applying an unfair double standard by allowing exclusively Bitcoin futures ETFs on the market. the SEC was putting its shareholders at an unfair disadvantage.

Coinbase creates self-service recovery of unsupported ERC-20 tokens sent to exchange

Leading crypto exchange Coinbase has announced the launch of its asset recovery tool, which enables users to recover up to 4,000 unsupported ERC-20 tokens. Dec. 15 that it has developed a self-service recovery tool for ERC-20 tokens. Previously, users who sent tokens not registered on the Coinbase Ledger were at risk of not receiving them in their wallets. As a result, the funds remained unrecoverable since Coinbase does not have access to the private keys needed to reverse the transactions. Eligible Coinbase users can easily redirect lost assets to their self-custodial wallet, without disclosing their private keys.

BUSD’s supply falls below $20B as USDC’s supply climbs above $45B 📈

Binance USD’s (BUSD) supply declined by over 15% to $18.8 billion from $22 billion within the last 24 hours after Binance experienced a surge in withdrawals.The exchange saw the largest stablecoin outflow on Dec. 13, as over $2 billion was withdrawn in 24 hours. The withdrawals appeared to have affected BUSD’s supply as it dropped below $20 billion for the first time since climbing above it in September when Binance converted its users’ holdings in other stablecoins like USDC to BUSD. USDC appears to be the primary beneficiary of BUSD’s declining supply. Its market cap was largely around $65.8 billion throughout the reporting period.

Coinbase CEO says market fear and volatility are a 'moment to shine'

Coinbase CEO Brian Armstrong urged employees to be “prepared to serve” customers amid market volatility, citing a large number of Binance users making withdrawals as a contributing factor. “large withdrawals happening on Binance” as potentially a contributing factor. The 39-year-old chief executive also sought to remind staff that Coinbase does not have material exposure to rival Binance, safely stores customer assets and possesses $5 billion on its balance sheet. Coinbase shares closed Tuesday's trading session below $39 apiece, marking an all-time low.