SEC Delays Grayscale 😑

GM. This is Degen Scoop. It’s Thursday, this is what we’ll be talking about today:

• SEC Delays Grayscale 😑

• NHL Embraces NFTs 🫂

• IMF Handbook on CBDCs 📓

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

SEC Delays Grayscale ETH Futures ETF Decision

The SEC has delayed its decision on the Grayscale Ethereum futures ETF, filed by Grayscale Investments in September. The ETF would allow investors to purchase shares betting on the future price of ETH. The market already has access to Bitcoin futures ETFs, but ETH futures ETFs are just coming to market.

The delay comes as no surprise as the SEC routinely extends decision periods for crypto products, stating that it needs more time to consider the proposal and the associated issues. The SEC is currently evaluating various spot Bitcoin ETF applications, with Wall Street firms like BlackRock seeking approval.

Ethereum futures ETFs recently began trading in the U.S., and Grayscale has faced SEC challenges regarding its Grayscale Bitcoin Trust ETF application. While we do not care for futures, the market does have an appetite for them. More importantly, analysts predict a 90% chance of a U.S. Bitcoin ETF by January 10.

NHL Adding “Digital Collectibles” With NHL Breakaway

The story of the last cycle was NFTs; some received it with hate and other turned this fad into riches. Mainstream companies are adopting alternative terms for NFTs, as seen in Disney's recent Pinnacle initiative and the NHL is now set to add a "digital collectibles" collection called NHL Breakaway.

The NHL partnered with web3 company Sweet for the project, offering an immersive experience for fans. Sweet, labeled as an NFT platform, facilitates connections between brands and fans. It’s clear that companies not only see NFTs as another way to connect with fans, but as an additional revenue stream.

The NHL Breakaway platform enables users to collect, trade, gift, and participate in challenges, earning rewards for their engagement. While other sports leagues like the NBA and MLB have ventured into the NFT space, industry participants are opting for other terms, moving away from “NFT” given the stigma.

The IMF Publishing Handbook on CBDCs

The IMF is set to publish a handbook on CBDCs, providing policymakers with initial guidance on exploring the broader implications of national digital currencies. We’re of the opinion that CBDCs are worrisome, but likely inevitable in certain countries given the control they endow to those in power.

The paper, presenting initial findings to the IMF's executive board, highlights the potential improvement in payment systems and support for central bank money through well-designed CBDCs. While the current financial system could be described as ‘good enough’, they see funds on-chain as a potentially better system.

As governments worldwide face pressure to consider digital sovereign currencies, the IMF's handbook will address various aspects, including policy objectives, legal considerations, cyber resilience, and readiness to issue CBDCs. The organization plans to release additional notes in 2024.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.