This week in the crypto weekly brew we highlight crypto legal battles, shifts in crypto accounting standards, and the growing interest of institutional players in digital assets.

Coinbase’s Global Expansion and Regulatory Outlook

Source: Coinbase signals EU, Canada, Brazil, Singapore and Australia as priorities

Coinbase is expanding its operations worldwide while maintaining its presence in the United States. This strategic move is driven by the pursuit of well-developed regulations governing cryptocurrencies. Brian Armstrong, CEO of Coinbase, emphasizes the need for the U.S. to catch up in terms of regulation. The recent bipartisan support for crypto-related bills in the House provides hope for the future of this industry.

The Changing Landscape of Cryptocurrency Accounting

Source: FASB Adopts Crypto Accounting and Disclosure Rule for Companies

At the time accounting standards for cryptocurrencies are transforming. Approved revisions, by the Financial Accounting Standards Board now allow cryptocurrencies to be marked to market simplifying accounting practices. This change encourages businesses to reflect the value of their holdings on their balance sheets potentially leading to wider adoption.

Spot ETH ETF Push

Source: Grayscale Ethereum Trust Discount Drops to Lowest in a Year Amid Spot Ether ETF Push

There is growing anticipation surrounding the approval of a spot Bitcoin ETF and now ARK Invest has proposed a spot ETF. While the SEC is taking its time to decide on ETFs this joint initiative aims to provide Ethereum investors with a new investment opportunity.

Bakkt Growing Presence and Global Strategy

Source: It’s Not Just BlackRock. Exchanges Like Nasdaq Are Muscling in on Crypto, Too.

Bakkt's acquisition of Apex Crypto has brought about changes enabling the company to expand its ecosystem and form partnerships with platforms such as Weeble, Public.com, and M1 Finance. The financial impact of delistings has been minimal as the company focuses on managing expenses and optimizing operations for increased profitability. Bakkt's international expansion strategy gives priority to markets with frameworks, positive consumer sentiment, and promising growth potential. Latin America will be the target in Q4 2023 followed by entry into the UK, the European Union, Hong Kong, and Australia. Compliance remains a priority for Bakkt as it aligns its operations with evolving regulations.

Despite crypto trading volumes decreasing the past week, the market interest remains strong. The crypto landscape is constantly evolving and these advancements, in regulation accounting guidelines and institutional involvement, are steps towards establishing cryptocurrencies as assets for companies and investors.

Thank you for reading and hope you have a good rest of the day!

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