A number of spot Bitcoin (BTC) exchange-traded fund functions made their approach to the Federal Register this week, giving traders a clearer timeline on the Securities and Change Fee’s path to both approving or rejecting the filings. World securities market Nasdaq is halting the launch of its personal cryptocurrency custody, beforehand deliberate to roll out by the tip of the second quarter 2023. In the meantime, Democratic presidential candidate Robert F. Kennedy Jr. has vowed to again the U.S. greenback with Bitcoin or valuable metals.
Spot Bitcoin ETF functions make their approach to Federal Register
A number of spot Bitcoin ETF functions have been revealed within the Federal Register, elevating optimism within the crypto neighborhood that the trail to approval was steadily being laid.
Based on July 19 information, the Federal Register listed the spot Bitcoin ETF functions of BlackRock, Constancy, Invesco Galaxy, VanEck and WisdomTree. The listings give the Securities and Change Fee a window of as much as 240 days to just accept or request the functions’ proposed rule modifications that may pave the wave for a spot Bitcoin ETF to be listed.
UPDATE: Not a lot of 1 although… As predicted and as anticipated these #Bitcoin ETF functions all hit the federal register at the moment.
BlackRock, VanEck, WisdomTree, Constancy, and Invesco/Galaxy. https://t.co/aAFxK1Rqp7 pic.twitter.com/B9C1oF3yhQ
— James Seyffart (@JSeyff) July 19, 2023
Earlier than crypto fans get too excited, it’s necessary to notice that the Federal Register publications had been anticipated after the corporations filed the preliminary functions in June. Thus far, the SEC has not given any indication that it’s ready to approve a spot funding car for digital belongings.
Nasdaq halts launch of cryptocurrency custody service
World securities market Nasdaq is halting the launch of its personal cryptocurrency custody that it beforehand deliberate to roll out by the tip of the second quarter 2023.
Nasdaq has suspended the launch of its digital asset custody enterprise due to regulatory dangers in the USA, CEO Adena Friedman introduced through the Q2 outcomes name.
“This quarter, contemplating the shifting enterprise and regulatory atmosphere in the USA, we’ve got made the choice to halt our launch of the U.S. digital belongings custodian enterprise and our associated efforts to pursue related license,” Friedman acknowledged.
Nasdaq CEO emphasised that the corporate stays dedicated to digital asset enterprise growth, stating:
“We proceed to construct and ship know-how capabilities that place Nasdaq as a number one digital belongings software program options supplier to the broader world trade. This contains advancing our custody answer as a know-how platform to serve the broader, world digital belongings market.”
Friedman additionally added that Nasdaq will probably be carefully monitoring the marketplace for potential regulatory occasions within the coming months.
RFK Jr. vows Bitcoin-backed US greenback if made president
United States presidential hopeful Robert F. Kennedy Jr. promised to again the U.S. greenback with Bitcoin (BTC) if he is elected president in 2024.
Kennedy spoke at an occasion on July 19 and claimed backing the greenback with valuable metals or Bitcoin — what he known as “exhausting foreign money” — might assist re-stabilize the American economic system.
“My plan can be to start out very, very small, maybe 1% of issued T-bills can be backed by exhausting foreign money, by gold, silver platinum or Bitcoin.”
The backing course of can be gradual and the quantity of backing for the greenback can be adjusted relying on the plan’s success, he mentioned.
Kennedy additionally vowed that Bitcoin to U.S. greenback conversions can be exempted from capital beneficial properties taxes beneath his presidency.
The proposed exemptions would spur funding and incentivize enterprise to the U.S. as a substitute of different crypto-friendly jurisdictions equivalent to Singapore or Switzerland, Kennedy believes.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.