Bitcoin ETFs to make trading debut as Coinbase shares digital asset policy proposal
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.
SEC TO ALLOW BITCOIN FUTURES ETFS TO TRADE: The Securities and Exchange Commission, is poised to permit the first U.S. Bitcoin futures exchange-traded fund to begin trading, Bloomberg’s Katherine Greifeld, Vildana Hajric, and Benjamin Bain reported Thursday, citing people familiar with the matter. It is unlikely that the SEC will block the products from beginning to trade next week, according to Bloomberg’s sources. Unlike the other Bitcoin ETF applications previously submitted to the regulator that were rejected, the proposals by ProShares and Invesco (IVZ) are both based on futures contracts and were filed under mutual fund rules, which SEC Chairman Gary Gensler said provides “significant investor protections.”
COINBASE SHARES DIGITAL ASSET POLICY PROPOSAL: Faryar Shirzad, Chief Policy Officer at Coinbase, stated in a Thursday post to the company’s blog: “Today, we’re pleased to introduce our new regulatory framework, entitled Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership – dApp. We hope this document will animate an open and constructive discussion regarding the role of digital assets in our shared economic future. Our goal is to thoughtfully and respectfully engage in the debate, and to offer good-faith suggestions for how the U.S. financial regulatory framework should adapt to two critical developments: The blockchain-driven and decentralized evolution of the internet; The emergence of a distinctive asset class that is digitally native and empowers unique economic use cases. We understand that high-level proposals don’t become law overnight – nor should they. But what they can do is evolve the debate in ways that are helpful for everyone, including members of Congress who are increasingly focusing on this area.”
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