Coinbase receives approval for futures trading in the US and the SEC is considering approving an Ethereum ETF, signaling progress in the crypto industry.
The US Securities and Exchange Commission (SEC) has postponed its decision on three Bitcoin exchange-traded fund (ETF) applications from WisdomTree, Invesco, and Valkyrie, with new deadlines set for October.
The U.S. Securities and Exchange Commission's delay in approving the first spot bitcoin exchange-traded fund (ETF) has not diminished the optimism of many in the crypto industry, with approval still considered inevitable according to former SEC chair Jay Clayton, and pending applications from Blackrock, Fidelity, and others increasing the probability of approval, which would be a "watershed moment" for bitcoin.
The US Securities and Exchange Commission (SEC) has further delayed the approval of Bitcoin spot ETF applications, setting January 10, 2024, as the final deadline for the Ark/21Shares ETF application, potentially dampening hopes for a spot ETF to be approved by the end of the year.
Valkyrie Investments has become the first asset manager to win approval from the Securities and Exchange Commission to offer an exchange-traded fund (ETF) featuring Ethereum futures, paving the way for retail investors to bet on the future price of the cryptocurrency.
Stablecoin issuer Circle argues that stablecoins tied to other assets shouldn't be subject to financial trading laws, intervening in the SEC's case against Binance. Valkyrie begins buying ETH futures contracts, becoming the first U.S. ETF to offer exposure to Ether and Bitcoin futures under one wrapper. Coinbase receives regulatory approval in Bermuda to list perpetual futures for users outside the U.S., following its acquisition of a license to operate a spot exchange in April. Addresses holding at least 0.1% of bitcoin's supply have seen strong net inflows throughout Q3, indicating growing interest from organic buyers.
Ethereum (ETH) futures ETFs are set to potentially launch on October 2nd, with nine different financial firms, including VanEck and Bitwise, planning to issue these ETFs, potentially leading to a busy day in the market.
Summary: Valkyrie will be offering exposure to Ether futures through its Bitcoin Strategy ETF, becoming one of the first firms to do so amid pending applications with the US Securities and Exchange Commission; Sam Bankman-Fried, former CEO of FTX, is set to stand trial over fraud charges beginning on October 4th and lasting until November 9th and, meanwhile, Su Zhu, co-founder of Three Arrows Capital (3AC), has been arrested in Singapore as part of an ongoing investigation to retrieve funds for 3AC's creditors.
