New Bitcoin ETFs Prosper with Assistance from Coinbase Collaboration: 5 Fascinating Stories from the Crypto Realm
The road to recovery for the cryptocurrency market may require some setbacks before progress can be made. BlackRock’s attempt to launch a spot bitcoin ETF hit a hurdle when the SEC highlighted concerns about the lack of surveillance-sharing to combat fraud in the underlying bitcoin markets. Similar concerns were also raised regarding bitcoin ETF petitions from other asset managers, such as Fidelity and VanEck. However, the refiling of the ETF applications by Nasdaq and the CBOE indicated that they would rely on Coinbase as their surveillance-sharing partner, potentially putting the cryptocurrency exchange back at the center of the market’s recovery.
In other news, Revolut announced that it will no longer allow its U.S. customers to trade three tokens – Solana, Cardano, and Polygon – due to their classification as unregistered securities by the SEC. Other platforms such as Robinhood and eToro have also delisted or restricted access to these tokens for U.S. customers. Meanwhile, the Monetary Authority of Singapore introduced new guidelines for cryptocurrency companies in an effort to separate customer crypto assets from their own. These regulations aim to address concerns over the segregation of customer funds and will come into effect later this year.
A study by Juniper Research predicts that the value of payment transactions made via stablecoins will exceed $187 billion by 2028, driven by their use in cross-border transactions and the benefits they offer in terms of speed and traceability. The report also highlights the competition between stablecoins and central bank digital currencies. To achieve these transaction levels, payment platforms and money transfer operators will need to adopt and support the use of stablecoins.
Finally, there is growing mainstream interest in digital assets, particularly among treasury managers. Big banks are incorporating cryptocurrencies into their services to meet customer demands. This shift is reflected in the rating of cryptocurrencies by S&P Global Ratings and the increasing attention from Wall Street. The Decrypt.co article and S&P Global Ratings report provide further insights into this trend.