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39% of financial advisers predict approval of a Bitcoin ETF by 2024, according to Bitwise

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39% of financial advisers predict approval of a Bitcoin ETF by 2024, according to Bitwise 
Date: 04 January, 2024

According to a recent survey conducted among financial advisers in the United States, the majority of respondents expressed the belief that approval for a certain matter is unlikely to be granted until at least 2025. This finding suggests that there is a prevailing sentiment among these professionals that the approval process will take a considerable amount of time and will not be finalized in the near future. It is important to note that this survey reflects the opinions of financial advisers specifically and may not necessarily represent the views of other stakeholders or experts in the field.

References:

https://cointelegraph.com/news/only-39-percent-financial-advisers-believe-2024-bitcoin-etf-approved-bitwise

Summary of the CBDC Technology Forum Meeting – October 2023

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Summary of the CBDC Technology Forum Meeting – October 2023

The eighth meeting of the CBDC Technology Forum was held on 13 October 2023, with Tom Mutton as the Chair. During the meeting, the Chair informed the Members that a summary of the responses received for the Bank of England and HM Treasury’s Consultation Paper on the digital pound, along with feedback on the Bank’s Technology Working Paper, would be made available in the future. Additionally, the Chair announced that Danny Russell had been appointed as the Head of Digital Currency Technology at the Bank.

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FCA joins global digital asset policymaker group

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FCA joins global digital asset policymaker group

Key Points:

  • The Financial Conduct Authority (FCA) has joined a policymaker group led by the Monetary Authority of Singapore (MAS) to promote responsible digital asset innovation.
  • The group includes the central banks of Japan and Switzerland and is established under MAS’s Project Guardian, focusing on fund and asset tokenisation and decentralized finance.
  • MAS collaborated with 15 financial institutions for industry pilots on asset tokenisation in fixed income, forex, and asset management under Project Guardian.
  • Results showed potential for significant market and transaction efficiencies through tokenisation, leading to the establishment of the policymaker group for closer cross-border collaboration.
  • The UK’s FCA, recognizing the potential in distributed ledger technology, aims to work with global partners to explore market benefits, regulatory challenges, and industry use cases for asset and fund tokenisation.

The Financial Conduct Authority (FCA) has become a member of a policymaker group initiated by the Monetary Authority of Singapore (MAS) to encourage responsible innovation in digital assets.

This group, which includes the central banks of Japan and Switzerland, is formed under MAS’s existing Project Guardian. Project Guardian focuses on exploring use cases for fund and asset tokenisation, as well as decentralized finance. As part of Project Guardian, MAS has collaborated with 15 financial institutions to conduct industry pilots on asset tokenisation in various sectors, including fixed income, foreign exchange, and asset management.

MAS reported that the pilots conducted so far have showcased the potential for “significant market and transaction efficiencies” through tokenisation. The establishment of the policymaker group is a response to the perceived need for increased cross-border collaboration among regulators and policymakers. Sarah Pritchard, Executive Director of Markets and International at the FCA, highlighted the substantial potential in the UK’s asset management sector, the second-largest globally, for leveraging distributed ledger technology to introduce innovations, efficiencies, and added value for customers. She expressed anticipation for collaborative efforts with global partners to explore the benefits, regulatory challenges, and industry use cases of asset and fund tokenisation.

In a separate initiative led by the Bank of International Settlements (BIS), MAS, along with the central banks of France and Switzerland, participated in the successful testing of cross-border wholesale Central Bank Digital Currencies (CBDCs). Cecilia Skingsley, Head of the BIS Innovation Hub, remarked on the project’s success in demonstrating the feasibility of exchanging wholesale CBDCs across borders, incorporating innovative concepts such as automated market makers.

Latest Progress Report from the Digital Euro Scheme’s Rulebook Development Team

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Latest Progress Report from the Digital Euro Scheme’s Rulebook Development Team

The European Central Bank (ECB) has released a report outlining the progress made by the Rulebook Development Group (RDG) in the development of the digital euro scheme. The RDG has drafted the initial chapters of the digital euro rulebook, aligning with the legislative proposal and design decisions approved by the ECB’s Governing Council. This first draft covers the functional and operational models, technical scheme requirements, and the adherence model for scheme members. RDG members, representing consumers, retailers, and intermediaries, have been actively involved in preparing these chapters and have provided feedback for an interim review. The draft rulebook will be flexible to accommodate future adjustments and will be updated according to the digital euro legislative process. The RDG will continue its work to finalize the rulebook, including additional sections on user experience, branding and communication standards, certification, testing and approval procedures, internal rules, risk management, and interoperability and implementation specifications.

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Will a Bitcoin ETF be approved or rejected according to experts’ opinions?

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Will a Bitcoin ETF be approved or rejected according to experts’ opinions?

The Securities and Exchange Commission (SEC) is currently reviewing several spot Bitcoin ETF applications, but no decision has been made yet. There is a divide within the industry on how the commission will approach these investment vehicles. Some experts believe that the SEC may approve the applications, allowing for the creation of Bitcoin ETFs. However, others are more skeptical and believe that the SEC may reject the applications due to concerns over market manipulation and investor protection. As of now, it remains uncertain how the SEC will ultimately handle these pending Bitcoin ETF applications.

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Legislation on Cryptocurrency: Advocating for the Freedom of Self-Hosted Wallets in 2024

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Legislation on Cryptocurrency: Advocating for the Freedom of Self-Hosted Wallets in 2024

In 2024, Congress has the potential to make significant changes to the world of cryptocurrency. One possible action is amending the definition of “legal tender.” This could have far-reaching implications for how cryptocurrencies are recognized and regulated within the financial system. Additionally, Congress may consider codifying a right to own self-hosted wallets. This would provide individuals with greater control and security over their digital assets. These potential actions demonstrate the growing importance of cryptocurrencies and the need for legislative clarity and oversight in this rapidly evolving industry.

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China State Daily Criticizes Crypto as a “Channel for Corruption” and Calls for Stricter Regulation

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China State Daily Criticizes Crypto as a “Channel for Corruption” and Calls for Stricter Regulation

According to The Legal Daily, cryptocurrency is being referred to as an easily concealed method of bribery. The report suggests that due to its decentralized nature and the use of encryption techniques, it becomes difficult to trace and detect instances of bribery involving cryptocurrencies. This poses a significant challenge for law enforcement agencies and anti-corruption efforts. The article highlights the need for increased vigilance and regulatory measures to combat this emerging form of bribery. It also emphasizes the importance of educating the public and raising awareness about the potential risks associated with cryptocurrencies in relation to bribery.

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Samson Mow Urges Issuers to Reveal Addresses in Bitcoin ETF Competition

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Samson Mow Urges Issuers to Reveal Addresses in Bitcoin ETF Competition

According to Samson Mow, there is a hypothetical possibility that a spot Bitcoin ETF issuer could manipulate the underlying BTC volumes if they were to violate the rules. This situation would involve the issuer faking the volumes of Bitcoin in order to deceive investors. While this scenario is not currently happening, Mow suggests that it is a potential risk to be aware of. It highlights the importance of ensuring that ETF issuers adhere to the rules and regulations to maintain the integrity of the market.

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Peter Schiff’s opinion on the possible Bitcoin price crash caused by the introduction of a spot Bitcoin ETF

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Peter Schiff’s opinion on the possible Bitcoin price crash caused by the introduction of a spot Bitcoin ETF

Gold investor Peter Schiff has expressed concerns that the approval of a spot Bitcoin exchange-traded fund (ETF) could have a detrimental impact on the BTC market. Schiff, a self-proclaimed “gold bug,” believes that if the US Securities and Exchange Commission (SEC) were to give the green light to a Bitcoin ETF, it could potentially lead to a collapse in the market. Meanwhile, Matrixport, a digital asset financial services platform, has stated that despite general optimism, it is unlikely that the SEC will approve a spot Bitcoin ETF before the second quarter of this year.

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Will a Bitcoin ETF be Approved or Denied? Insights from Experts

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Will a Bitcoin ETF be Approved or Denied? Insights from Experts

The Securities and Exchange Commission (SEC) has yet to make a decision on several spot Bitcoin ETF applications that are currently pending. This has led to a division of opinions within the cryptocurrency industry regarding how the commission will ultimately handle these investment vehicles. The SEC’s stance on Bitcoin ETFs has been closely watched by market participants, as the approval of such products could potentially open the doors for more institutional investors to enter the cryptocurrency market. However, the delay in making a decision has left many uncertain about the future of Bitcoin ETFs and their potential impact on the overall market.

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