SEC Commissioner: SEC Should Not Hold Back Approval Of Crypto Products
Hester Pierce, US Securities and Exchange (SEC) commissioner states that the government should not limit the emergence of new products arising in the crypto market solely on the basis of weakness of Bitcoin.
Pierce stated that the rejection of the Winklevoss ETF demonstrated the SEC’s Focus on Bitcoin markets, instead of the ETF itself.
The order have included an assurance that the disapproval does not rest on an evaluation of whether Bitcoin or blockchain technology more generally has utility or value as an innovation or an investment but it seems that the decision seemed to do almost that.
She maintains that SEC continues to establish its focus on Bitcoin and cryptocurrency market rather than the products or instruments launched on top of the markets like ETFs which will make it impossible to have a publicly traded instrument approved by the SEC to hit US markets.
She adds that if the SEC’s concerns toward cryptocurrencies as an asset class is its lack of infrastructure and stability, then the SEC has to focus on providing necessary infrastructure on top of the existing crypto markets to ensure that market is accessible by a larger group of investors
You Must Not Be Bearish When You Are Already Down: Tom Lee
Fundstrat co-founder and expert analyst of the crypto market, Tom Lee states that Bitcoin is not dead and the best investments opportunities arise during bearish market conditions like we are having in most part of 2018.
Lee expressed his bullish vision of cryptocurrency market in the long term at the ChainXChange conference in Las Vegas.
The widely known crypto bull also reveals that it makes no sense to sell or adopt a bearish stance when the market is touching historic lows as it is more likely to rebound adding that the current value of Bitcoin represents an excellent buying opportunity.
At the same conference he says that the millennials will play a pivotal role in determining the course of traditional finance, its pro-technology culture will most likely be a catalyst for crypto adoption in the medium term.
He goes on to say that by 2020 the millennials will control about $7 trillion in financial assets of which a very small percentage is allocated to digital assets, however if 10% of that goes into native digital assets with the multiplier of crypto estimated by Kyle Saman at Multicoin Capital to be 20-25 times that would equate to $14 trillion increase in the market cap of the cryptocurrencies just from US millennials alone.
Millennials Might Flock To Crypto As US Market Likely To Crash
The US household wealth has surged above the $100 trillion mark which has been fueled by rising stock value and properties.
However analyst says that the unsustainable growth in household wealth could cause a crash which may lead millenials to look for alternative financial vehicles to hedge their wealth and cryptocurrencies might well be what they will turn to.
Bitcoin is often considered as store value with no correlation to the broader financial market making it a reliable store of value in times of uncertainty.
According to Matt Hougan, vice president of research and development at Bitwise Asset Management Fund, a decline of the global market does not guarantee a bull market for crypto.
With that being said demand for cryptocurrencies is increasing among millennials with surveys saying that 80% of American millennials already aware of Bitcoin which only points that when another financial crisis occurs in Bitcoin or cryptcurrencies will emerge as a viable store of value.
Switzerland Sharing Blockchain Regualtions Know-How With Isreal
According to reports Switzerland and Israel have agreed to share their experience on regulating the blockchain industry.
Switzerland‘s Minister of Finance Ueli Maurer and State Secretary for International Financial Matters Joerge Gasser reveals that by the end of 2018, he plans to prepare a report on blockchain regulation for the Israel officials that would outline general recommendations.
He expects that these notes might be approved by the Israeli parliament in 2019 and go into effect in early 2020.
News outlets have not obtained detailed comment from the Israeli counterparts but the Ministry of Finance has stated earlier that both countries had agreed to share notes on fintech regulation which includes guidelines on cryptocurrencies and combating money laundering.
CEO Of Fidelity Teases Crypto Products
According to CEO of Fidelity, Abigail Johnson her company is readying for more blockchain and cryptocurrency-related products and services which they expect to roll-out in a couple of months.
She made this revelation during an event held in its headquarters in Boston as part of this year’s Boston Fintech Week Conference.
Fidelity is one of the large financial services firms who have openly expressed interest in the nascent industry but have not yet delivered any financial product of its own.
If one of the internal projects that the CEO hinted to turn into real product, they might help boost the budding industry and bring it further into the mainstream.
Apparently the company its taking its time before releasing a crypto-related financial product and but at the same time making sure that their businesses do not get upended in a rapidly evolving industry through investments in new technologies and experiment with parts of their business models to find ways how to serve their clients better.
Headlines for the world of Cryptocurrencies - September 20, 2018Blockchain Should Target Manufacturing Industry According To Jack Ma / Mobile Carrier Of LG to Offer Blockchain Payments / SBI Launching Ripple-Based Mobile Payment App / Nasdaq Acquiring Swedish Crypto Trading Solutions Provider / Palestinian Using Bitcoin For Cross-Border Transactions |
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Headlines for the world of Cryptocurrencies - September 19, 2018Binance To Start Testing Crypto-Fiat Exchange In Singapore / Tim Drapers Predicts $80 Trillion Crypto Market In 15 years / Europe Looks Promising For ICO / France Passes ICO Legislation / Zimbabwe Finance Ministers Wants To Treat Bitcoin Similar To Switzerland |
Headlines for the world of Cryptocurrencies - September 18, 2018CFTC Chairman Wants Light Handed Approach To Cryptocurrencies / Institutional-Focused Coinbase Office In New York / Cryptocurrency Exchange Laws Introduced In Mexico / Korean Government To Use Samsung’s Blockchain To Fight Customs Fraud / Bittrex Expanding To Malta |
