Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Several spot Bitcoin (BTC) exchange-traded fund applications made their way to the Federal Register this week, giving investors a clearer timeline on the Securities and Exchange Commission’s path to either approving or rejecting the filings. Global securities marketplace Nasdaq is halting the launch of its own cryptocurrency custody, previously planned to roll out by the end of the second quarter 2023. Meanwhile, Democratic presidential candidate Robert F. Kennedy Jr. has vowed to back the U.S. dollar with Bitcoin or precious metals.
Spot Bitcoin ETF applications make their way to Federal Register
Multiple spot Bitcoin ETF applications have been published in the Federal Register, raising optimism in the crypto community that the path to approval was gradually being laid.
According to July 19 records, the Federal Register listed the spot Bitcoin ETF applications of BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree. The listings give the Securities and Exchange Commission a window of up to 240 days to accept or request the applications’ proposed rule changes that would pave the wave for a spot Bitcoin ETF to be listed.
UPDATE: Not much of one though… As predicted and as expected those #Bitcoin ETF applications all hit the federal register today.
BlackRock, VanEck, WisdomTree, Fidelity, and Invesco/Galaxy. https://t.co/aAFxK1Rqp7 pic.twitter.com/B9C1oF3yhQ
— James Seyffart (@JSeyff) July 19, 2023
Before crypto enthusiasts get too excited, it’s important to note that the Federal Register publications were expected after the firms filed the initial applications in June. To date, the SEC has not given any indication that it’s prepared to approve a spot investment vehicle for digital assets.
Nasdaq halts launch of cryptocurrency custody service
Global securities marketplace Nasdaq is halting the launch of its own cryptocurrency custody that it previously planned to roll out by the end of the second quarter 2023.
Nasdaq has suspended the launch of its digital asset custody business because of regulatory risks in the United States, CEO Adena Friedman announced during the Q2 results call.
“This quarter, considering the shifting business and regulatory environment in the United States, we have made the decision to halt our launch of the U.S. digital assets custodian business and our related efforts to pursue relevant license,” Friedman stated.
Nasdaq CEO emphasized that the company remains committed to digital asset business development, stating:
“We continue to build and deliver technology capabilities that position Nasdaq as a leading digital assets software solutions provider to the broader global industry. This includes advancing our custody solution as a technology platform to serve the broader, global digital assets marketplace.”
Friedman also added that Nasdaq will be closely monitoring the market for potential regulatory events in the coming months.
RFK Jr. vows Bitcoin-backed US dollar if made president
United States presidential hopeful Robert F. Kennedy Jr. promised to back the U.S. dollar with Bitcoin (BTC) if he’s elected president in 2024.
Kennedy spoke at an event on July 19 and claimed backing the dollar with precious metals or Bitcoin — what he called “hard currency” — could help re-stabilize the American economy.
“My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or Bitcoin.”
The backing process would be gradual and the amount of backing for the dollar would be adjusted depending on the plan’s success, he said.
Kennedy also vowed that Bitcoin to U.S. dollar conversions would be exempted from capital gains taxes under his presidency.
The proposed exemptions would spur investment and incentivize business to the U.S. instead of other crypto-friendly jurisdictions such as Singapore or Switzerland, Kennedy believes.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
