Circle CEO Jeremy Allaire optimistic about bitcoin ETF approvals

Jeremy Allaire, the co-founder and CEO of Circle, expressed optimism about the potential approval of bitcoin exchange-traded funds (ETFs) during an interview at the World Economic Forum in Tianjin, China.

Allaire believes that regulators’ previous concerns regarding bitcoin ETFs will soon be resolved, paving the way for authorized ETFs. He noted the progress in developing more mature market structures to support these financial instruments.

Allaire told Bloomberg, “You have mature spot markets, well-regulated custody infrastructure, and good market surveillance.” He noted that many of the concerns raised in the past are now being addressed, increasing the likelihood of approval for general investor access to bitcoin ETFs.

You might also like: Grayscale launches Funds Trust, files for three new crypto ETFs

Prominent asset managers like BlackRock and Invesco have submitted applications to the Securities and Exchange Commission (SEC) for spot bitcoin ETFs. Establishing robust market monitoring mechanisms is crucial for obtaining approval for these ETFs. Similar requirements were imposed by authorities in Ontario, Canada, where an established custodial ecosystem had to be in place before granting approval for the first Bitcoin ETFs to trade in Toronto.

Recently, the ProShares Bitcoin Strategy ETF (BITO) experienced a significant weekly inflow of $65 million, indicating ongoing investor interest in the asset class.

During the interview, Allaire also discussed the growing demand for digital dollars in developing regions. He mentioned Singapore’s regulatory authorities, which have embraced digital assets, and Hong Kong positioning itself as a crucial hub for digital asset markets and stablecoins. Circle is actively exploring opportunities in these regions.

Overall, Allaire’s positive outlook, combined with the increasing interest and investment in bitcoin-related products, suggests growing momentum toward the potential approval of bitcoin ETFs. As market structures mature and regulatory concerns are addressed, the landscape for digital asset investments continues to evolve, potentially offering new avenues for investors and driving mainstream adoption.

Read more: SEC requests pause on ETH futures ETFs
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Coinbase is developing new stablecoin generation

The head of the Coinbase, Brian Armstrong, believes that flatcoins could become the next iteration of stablecoins. In an interview with Yahoo Finance, he stated that flatcoins are “the next iteration of stablecoins.” Coinbase has not yet started development in this area, but they are “interested in it,” Armstrong added. “[The Flatcoin concept is] a new thing on the horizon. There’s a couple teams working on it.” Brian Armstrong, Coinbase CEO Armstrong considers this idea “the best form of money in the crypto space” compared to the current cryptocurrencies and stablecoins. “I also put out a blog post talking about some of the future ideas on the horizon. And a number of our venture investments might go into things like that. But I talked about flat coins, which is kind of the next iteration of stablecoins that’s more maybe linked to CPI or purchasing power.” Brian Armstrong, Coinbase CEO What is flatcoin? Flatcoins are decentralized stablecoins that, for example, can be used
Read more

Shiba Inu: $1000 in 2020, Is Worth $7.5 Million in November 2023

Image
Shiba Inu (SHIB) witnessed a meteoric rise soon after its launch in August 2020. Within just one year, the token reached its all-time high. Early investors who got into SHIB when it was trading with about ten zeros after the decimal became multi-millionaires and, in some cases, even billionaires. If you put $1000 into Shiba Inu (SHIB) in August 2020, you would have received tens of trillions of SHIB tokens. The value of the $1000 investment would have grown to a whopping $7.58 million in November 2023. The increase in the portfolio’s value translates to a growth of about 758,703%. Also Read: Shiba Inu vs. XRP: Which Will Gain More by Christmas 2023? Source: Changelly However, if you had decided to sell when Shiba Inu (SHIB) reached its all-time high in October 2021, you would have walked away with an eye-watering $75.39 million. The trade would have resulted in a profit of about 7,539,215%. Source: Changelly Is buying Shiba Inu in 2023 a loss? Source – Outlook Despite
Read more

JPEX crypto exchange faces controversy over asset conversion

JPEX’s attempt to transition into a DAO has sparked controversy and frustration among some users. The users who claim their assets were converted without their consent. The exchange is also facing scrutiny from authorities in Hong Kong. In a surprising move, the JPEX cryptocurrency exchange has initiated a contentious DAO Shareholder Dividend Scheme, leaving some users in distress as their assets reportedly get converted without their consent. JPEX recently announced its intention to transform into a decentralized autonomous organization (DAO) and offered users the opportunity to convert their frozen asset s into DAO Stakeholder dividends at a 1:1 ratio. Additionally, the exchange introduced a repurchase option, allowing users to recover 30% of the conversion price after one year and 100% after two years. Disquiet among customers JPEX’s scheme was seemingly devised to tackle JPEX’s ongoing liquidity challenges, providing an incentive for users to lock up
Read more