SEC and BaFin – Hoping for a rethink by the authorities
While Canada and Brazil are leading the way and giving crypto ETFs the green light, applications for approval are piling up on the desks of the US securities regulator SEC. In view of well-known applicants, the crypto space is now hoping for a Crypto Method rethink by the authorities soon. This also applies here in Germany. At the German counterpart BaFin, an open attitude in the person of the new head Mark Branson should soon determine the fate of the stock exchange supervisory authority.
Changing of the Chair – New BaFin Head Branson a Crypto Hopeful?
The German Federal Financial Supervisory Authority (BaFin) is getting a new boss. After the air became thinner and thinner for Felix Hufeld in the ongoing Wirecard scandal, his successor has now been determined. In future, the Swiss Mark Branson will lead the authority’s fortunes. He was previously director of the Swiss Financial Market Supervisory Authority FINMA. Observers therefore hope for a change of heart in the upper echelons of the federal agency. Because unlike in Switzerland, BaFin recently had a rather negative attitude towards crypto space. This is likely to change under Branson’s aegis.
High Fidelity Bitcoin ETF: The next application towards the SEC comes from Fidelity
Last June, customer data from hardware wallet manufacturer Ledger SAS was leaked and subsequently published on the internet. Those affected can now participate in a class action lawsuit filed by the Scheiber law firm.
In the meantime, there are still hopes for a rethinking of the regulatory authorities in the USA. While the applications on the desks of the Securities and Exchange Commission (SEC) have already piled up in the past years, the next applications for approval followed last week. This time, prominent names are mainly involved. In addition to Goldman Sachs, the major investor Fidelity is hoping for the blessing of the authority, which, however, has always stoically denied its green light until recently.
Ripple hearing brings unexpected ray of hope
In the Ripple case, observers are still waiting for the authorities to give in. Meanwhile, the latest hearing at the competent New York court promises an unexpected ray of hope for the company. According to company lawyer Jeremy Hogan, the judge in charge, Sarah Netburn, is said to have recently made concessions in Ripple’s direction and compared its XRP with Bitcoin and Ether. If the court were to classify Ripple as a digital currency provider, the company would not fall under the jurisdiction of the SEC securities regulator.
Bitcoin ETFs in Brazil: pressure mounts on the SEC
Meanwhile, more and more regulators around the world are opening up to the potential of Bitcoin & Co in the financial markets. The Brazilian Securities and Exchange Commission (CVM) approved two new crypto ETFs last week. One of them is 100 per cent based on Bitcoin. The other is composed of a basket of currencies. After its US neighbour Canada also gave the go-ahead to its first bitcoin index fund in February, the pressure on the SEC under its new head Gary Gensler is likely to increase further.
Ray Dalio: American bitcoin ban „very likely“
A globally accepted money substitute without government control has always been a thorn in the side of many a monetary guardian. While the crypto-currency is increasingly gaining acceptance in society at large, star investor Ray Dalio sees dark omens in this. In an interview with Yahoo Finance, the founder of the hedge fund Bridgewater Associates announces a future ban in the USA – and draws parallels to the gold ban in the 1930s.
Stock market death in South Korea: OKEx Korea closes down
In South Korea, OKEx Korea is the next crypto exchange to go out of business. The stock market death in the country thus continues. In December, the Korean subsidiary of Binance threw in the towel. The latest regulations for crypto exchanges could be to blame. A law that has been in force since the end of March prohibits trading venues from sharing their order books, among other things. However, small exchanges are particularly dependent on this.
Crypto Regulation in India: Rollercoaster Ride Continues
Meanwhile, the Indian standoff over a future crypto ban continues. What regulations will apply to cryptocurrencies in the country in the future has been uncertain for some time. To the chagrin of the domestic scene, an outright ban has also been on the table for some time. Now local media are reporting government plans to block the IP addresses of crypto exchanges. The Indian finance minister had recently emphasised that he wanted to continue to offer people „opportunities to experiment with blockchain applications, cryptocurrencies and Bitcoin“. However, with the latest news, these are likely to be far fewer than hoped for.