Bitcoin’s latest price change was closely linked to the approval of the Bitcoin ETF application presented by ProShares. The CEO of the crypto exchange FTX, Sam Bankman-Fried commented on this and even suggested that it was a “huge step forward.”
The world assumed that Bitcoin ETFs wouldn’t be seeing the light of the day in the US considering the SEC’s stringent procedures. However, the SEC finally answered the prayers of several crypto enthusiasts by giving a green signal to the Bitcoin ETF application put forth by ProShares.
This move was lauded by many and Bankman-Fried joined the list.
Bitcoin ETF approval paving the way for more crypto products in the US?
Regulations are now part of the crypto-verse. Even though the industry started out to steer away from the restraints of centralized institutions, it has unfortunately transformed into a space that has to abide by every law in the book. With the magnitude of scrutiny that has been taking place over the last couple of months, the crypto industry could soon lose its essence of decentralization.
While the approval of a Bitcoin ETF in the US brought in hopes into the market, altcoin ETFs could still be a far-fetched idea, several speculated.
Appearing in CNBC’s recent interview, FTX’s CEO Bankman-Fried revealed that he wouldn’t be surprised on witnessing more regulations on the crypto market.
Despite having a strong presence in the US, FTX intends to further expand across the country. In order to do so, the exchange certainly has to get on the good side of regulators like the Securities and Exchange Commission [SEC] as well as the Commodity Futures Trading Commission [CFTC] of the US.
Bankman-Fried addressed the same and said,
“We’re excited to work with the [Commodity Futures Trading Commission], excited to work with the SEC and with other regulators to figure out how we can have fully regulated and licensed market activity in the United States.”
FTX has been popping up in the news quite often. From securing funding in its seed rounds to making upgrades to its platform, the exchange has managed to stay relevant.