Despite calls from United States Representatives such as Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres for the Securities and Exchange Commission (SEC) to approve the listing of spot Bitcoin ETFs, the agency continues delaying its decision. OEM higher regulatory bodies, including the SEC, have seemingly been not in haste regarding green-lighting key crypto instruments like exchange-traded funds (ETFs). A notable postponement impact major applicants like VanEck and ARK 21Shares for their spot Ether ETFs, and also Invesco, Bitwise and Valkyrie for their spot Bitcoin ETF applications.
Yet, these delays do not mark a clear disapproval or hindrance to the progression of the cryptocurrency industry. Bitwise Asset Management responded effectively to the delay, amending its application to address the SEC’s objections. This reflects the willingness of crypto bodies to adjust and negotiate to meet the stringent requirements of regulatory agencies.
Meanwhile, in the eastern part of the globe, China’s Shanghai No.2 Intermediate People’s Court recognized Bitcoin as a unique and non-replicable digital asset. This indeed speaks to the growing recognition of the inherent value and unique properties of digital currencies, particularly Bitcoin. The potential for scalability, ease of circulation, storage and payment continue to contribute to Bitcoin’s uniqueness.
Regarding regulatory measures, Taiwan has banned unregistered foreign crypto exchanges, reinforcing stricter control on the cryptocurrency market in the country. Additionally, Hong Kong is set to list “suspicious” crypto platforms, thereby increasing transparency and regulation enforcement. The stricter regulation imposed by these two regions could pose challenges for crypto exchanges. Yet, they might also ensure better consumer protection and market hygiene.
On a brighter note, Coinbase secured a full Major Payment Institution license from the Monetary Authority of Singapore. This allows it to offer digital token services in Singapore. Thus, although there is an evident push for tighter regulation, the global crypto industry seems to be receiving nod from certain corners.
To sum it up, cryptocurrency is navigating a narrow alley between regulatory acceptance and constraints. While delays and stringent policies pose a challenge, interactive engagement appears to be the key to unlocking the riddle of regulatory approvals.
Source: Cointelegraph
