Sam Bankman-Fried said there would soon be new cryptocurrency-linked digital products, for which regulators might tighten the regulation and centralization of crypto assets. Besides cryptocurrency exchanges and ETFs, a growing number of banks want to venture into cryptocurrencies.
The CEO of the FTX exchange, Sam Bankman-Fried, recently spoke about the approval of Bitcoin futures ETFs by the SEC. He sees those funds as a big step forward in the adoption of cryptocurrencies in the United States.
Billionaire entrepreneur Sam Bankman-Fried said there would be new cryptocurrency-linked digital products in the United States very soon. For that reason, he commented regulators might tighten the regulation and centralization of cryptocurrencies.
Bankman-Fried, a celebrity in the cryptocurrency ecosystem, is also the CEO of quantitative trading company Alameda Research. According to Forbes, the 29-year-old entrepreneur has a fortune of USD 22.5 billion, being the wealthiest person in the world of cryptocurrencies.
FTX Wants to Solve Its Regulatory Problems in the United States
Although the FTX exchange has several offices in the United States, Bankman-Fried said they have obstacles with regulators and difficulties with licenses. He explained that that situation had prevented them from expanding their operations in the United States.
According to the CEO, the FTX legal team is working with the Commodity Futures Trading Commission (CFTC), the SEC, and other regulatory agencies. They want to find a way for the exchange to do legal, authorized and regulated operations in the United States.
The United States Already Has Two Exchange Traded Funds
ProShares’s Bitcoin ETF, BITO, began trading last week and reached USD 1 billion in assets under management. The long-awaited launch of the first exchange-traded fund of Bitcoin futures contracts in the United States has marked a series of milestones. According to Bloomberg, the fund achieved a 10-figure AUM in two trading days.
Regarding the second ETF linked to Bitcoin futures in the United States, it recently started trading on Nasdaq. It opened at USD 25.52 per BTF share before falling by 3.3% to USD 24.66. Its objective is to track the value of futures contracts that go public on the Chicago Mercantile Exchange.
Spanish Banks Are Looking Forward to Trading Bitcoin
Besides cryptocurrency exchanges and ETFs, a growing number of banks are interested in cryptocurrencies. In the case of Spain, many of them are still waiting for greater regulatory clarity from the central bank, according to local media.
In June, the Bank of Spain announced it would post registration instructions for cryptocurrency exchanges and custody platforms. However, the institution’s supervisor has not yet done anything about it for banks.
When the central bank releases a registry, Spanish companies can register until January 29th, 2022. Meanwhile, banks are testing the waters to offer services with crypto assets directly to their customers.
Large financial institutions use their compliance departments to see whether they need to register to offer those services.
Exchanges and ETFs have not ignored the prominent role of cryptocurrencies in the economy. It is just a matter of time before all banks can also offer services with those assets.
By Alexander Salazar
