U.S. Chairman: Progress is Being Made on Potential Bitcoin ETF

Investors are finding big reasons to get excited about cryptocurrencies.

Not only is Binance launching Binance U.S. in “coming weeks,” but Bakkt just launched.  That’s a big deal.  In fact, according to Bakkt CEO Kelly Loeffler the launch could accelerate adoption, could create a reliable and regulated infrastructure, and help rapidly expand the management and transferability of digital assets. 

“With operations, cybersecurity and controls, along with end-to-end-regulation demanded by investors and consumers, confidence in using digital currency — not just to invest, but to also use in transacting — will grow,” she added.

However, that’s not the only major catalyst we’re seeing.

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Congress will Meet with the U.S. SEC

One, the U.S. Congress will meet with U.S. SEC officials to discuss the status of cryptocurrencies at 10 a.m. September 24, 2019, including Chairman Jay Clayton, Commissioner Robert J. Jackson Jr., Commissioner Hester Peirce, Commissioner Elad Roisman, and Commission Allison Lee.

Reportedly, the discussion will be based on federal security laws and digital assets, as well as the possibility of a Bitcoin ETF. In addition, one of the major talking points will be on the anticipated launch of Facebook’s Libra, and its status as a potential security.

Progress is Being Made for a Potential ETF

Two, U.S. SEC Chairman Jay Clayton noted that the cryptocurrency ecosystem has “made progress” in removing issues that have prevented approval of a Bitcoin ETF.

“There’s still work to be done. How do we know that we can have custody and have a hold of these crypto assets? That’s a key question. An even harder question given that they trade on largely unregulated exchanges, is how can we be sure that those prices aren’t subject to significant manipulation,” he asked CNBC.

“Now, progress is being made, but people needed to answer those hard questions for us to be comfortable that this was the appropriate type of product.”

In addition, as we noted just a couple weeks ago:

Binance Launching Binance U.S.

Binance US will launch in the “coming weeks”, according to CEO Catherine Coley.

Binance US is essentially the same as Binance, as noted by Decrypt, but with the approval of US regulators. As part of the deal with US regulators, consumers must pass know-your-customer (KYC) checks to use the exchange. New accounts will also require a valid government ID and a social security number.

PwC Luxembourg Will Accept Bitcoin Payments

On October 1, 2019, auditing firm PwC will begin accepting BTC in an effort to meet consumer needs, and to support the cryptocurrency industry. “The Luxembourg firm strongly believes in the underlying technology as a medium to long-term standard in the economy and strives to position itself as an early adopter,” the auditor notes. 

“The move to embrace crypto-payments is also a strong reflection of carefully listening to the growing demand from the market and PwC Luxembourg clients and offering them a secure payment alternative reflecting the evolution of our economy.”

With such catalysts ahead, it’s only a matter of time before cryptocurrency goes mainstream.

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