20.01.2021

Bakkt to ‘Improve Trust With Institutions to Crypto’ in 3 Days

The platform goes live on Sept. 23, and will first offer physical Bitcoin futures. Investors, who have been able to deposit funds since Sept. 6, will take delivery of payouts exclusively in BTC.

Bitcoin (BTC) and cryptocurrency will gain trust from the incoming launch of institutional trading platform Bakkt, a well-known analyst has said.

More praise for Bakkt

In a tweet on Sept. 19, Fundstrat Global Advisors co-founder Tom Lee joined the increasing number of Bitcoin figures bullish about Bakkt’s impact on the space.

The remaining days to launch have so far been characterized by lackluster progress for Bitcoin markets, which dropped below $10,000 once again. Now recovering, BTC prices could nonetheless shift considerably once more in the short term. Lee wrote:

“I am very positive on Bakkt and its ability to improve trust with institutions to crypto.”

Bitcoin price tanked before BTC futures rollover date

Responses generated a further theory about current Bitcoin price weakness, which centered on Thursday’s changeover day for CME Group’s own Bitcoin futures.

As Cointelegraph reported, futures expiration and rollover dates have historically exerted pressure on Bitcoin markets.

September also saw a quieter entry into futures by cryptocurrency exchange Binance. Launching last week, figures nonetheless revealed significant open interest of $150 million, even while the product was still trading in invite-only mode.

Open interest in CME’s futures dropped to a four-month low at the same time as Bitcoin’s price performance failed to excite.

US Congress Schedules Sept. 24 Hearing With SEC With Crypto on Agenda

The United States House of Representatives Committee on Financial Services has scheduled a hearing with Securities and Exchange Commision (SEC) Chairman Jay Clayton and four other SEC commissioners to discuss, among other topics, crypto.

In a memorandum from Sept. 19, the Committee on Financial Services stated that it will hold a hearing on Sept. 24 entitled, “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.”

This one-panel hearing will include the Securities and Exchange Commission (SEC) chairman Jay Clayton, commissioner Hester Pierce (AKA Crypto Mom) and another three commissioners.

Libra coin could amount to a security

The Committee on Financial Services has included cryptocurrencies on its list of topics for discussion and points out that the federal securities laws apply to securities – including stocks, bonds, and investment contracts – regardless of whether they are digital.

The hearing will touch upon Exchange-Traded Funds (ETFs), whether or not digital assets are a security or exempt from securities law, and of course Facebook’s planned launch of its stablecoin Libra in 2020. The document adds:

“The Libra Investment Token could amount to a security since it is intended to be sold to investors to fund startup costs and would provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear if investors would have a “reasonable expectation of profits.”

Zuckerberg continues tour of Washington DC

Cointelegraph reported on Sept. 19 that Facebook CEO Mark Zuckerberg is making the rounds with policymakers in Washington, D.C. to discuss “future internet regulations,” most recently with Senator Josh Hawley.

Earlier on Sept. 19, Cointelegraph reported that Zuckerberg had dinner with a handful of U.S. lawmakers, where he faced intense scrutiny over the Libra project.

cointelegraph.com

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