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The applications of BlackRock and some other companies to the US Securities and Exchange Commission for spot Bitcoin ETFs have progressed, at least in a procedural manner, as they have been added to the official docket. JPMorgan notes that Bitcoin miners may encounter difficulties leading up to a halving event next year, and Indonesia’s regulatory agency plans to launch a crypto exchange this month. Read on!
These are some stories we’re looking at right now.
BlackRock’s ETF proposal under review
In a procedural move, BlackRock’s application to offer a spot Bitcoin exchange-traded fund was added to the official docket of the US Securities and Exchange Commission, along with that of Fidelity and some others.
The SEC’s recognition of the applications does not guarantee a successful resolution, but shows it has begun an official review process for the proposals, a significant step forward. Still, Chair Gary Gensler’s SEC has yet to approve any spot Bitcoin ETF.
Bitcoin miners face ‘stress test’
A JPMorgan report says that Bitcoin miners may be subjected to a “stress test” of rising production costs before a halving event early next year, Decrypt reported.
Such events reduce the amount of Bitcoin that miners receive as rewards by half. Historically, the events, which happen about every four years, have seen the value of Bitcoin increase.
Binance.US moves towards ‘crypto only’
Binance.US, the American branch of the biggest cryptocurrency exchange, said in a statement it will discontinue and cease trading some USD advanced trading pairs as part of its transition towards becoming a “crypto-only exchange.”
It plans eventually to support only trading between cryptocurrencies and stablecoin pairs while eliminating trading against the US dollar, Crypto News Flash reported.
Indonesian crypto exchange to launch
Indonesia’s Futures and Commodity Trading Regulatory Agency, Bappebti, plans to launch an Indonesian crypto exchange by the end of this month.
Bappebti head Didid Noordiatmoko told Tempo.co that crypto transactions will be done exclusively through the exchange. He said we have “agreed on the stock exchange rules. So the know-your-customer process and all kinds have been regulated there.”
Indosuez offers NFT-based loyalty program
Indosuez, the wealth management unit of French bank Crédit Agricole, is offering high-end clients a private NFT-based membership club similar to those of some fashion brands.
Called Le Clu3, the loyalty program is aimed at creating a new community of clients for wealth management, Decrypt reported.
What we’re reading around the web
It’s time to move crypto from chaos to order — Fortune
Crypto Stocks Set for Milestone Week on Ripple Token Ruling — Bloomberg
Ripple’s Legal Win Means It’s Time for Crypto to Stand Up to the SEC — CoinDesk