Yesterday, after visiting coinmarkets.today, I found three interesting news. Six articles cover them. One for Ron DeSantis’ rejection of CBDC, another one for the SEC’s acceptance of BlackRock Bitcoin ETF application, and four articles covering the XRP drama.
This time, I would like to share about the shifting stance on CBDC, the update on Bitcoin ETF, and the recent development in the XRP drama.
Shifting Stance on CBDC
Prior to my entry to cryptocurrency in August 2021, I read an article about the stance of a bank official concerning cryptocurrency and CBDC. If I am not mistaken, BPI is the second biggest bank in the Philippines and so the official announcement of Jose Teodoro Limcaoco, the BPI’s CEO is not a minor thing.
As for cryptocurrency, just like most clueless critics, he doesn’t see any underlying value in cryptos like Bitcoin and Ethereum. What is funny is that he thinks that CBDC is the way to realize this favorite political rhetoric about financial inclusion. What a clueless and confident guy! If this is the kind of bank officials we have in the country, we should not expect that the economic and financial standing of our people will improve. This only shows how completely disconnected they are from the real world.
Anyhow, such a stance was voiced out almost two years ago. How I wish the mind of that bank official has already changed by now.
Comparing the view of Limcaoco to Ron DeSantis, we see here a presidential candidate who anticipates the danger once CBDC has been officially approved. DeSantis, if elected as president, he will ban CBDC from the US for he perceives that CBDC can be a tool to increase the power of central authority. Source
It appears to me that the foresight of many analysts here on LeoFinance is right after all that cryptocurrency will be a major issue in the US as the next presidential election is fast approaching. It’s good to see if this becomes a trend. Expect to hear increasing number of politicians talking about Bitcoin and cryptocurrency in the coming months.
Bitcoin ETF
The next article is about Bitcoin ETF. I think I already published two articles about this. I wrote the first one last 25th June where I shared that in view of the fact that the largest asset management company in the world is entering the crypto space, this has the potential to serve as the catalyst to reverse the dominant negative sentiment about cryptocurrency.
And then in my July 2nd article, I mentioned that regardless of the uncertainty surrounding the crypto space, we see a growing number of investment companies filing their own Bitcoin ETF application.
And today, based on this cointelegraph.com article, the SEC has already accepted BlackRock’s Bitcoin ETF application. If SEC is a Leviathan that can intimidate a Kraken, BlackRock is even bigger that the SEC cannot afford to decline its proposal. What follows next is a review of the details of the proposal.
Many interpret this development as positive for the space. In fact, the SEC is also reviewing applications from other companies like WisdomTree, VanEck, Invesco Galaxy, Wise Origin Bitcoin Trust, and others. While the US is still studying these applications, Canada on the other hand has already approved the spot Bitcoin ETF applications of Purpose Bitcoin, 3iQ Coin Shares, and CI Galaxy Bitcoin. Overall, I consider the emergence of this type of competition in Bitcoin ETF as good and healthy. Source
The XRP Drama
Many have been waiting for the result of the Ripple case. However, there is still contention whether the decision of the court is a win for Ripple and the cryptocurrency space in general or a kind of split victory.
For Ripple CEO Brad Garlinghouse, the recent court ruling is a complete victory for the crypto company and a loss to the SEC.
For lawmakers, now is the right time to create a law to regulate cryptocurrencies and to uphold the court’s decision and put a closure to regulatory uncertainty. This tells us that the politicians primary concern is to establish a comprehensive regulation for cryptocurrencies in the United States.
Still another opinion, for CCData, a leading provider of real-time market data for crypto assets suitable for institutions, the court decision is historic for it gives us the needed clarity for the crypto space. Furthermore, this recent development might introduce change to various players in this controversial market such as the potential increase of coins that can be considered as securities, or this might pressure the SEC to reconsider its enforcement-based regulatory strategy. Moreover, if the market receives this kind of legal decision positively, this might also serve to incentivize industry expansion by attracting new capital and inspiring confidence in the continuous innovation of the cryptocurrency market.
Ok, that’s it. Thank you very much for your time. That’s all I can share about the shifting stance on CBDC, the update on Bitcoin ETF, and the recent development in the XRP drama.
Grace and peace!
Note: This is the transcript I used in the 3Speak video where I talked about Shifting Stance on CBDC, Bitcoin ETF, and the XRP Drama.