Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

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Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative
Facebook is in talks with the U.S CFTC to find out whether its GlobalCoin project will fall under the agency’s regulatory requirements.
Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

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Source: CoinSpeaker

GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin

Facebook’s own currency,‘Globalcoin’ is trending on Google trend as the social media giant took yet another step to launch its coin in compliance with regulatory frameworks. Reports revealed that Facebook is in talks with US regulator over its Global coin digital currency.
Facebook Assessing GlobalCoin’s Future
The Commodity Futures Trading Commission (CFTC), a U.S. derivative regulator is reportedly the early stage regulator that Facebook has consulted. Reports add a comment of CFTC’s head Christopher Giancarlo. However, the key focus behind the talk is to understand whether or not Facebook’s Globalcoin falls under CFTC’s regulatory scope.
With 2.3 billion monthly active users (as per first quarter of 2019), this social giant is leading the way in the cryptocurrency industry with. In addition, user’s interest in Google trend for the term ‘Gloabalcoin’, is appearing on top of the graph on June 03, 2019.
Nevertheless, reports suggest that Facebook’s stablecoin feature might remove the need for a derivative linked to Globalcoin.
Also Read – Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?
Facebook’s approach to CFTC is the source to seek guidance on its launch, however as per CFTC’s Mr.Giancarlo, they can only act on an application. He says;
“We’re very interested in understanding it better. We can only act on an application, we don’t have anything in front of us.”
Moreover, the regulator’s major concern might be on Facebook’s focus on strict KYC and AML policies. In fact, according to reports, the US Treasury’s Financial Stability Oversight Council has its crypto group that overtakes the various crypto-oriented issues including the entry of financial entities to digital assets space. In specific, it also examines ‘“illicit activity undertaken with digital assets”.
So readers, what’s your take on Facebook’s step of discussing with CFTC? Let us know in the comment below.
The post GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin appeared first on Coingape.
Source: CoinGape

CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?
The U.S. Commodity Futures Trading Commission (CFTC) said they are willing to approve Ethereum futures contract – provided it does everything right.
CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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Source: CoinSpeaker

A Big Plus, Ethereum (ETH) Futures Translate to Institutional Investment

Ethereum (ETH) prices add 4.4 percent
Anonymous senior official says CFTC may approve compliant ETH derivatives

Five months after issuing am RFI, the CFTC may get comfortable with Ethereum (ETH) derivatives opening up doors for institutional investment. Not only will it elevate Ethereum (ETH) position but CFTC approval would cement Ethereum as a go-to smart contracting platform.
Ethereum Price Analysis
Fundamentals
The CFTC is a US Agency that regulates the options and futures market. All entities or funds wishing to roll out crypto futures or options markets must get a nod from the regulator. With Bitcoin futures up and running, an official with the CFTC now says it may get comfortable with the idea of Ethereum derivatives provided their product “ticks all the right boxes” according to a CoinDesk report. The senior official chose to remain anonymous because the agency “doesn’t do bold pronouncements” further adding that:
“A derivatives exchange comes to us and says ‘we want to launch this particular product.’ … If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be [allowed to be] self-certified by us.”
It comes barely five months after they issued an RFI (Request for Information) back in Dec 2018 when they asked a raft of questions including the technology, the market cap, and market around ETH. According to George Pullen—the senior economist with the CFTC Division of Market Oversight, the RFI was necessary as the contrast would be a differentiator and their approach, not a “one-size fits all approach to crypto.”
Candlestick Arrangement

Although Ethereum (ETH) volatility is low, adding 6.7 percent in the last week, fundamentals point to an undervaluation. Considering what’s in store like Ethereum 2.0, reward reduction and developer preference, it is likely that prices will rally. Regardless, before necessary breakouts above $250 or higher, there must be a reversal and consequent invalidation of Nov 2018 losses.
In line with our previous ETH/USD trade plan, it is imperative that bulls close above April highs. That will signal bulls as prices rally past $170, a vital resistance level. After that, risk-averse, conservative traders can load up with targets at $250. Before then, risk off traders can buy on dips with targets at $190 as ETH prices bounce off the 78.6 percent Fibonacci retracement levels of Apr-2-8 high low.
Technical Indicators
Technically, it is after there is a reversal of Apr-25 bears that risk-off traders can increase their long positions. The bar has high volumes—160k, closing below the lower BB. Therefore, that means, close above $170 or Q4 2018 primary support must be with high volumes exceeding 160k activating the first wave of buyers.
Chart courtesy of Trading View
The post A Big Plus, Ethereum (ETH) Futures Translate to Institutional Investment appeared first on NewsBTC.
Source: New feedNewsBTC.com

Ethereum [ETH] Gains 6% As Possibility of CFTC Approved Futures Contract Comes To Light

Ethereum gained nearly 6.41% w.r.t. Bitcoin [BTC] on 6th May 2019. The price of Bitcoin rose from 0.02840 BTC to 0.0302 BTC. The price of Ether (ETH) at Hours UTC is $172.
The rise was seen in the last two 4-hour trading session. A key market indicator of the price rise is possibly the reports of a possible initiation of Ethereum Futures approved by the CFTC.
Also Read: Ethereum Price Analysis: Blasts Through Short-Term Hurdle – Stays In The Green

ETH/BTC 4-hour Chart on Coinbase (TradingView)
CFTC Ethereum Futures?
Reportedly, in the US, a Commodities Futures Trading Commission (CFTC) Senior official has expressed that Ethereum Futures might be a possibility in the near futures. The official told the media,
“A derivatives exchange comes to us and says ‘we want to launch this particular product.’ … If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be self-certified by us.”
On Ethereum, he said that they are “comfortable” with an Ethereum derivative. However, he reiterated the fact, that the approval or disapproval is solely decided upon by the review of a specific application.
Bitcoin Futures have been trading in the market since December 2017. Reportedly, the volume of trading on these derivates is equivalent to the actual trading volume on global exchanges due to the ‘fake reported volume.’
Moreover, an Ethereum based derivate contract will improve the price discovery characteristics of Ethereum and also increase investor confidence in the cryptocurrency as the regulatory bodies would oversee the transactions. Moreover, it also highlights the greater degree of decentralization on Ethereum due to its early adoption and a ubiquitous GPU mining protocol.
Do you think that Ethereum Futures demand will be as high as Bitcoin Futures? Please share your views with us. 
The post Ethereum [ETH] Gains 6% As Possibility of CFTC Approved Futures Contract Comes To Light appeared first on Coingape.
Source: CoinGape

Almost One-Third of Bitcoin Exchange Users Come from the US: Report

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Almost One-Third of Bitcoin Exchange Users Come from the US: Report
According to the report published by DataLight, the USA leads the world in crypto trading, with Japan and South Korea taking the second and the third places.
Almost One-Third of Bitcoin Exchange Users Come from the US: Report

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Source: CoinSpeaker

Nasdaq Adding Brave New Coin’s Index for XRP to Global Data Service

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Nasdaq Adding Brave New Coin’s Index for XRP to Global Data Service
Stock exchange operator Nasdaq has fulfilled its promise adding one more cryptocurrency index – this time for the world’s third-largest cryptocurrency, XRP.
Nasdaq Adding Brave New Coin’s Index for XRP to Global Data Service

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Source: CoinSpeaker

Exclusive: Greenspan doubles-down on Bitcoin pump origin claims; discounts Wall Street activity as being ‘after the fact’

Bitcoin [BTC] pumped by 15 percent on April 2, leading to a spike in institutional interest. While some have correlated it with Wall Street’s Bitcoin activity, which surged in close proximity to BTC’s rise, others have laid rest to these “insider” rumors.
Mati Greenspan, senior market analyst at eToro, in an exclusive interview with AMBCrypto claimed that institutions acted on the price rally “after the fact.” No prior information was revealed to large financial institutions, the analysts opined.
The Chicago Mercantile Exchange [CME] reported a massive 950 percent rise in BTC Futures contract volume, days after the price rally. Greenspan summed up this surge as “Wall Street’s trading activity on Bitcoin, in a nutshell.” On April 4, 22,542 BTC futures contracts were traded. The same was down to around 7,000 at press time.
The question was posed in light of a CFTC report claiming that long positions by institutional investors on the CME increased a week prior to the rally. On April 2 alone, 315 BTC futures contracts were opened, an incline of 88 percent when compared to the previous week, while short positions declined by 63 percent.
Greenspan refuted this coincidence, reiterating the post-rally actions of Wall Street. Even if the institutional activity occurred at the same time as the price surge, “it’s not something that could’ve moved the market on an exchange,” he added.
The eToro analyst also doubled down on his earlier claims that the origin of the pump was in Asia, specifically either “Japan or South Korea,” based on the “timing” of the rally. He based his inference on the timing of the “Asian trading session” coinciding with the pump.
Given that it was 0030 EST in New York during the price pump, Greenspan stated that these contracts were “not active” during this time and hence, Wall Street’s involvement was after the price rally. He stated,
“Just based on that timing, my assumption is that this move originated in the Asian market and certainly not on Wall Street.”
Greenspan further stressed on the “cash-settled” nature of CME contracts. Contracts floated by the futures exchange represent 5BTC and are settled in dollars at the expiry of the period. Hence, no Bitcoins are physically delivered. At no point during this rally did institutional investors hold the top cryptocurrency, he claimed.
However, Greenspan was optimistic of Wall Street’s involvement in Bitcoin, albeit from a mere trading perspective,
“It’s nice to look at their volumes and see that their taking notice of what’s happening in the [crypto] market.”
The post Exclusive: Greenspan doubles-down on Bitcoin pump origin claims; discounts Wall Street activity as being ‘after the fact’ appeared first on AMBCrypto.
Source: AMB Crypto

ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval

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ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval
Bakkt’s application with the NYDFS is seen as a possible gateway to get regulatory approval from the CFTC.
ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval

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Source: CoinSpeaker

Bitcoin based Bakkt Platform Moves to Acquire Bitlicense in New York: Bloomberg Report

Intercontinental Exchange Inc., the parent company of the New York Stock Exchange (NYSE), had announced the Bakkt Platform which was supposed to be launched in December 2018. However, due to delay in regulatory approval from the Commodity Futures Trading Commission (CFTC) in the US, the launch has been delayed ever since.
Bakkt platform is a revolutionary product built on Bitcoin. It would provide Bitcoin futures contract which would be settled in Bitcoin instead of the US dollar. When Bakkt’s one-day contracts expire, they will be paid out in Bitcoin tokens instead of U.S. dollars. Hence, the biggest concern of the approving authority is custody and money laundering.
Kelly Loeffler, the CEO of Bakkt platform noted in her recent blog post that:
“New product launches require solving for unknown variables, and I’ve seen first-hand that addressing these challenges can help clear the path for healthy, long-term growth.”
ICE Move to New York Department of State Financial Services (NYDFS)
Bloomberg reported from its sources that the other significant roadblock is that traditionally to offer derivatives trading the clearinghouse or platforms must deposit the margin or initial amount from the customer in a bank. Hence, CFTC is concerned over how the and where the funds would be managed if they are Bitcoins.
Moreover, this involves custody of Bitcoin on two levels, one for the clearinghouse to settle the transactions and for the trade orders of Bitcoin Futures.
Reportedly, the owner of ICE has suggested procuring a BitLicense from the State authority to allow for custody of Bitcoin. Moreover, the NYDFS has granted a license to several Exchanges and Trusts like Winklevoss’s Gemini Trust, brokerage firm Tagomi and Bitstamp, a crypto-FIAT exchange. However, Bakkt platform is an application based request for custody; i.e., the bitcoins will not be traded as it is, but other derivative products and payment modules will be built on it.
The approval from the State authority would not confirm the launch of Bakkt platform as the ultimate deciding authority would still be CFTC for Bakkt to launch Futures contracts, and other applications based on Bitcoin. Moreover, initially, it might be made available only to institutional ‘high-volume’ investors.
Furthermore, Bakkt also aims to enable retail payments to popular brands like Starbucks; the Bakkt platform would provide for conversion of Bitcoin to FIAT instantly to make payments.
Will Bakkt platform aims to offer a plethora of applications on Bitcoin. Do you think it will successfully launch any time soon? Please share your views with us.  

The post Bitcoin based Bakkt Platform Moves to Acquire Bitlicense in New York: Bloomberg Report appeared first on Coingape.
Source: CoinGape

LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures

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LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures
When approved, LedgerX will offer Bitcoin, Bitcoin options and Bitcoin futures to retail customers through its new platform Omni.
LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures

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Source: CoinSpeaker

‘Faketoshi’ Craig Wright Refuses to Disclose Key Information during Deposition

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‘Faketoshi’ Craig Wright Refuses to Disclose Key Information during Deposition
Even though Craig Wright recently quit Twitter, popular ‘Faketoshi” is in the news again for a lawsuit worth billions of dollars, that was filed against him in 2018.
‘Faketoshi’ Craig Wright Refuses to Disclose Key Information during Deposition

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Source: CoinSpeaker

Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

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Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

It seems that Starbucks has received a significant portion of equity in Bakkt despite not being a direct cash investor.

Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

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Source: CoinSpeaker

Will SEC and CFTC Ever Come to a Compromise?

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Will SEC and CFTC Ever Come to a Compromise?

Konstantin Rabin, financial expert and crypto enthusiast, takes a look at how regulatory institutions are different in terms of Bitcoin regulation and whether they will come to an agreement at all.

Will SEC and CFTC Ever Come to a Compromise?

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Source: CoinSpeaker

SEC and CFTC Set to Collaborate To Regulate Bitcoin ETFs and Other Investment Products

Reports revealed that the high profile regulators of the crypto market, SEC and CFTC is open to collaborating to regulate crypto investment products, including Bitcoin ETFs.
SEC Commissioner Hints To Collaborate
However, during ‘a Bipartisan Policy Center event’ last week which themed on ‘The Year Ahead for Capital Markets’, the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) discussed the better approach on regulating crypto products such as futures and ETF based on Bitcoin. At the event, so-called Crypto Mom, the SEC commissioner, Hester Peirce says that;
“At the SEC we’ve been unwilling to … sign off on a bitcoin ETF, an exchange-traded product based on bitcoin. My concern about our approach in that area is it looks a little bit like a merit-based approach judging the underlying bitcoin markets.”
An Exchange-traded fund based on Bitcoin is on rich bulletins every new day – since SEC is reluctant to approve ETF filings. In fact, Coingape reported that SEC has forced ‘a partial bitcoin ETF proposal, submitted by ‘Reality shares’ to withdraw it.

SEC staff requested to withdraw the ETF proposal submitted by @RealityShares On Next Day of Filinghttps://t.co/gCq8GPFQVU#SEC #ETF #BitcoinETF #Bitcoin #Cryptocurrency #Crypto #Finance #Bitcoinfutures
— CoinGape (@CoinGapeMedia) February 14, 2019

CFTC Follows Self-Certification Rule
Although regulations on Bitcoin and Crypto isn’t certain at many locations of the world the firms are building many projects on top of it. In Peirce view, regulators should be at their best diligence to decide on any product which are built on top of the market and those that are not regulated yet. With this, she argued that;
There are lots of markets that aren’t regulated but we nevertheless build products on top of them.” She said“I think we have to be very careful with that kind of reasoning’.
As such, the discussion took over by Brian Quintenz who is the CFTC Commissioner. He explains that any contract before they present will ensure that it meets the requirements of the Act. He notes that;
“We have a process in the Commodity Exchange Act that allows the exchanges to self-certify a contract if they believe it meets the requirements of the Act.
With the self-certification process, CBOE and CME will proceed with the contract that they see has good potential and opportunity to take forward. Elaborating this, CFTC commissioner argues that we disagree you when we really see a project has a better opportunity and ‘we self-certify that contract’.
 “[Both CBOE and CME Group] pursue that self-certification [route] so these contracts get listed without our approval but also without our disapproval.”
Interested in Working Together
Taking these sneaky points, Peirce goes on discussing the current market scenario which is quite confusing on regulatory stance. While explaining the better way on deciding crypto assets, Peirce hints to collaborate SEC and CFTC to serve better on providing guidelines. In her words;
“[This is] an area where I think Brian and I are interested in working together.”She continued, there [are] questions about where your jurisdiction ends and ours begins and again we don’t want to have overlap there so you know my main concern has been that I think we need to do a better job providing guidance,”
So readers, what do you think of SEC and CFTC collaboration if it happens? Do you think it onboard the clarity in the crypto market? share your opinion with us.
The post SEC and CFTC Set to Collaborate To Regulate Bitcoin ETFs and Other Investment Products appeared first on Coingape.
Source: CoinGape