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ETF FILED: The withdrawal of the Cboe/VanEck/SolidX bitcoin ETF proposal means that for the first time in more than a year, the U.S. Securities and Exchange Commission (SEC) is not facing a deadline for a rule change proposal. But what are the prospects for such a product going forward?
VanEck CEO Jan van Eck has already indicated that his firm will re-file its bitcoin ETF proposal after the SEC starts back up. Another company, Bitwise Asset Management, has filed for a bitcoin ETF with NYSE Arca, but the SEC has not yet looked at the proposal.
Though SEC commissioners are reviewing nine rejected proposals from a handful of firms, those reviews are not subject to any deadline, and so it is unclear if or when a final decision may land.
Attorney Jake Chervinsky told CoinDesk that it is still possible for an ETF to be approved before the end of the year. If a company files a rule change proposal before May 5, 2019, a final decision would arrive by December 31. Moreover, Chervinsky said that "it's entirely possible that another [10] months of development in the cryptocurrency ecosystem could be enough to finally warrant approval of a bitcoin ETF. " Full Stories
TELLER BOOM: Bitcoin ATMs are becoming "a real alternative to banks," says Matias Goldenhörn, director of Latin America operations at the ATM operator Athena Bitcoin. He told CoinDesk that the teller machines have been thriving, despite the ongoing crypto bear market.
Coin ATM Radar estimates that there are some 4,213 crypto ATMs deployed worldwide, up from just 471 four years ago. Further, while some of these machines only allow customers to purchase bitcoin, many include support for other digital assets.
Some of this success comes from educational initiatives in Latin America. Certain teller machines give away small amounts of crypto to prospective users, a benefit in nations such as Venezuela, which is facing crippling financial and political insecurity.
Moe Adham, cofounder of crypto ATM retailer BitAccess, explained to CoinDesk that the machines provide nearly instant liquidity for cryptocurrencies, noting that "We can provide access to different cryptos with bitcoin as the settlement layer." Full Story
TRON AIDES: The Tron Group is engaging in a hiring spree. The company, which is behind a cryptocurrency of the same name, posted 10 new jobs for its San Francisco office Wednesday, including two aides for CEO Justin Sun.
In comparison, most companies in the space typically post one or two new positions at a time. Bitcoin futures market Bakkt raised eyebrows when it posted eight at once on Tuesday, but even the exchange's listings fall behind Tron's tktk.
Notably, between job postings on LinkedIn and Jobvite, Tron announced it was hiring a senior executive assistant to the CEO, who would work with Sun's personal assistant, manage his home, run personal errands and help with "packing/unpacking." A post for a personal financial accountant is also listed: this individual would track Sun's personal spending and manage his finances. Full Story
NOTES FROM DAVOS: All things considered, the blockchain industry made an impressive showing at Davos this week with hundreds of hours of programming, events and parties spread across dozens of venues around town.
If getting this technology onto the radar of global political elites and corporate bigwigs is the objective, it's mission accomplished. If demonstrating to them the real and objective value (i.e. beyond speculation and pie in the sky talk) of blockchain is the goal, then there still remains a lot of work to be done.
Granted, by all accounts the discussions around the tech and the crowds promoting these conversations were more mature than in 2018 (there were no stories this year of crypto parties being raided by police, etc). There was also a pronounced shift in strategy from "blockchain marketing" to "blockchain education" with greater emphasis on realistic expectations, use cases and problems.
However, it is equally clear that the industry has a long way to go if the goal is indeed to win over the hearts and minds of the global elite, many of whom see the technology as a get-rich-quick scheme employed by amateurs and hucksters. Others aren't so naive, though, and realize that if all this high-flying talk about decentralization actually comes to fruition, they could be the ones being disintermediated.
The over-representation of blockchain companies and events here also comes across as a bit head-scratching given the current state of the market – particularly as the chalets and lounges lining Davos' main promenade occupy the most expensive real estate in the world for the week (in fairness, these deals were booked months ago when things were different).
In all, we've managed to inform global elites we exist, now it's time to show we can live up to our promises.
Be sure to follow CoinDesk's Twitter feed and daily newsletter for more dispatches from Davos. The WEF event ends Friday, Jan. 25. |
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 CoinDesk's Crypto-Economics Explorer aggregates data points across the industry to measure the size and opportunity of crypto markets. In addition to price and market cap, CoinDesk's explorer provides users with a comprehensive way to view the crypto-economic forces that shape an asset's market maturity, growth and potential. Recently, dapp.com released their Annual Dapp Market Report. It summarizes data and provides insights into four mainstream blockchains – Ethereum, EOS, TRON and STEEM – they represent the whole blockchain ecosystem with the most active users in the market. The above snapshot covers EOS. Some 235 active apps generated $3.5 billion in transaction volume across 171,170 active users and 107 million transactions. Much of that activity concerned itself with the "betting" sub-sector, according to dapp.com. For more research insights, check out the full report.
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| PRESSURE BUILDING: With the daily trading range hitting three-month lows, bitcoin looks primed for a strong move in either direction. However, the coming triangle breakout looks likely to end with the bulls victorious, as the sluggish price action suggests the sellers have run out of steam. Full Story |
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BEST OF THE BEST BUSINESS LIVE: South African regulators may have inadvertently dealt themselves a blow after barring cryptocurrency developers from utilizing a tax incentive aimed at innovators, reports Business Live's Financial Mail. Cryptocurrencies have been classified as "financial instruments" according to the nation's Taxation Laws Amendment Bill, which was recently passed. Rob Hare, senior associate at law firm Bowmans, told the news organization that the move is surprising, and added that "the supposedly small change of categorising cryptocurrency as a financial instrument is an unnecessary step in the wrong direction." THE REST THE FINTECH TIMES: New research from the Global Blockchain Business Council indicates that 63 percent of institutional investors believe that senior execs at major businesses have a poor understanding of blockchain, reports Fintech Times. A tiny 7 percent of respondents described execs' understanding as "good," with the rest being put down as "average." While 76 percent felt senior executives are not terribly committed to blockchain, majority expect global spending on the technology to jump by 108 percent in 2019. As for where blockchain could have the greatest effect in the next five years, most (69 percent) said banking and finance, 45 percent pointed to digital identity and a third said healthcare. REUTERS: Blockchain technology may not actually help banks for at least three to five years, says JP Morgan analysts. Reuters reported Thursday that the bank published a new report claiming that cryptocurrencie' value has yet to be proven. According to the report, "Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging." The report also noted that investment in the space has declined over the last year, citing a drop in participation in the bitcoin futures markets as an example. |
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