Fidelity Funds Management LLC has taken a proactive step by filing an updated version of its spot Bitcoin Exchange-Traded Fund (ETF) application after receiving feedback from the US Securities and Exchange Commission (SEC). This move, following in the footsteps of Ark Invest and Invesco, marks a pivotal moment that could potentially reshape the future of digital currencies, with far-reaching implications for projects like Pi Network.
The filing by Fidelity comes amidst a flurry of activity within the cryptocurrency ETF sphere. Notably, Ark Invest and Invesco have also updated their Spot Bitcoin ETF filings, indicating a genuine engagement between these firms and the SEC. ETF specialist James Seyffart from Bloomberg Intelligence views this development positively, highlighting the significance of this engagement between the regulatory body and the applicants.
The recent resubmissions have shed light on five common factors that seem to be crucial metrics in the eyes of the financial regulator. These include the mechanics around hard forks, valuation and pricing sources adhering to Generally Accepted Accounting Principles (GAAP), risk disclosure concerning regulatory uncertainty, the energy-intensive nature of mining, and risks associated with illicit transactions.
Of particular interest to the SEC is the energy-intensive nature of mining, with a focus on its geographical impacts and how issuers plan to mitigate these effects, especially concerning the price of Bitcoin. This scrutiny underscores the regulatory body’s commitment to ensuring sustainable and responsible practices within the cryptocurrency ecosystem.
For the Pi Network project, this development holds immense significance. The potential approval of Bitcoin ETFs could lead to increased mainstream adoption of cryptocurrencies, including Pi, thereby expanding the project’s user base and enhancing its overall ecosystem. As the cryptocurrency landscape evolves, Pi Network stands poised to leverage these developments, aligning itself with responsible practices and regulatory compliance to foster a more secure and sustainable digital future.
All eyes are now on the SEC, with market observers eagerly awaiting further updates. The outcome of these ETF applications could potentially pave the way for a new era in the cryptocurrency space, bringing both challenges and opportunities for innovative projects like Pi Network. As the industry navigates these transformative times, the Pi community remains watchful, anticipating the impact of these regulatory decisions on the future of their network and the broader cryptocurrency landscape. Continue Reading
Source: FXStreet
Crypto universe is hot and alive, lots of development going on in every blockchain and the overall market cap is on the increasing trajectory. The Wall Street does not want to miss the action, many newcomers from the institutional investors in the current crypto space and this will fuel the next bull run for this exact reason, the next bull run (2025 – 2026 – assuming #USDT does not fall and no major negative economic/financial shifts occur in the markets) will be the crypto bull run on steroids. Bitcoin ETF, Ethereum ETF is just a matter of time and it does not matter if it gets approved before December 31, 2023 or in the first Q1 of 2024, it is a done deal and this have a massive positive net increase effect for mass adoption, crypto market cap growth and the overall crypto utilization. In 2023 alone more retailers and service providers joined the crypto universe by accepting payments with crypto. This development together with EU’s MiCA Act will be a strong foundation support for the next bull run + and then the FOMO effect! $7-$10 trillion crypto market cap (and eventually surpass the gold market cap!) will be the next stop!