Crypto Biz: The race for a Bitcoin spot ETF, Wall Street’s new crypto exchange, and other news
The bid for the first Bitcoin (BTC) spot exchange-traded fund (ETF) in the United States is gaining traction following BlackRock’s recent application, with both former applicants and new players seeking permission from the U.S. Securities and Exchange Commission (SEC) to list a crypto ETF.
Although it’s unclear whether the SEC will finally allow a Bitcoin ETF, BlackRock’s initiative appears to have “breathed new life into the race” amid the ongoing crackdown on the crypto industry.
Other headline news includes Wall Street titans backing a newly launched crypto exchange despite the current regulatory landscape. The newcomer is EDX Markets, supported by names such as Citadel Securities, Fidelity Investments and Charles Schwab — among others.
Meanwhile, crypto pioneers keep fighting for survival. On June 17, a U.S. judge approved an agreement between Binance.US and the SEC to avoid the exchange’s assets being frozen, while Gemini is seeking to expand operations beyond U.S. authorities’ reach.
This week’s Crypto Biz looks at the wave of applications for a Bitcoin spot ETF, the most recent centralized exchange (CEX) launch in the U.S., and CleanSpark’s aggressive mining expansion despite the bear market.
The U.S. crypto industry has a new player: EDX Markets. The new CEX made a notable entry with backing from prominent financial institutions such as Citadel Securities, Fidelity Investments, Paradigm, Sequoia Capital and Charles Schwab. Currently, the exchange supports trading only four cryptocurrencies: Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). In the coming months, EDX plans to introduce EDX Clearing, a clearinghouse to settle trades executed on the EDX Markets platform.
At least three investment firms have
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