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Bitcoin ETF Could "Absolutely" Be Feasible Within the Next Few Years: State Street Executive

  • Alex Dovbnya
    📰 News

    According to Jay Biancamano, State Street could embrace assets “very quickly” if there’s demand for them

Bitcoin ETF Could "Absolutely" Be Feasible Within the Next Few Years: State Street Executive
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State Street’s managing director for digital product development Jay Biancamano suggested that the world’s largest custody bank could move into digital assets “very quickly” during the most recent episode of Fortune’s “Balancing the Ledger.”

We should be prepared to move in that direction if our clients want to invest in those assets”

He also expects a Bitcoin ETF to be approved within the next few years.  

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Moving beyond Bitcoin    

Jay Biancamano says they are not focused on cryptocurrencies, such as Bitcoin and Litecoin. Instead, State Street wants to see the bigger picture.

Everyone talks about cryptocurrencies, but even illiquid assets like real estate are now being tokenized on a Blockchain. Thus, investors will be able to diversify their portfolios.

If you look at 30 years ago when assets moved from materialization to dematerialization—where we moved from coupon clippings and stock certificates to electronification—we believe the same thing is going to happen with digital assets."

Biancamano is certain that Blockchain will be able to democratize real estate and make transactions much faster (it currently takes up to ten days to settle a deal).  

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Crypto custody

Cryptocurrency custody has turned into a rapidly growing business niche with Coinbase alone storing about five percent of all BTC in circulation.

State Street holds about $30 trln worth of assets, and the new tokenization trend will allow them to increase that number, according to Biancamano.

I think assets under management will increase, and I think that’s the unique opportunity for us.”

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Bitcoin ETF
When asked about the chances of a Bitcoin ETF being approved by the SEC during the next few years, Biancamano had a very short answer: “Absolutely.” He later added that there are regulatory and custody issues that need to be hammered out.   

I think you have to have the same regulatory clarification, and the same risk assessment that regulators want” 

As reported by U.Today, Bitwise is expected to hear its verdict from the regulator this month.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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