Experts have pointed out the opportunity that the United States has to lead the innovation of cryptocurrencies and Web3 compared to the rest of the world's jurisdictions, if Donald Trump were to win the presidential elections in November. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
The United States could lead global Web3 innovation
📍Donald Trump's candidacy for the US presidency is challenging the dominance of other jurisdictions, such as Hong Kong and Dubai, on Web3. This was recently pointed out by several experts, who consider the former US president's plans to lead technological innovation in the crypto industry globally as positive.
Cosmo Jiang, portfolio manager at Pantera Capital, said Bloomberg that the United States regulatory landscape for cryptocurrencies could change drastically if Trump were to win the next election in November. This, according to Jiang, could open up new opportunities that will attract companies and participants in the crypto industry to the country and force other jurisdictions, such as Hong Kong, Dubai and Singapore, to work harder to continue attracting investors and cryptocurrency companies. to their territories.
“As the United States continues to progress and that recedes, so will our capital allocation”Jiang commented, referring to Trump's change in stance towards the crypto industry and his promise to transform the hostile regulatory environment that the country has until now maintained towards digital assets.
Kelvin Koh, co-founder and chief investment officer of Spartan Capital, also told Bloomberg that if Trump were to win the next election and establish a clearer regulatory regime for cryptocurrencies in the United States, this would mean “a lot more capital” into the larger economy. big in the world.
Likewise, Bloomberg analysts highlighted that the Trump effect is already being felt positively for the crypto industry, considering the statements made by Hong Kong legislator Johnny Ng after Trump's speech at the Bitcoin Conference 2024 about creating a strategic Bitcoin reserve in the country. As reported This time, the legislator commented that Hong Kong could explore the inclusion of cryptocurrency in its financial reserves, recognizing its growing acceptance as a legitimate investment asset and its status as digital gold.
Bitcoin ETFs are not in Japan's plans in the short term
📍Hideki Ito, commissioner of the Financial Services Agency of Japan, assured that Bitcoin spot ETFs will not be listed in the nation soon. During an interview, Ito stressed that Japan needs to cautiously consider whether to approve spot cryptocurrency exchange-traded funds like other jurisdictions have done.
Specifically, the FSA commissioner noted that these investment products are not a priority for generating long-term wealth for the country's investors, which is why, despite his proactive approach towards Web3, he is not considering authorizing these financial instruments. in the short term.
However, Ito also stated that Japan is not completely ruling out the approval of cryptocurrency spot ETFs, signaling its commitment to maintaining a proactive stance with the innovation of new technologies.
BlackRock reveals plans to launch Ethereum options
📍The world's largest asset manager, BlackRock, presented a document in which it explains its interest in launching options for its Ethereum spot ETF. According to the document that was filed with the United States Securities and Exchange Commission (SEC), BlackRock plans to list and trade options for its Ethereum spot exchange-traded fund on Nasdaq next year.
La presentation explains that options based on its Ethereum spot ETF will provide investors with a more accessible and low-cost alternative to gain exposure to the second most capitalized cryptocurrency on the market.
Standard Chartered's Mox Offers Bitcoin ETFs
📍Mox, a subsidiary of Standard Chartered, wants to revolutionize the financial market in Hong Kong with Bitcoin ETFs. Mox has taken a bold step by launching trading of Bitcoin and cryptocurrency exchange-traded funds (ETFs) on its investment platform. This launch, which was announced on August 7, makes Mox the first virtual bank in Hong Kong to offer investment products linked to Bitcoin, marking a significant milestone in the evolution of the financial sector in the region.
Mox's new offering includes ETFs that track the price of Bitcoin, as well as options for cryptocurrency-derived ETFs in the United States. This move responds to growing demand from investors, as a recent survey revealed that approximately a third of Hong Kong residents already interact with Bitcoin and cryptocurrencies, and a similar proportion would be willing to switch banks for services related to these digital assets.
Mox CEO Barbaros Uygun highlighted that the inclusion of Bitcoin and cryptocurrency ETFs “empowers our clients to access emerging asset classes”.
By leveraging its virtual banking infrastructure, Mox is able to offer competitive rates, providing a cheaper alternative compared to traditional vehicles.
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