In a recent interview, Mathew McDermott, the head of digital assets at Goldman Sachs, shared his thoughts with FOX Business on the future of digital assets and blockchain technology. McDermott highlighted the increasing involvement of traditional financial institutions in the digital assets space over the last 12 to 18 months. He attributed this trend to a growing recognition of the potential for digital assets to create efficiencies and reduce risks in business operations, aided by improved regulatory clarity worldwide.McDermott emphasized that the digital assets market has reached a stage where the technology’s efficacy is broadly accepted, allowing the focus to shift to building out and scaling the technology. This development, he believes, is crucial for realizing the commercial value proposition of digital assets.Looking ahead to 2024, McDermott anticipates significant advancements in tokenization and the development of marketplaces, particularly in the context of investor adoption. He expects the emergence of secondary liquidity on blockchain platforms to be a key driver of this trend. According to McDermott, this development will facilitate scale adoption, especially among buy-side investors.Another area of growth McDermott foresees is in enhancing collateral mobility by addressing inefficiencies in the financial market’s infrastructure. He predicts that adopting blockchain technology will reveal immediate commercial benefits, including reduced risks and improved operational settlement.McDermott also discussed the potential impact of the approval of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum, which the Securities and Exchange Commission is currently considering. He believes that such approval could attract more institutional investors to the digital assets market, even if they do not directly invest in the underlying assets. This, he says, will broaden and deepen market liquidity by creating institutional products accessible to entities like pension funds and insurers:“… it broadens and deepens the liquidity in the market. And why does it do that? It does that because you’re actually creating institutional products that can be traded by institutions that don’t need to touch the bare assets,” McDermott said. “And I think that, to me, that opens up the universe of the pensions, insurers, etc.“While McDermott does not expect an immediate major change in the marketplace following the approval of spot cryptocurrency ETFs, he predicts a gradual increase in liquidity and interest in these products throughout the year. He also anticipates growth initially focused on more traditional asset classes, gradually expanding to more opaque asset classes later in the year and beyond:“I think what you’ll see gradually and throughout the year, even if it’s approved, kind of first quarter, is a broadening and a deepening of the liquidity and those looking to trade the product. It is, as we all know, the highest performing asset class this year.“$BTC #BitcoinETF #BinanceFeed. #BinanceSquare.

SEC holding rare joint conference call' with spotU.S. Securities and Exchange Commission (SEC) is rumored to be speaking with multiple spot Bitcoin ETF applicants at once according to a Dec. 21 report.FOX Business correspondent Charles Gasparino wrote on X:“SCOOP: [The SEC] is having what’s described as a rare joint conference call with prospective “spot” [Bitcoin] ETF filers, as its closely watched decision looms on whether to give these [companies] the green light to sell to small investors access to crypto.”Eleanor Terret, also a FOX correspondent, said that the call involved ensuring that applicants are committed to a cash creation model. Terret added that the SEC told applicants to “remove all hints of in-kind redemptions from their filings.”An in-kind model would allow for certain Bitcoin transactions among ETF industry participants. Recent updates to BlackRock’s filing have already replaced mentions of in-kind with cash but leave room for an in-kind model pending approval.None of the involved parties have publicly confirmed the above call. Previously, the SEC has confirmed individual meetings, albeit not always immediately.Jan. 10 emerges key dateThe rumored conference call may indicate that the SEC may soon decide on spot Bitcoin ETF applications. Many experts suggest this will occur by Jan. 10, 2024.FOX Business itself has supported expectations of an ETF approval in the new year. In an article on Dec. 20, Gasparino and Terret wrote that sources close to various firms believe that an ETF will be approved by Jan. 10. Until now, the January deadline has largely been mentioned by members of unrelated companies and news sources rather than company insiders.Most sources expect approval by Jan. 10 based on public knowledge of a deadline by which the SEC must decide on an application from Ark Invest. Meetings between the regulator and numerous applicants, plus updates to filings, are also producing optimism — especially due to the SEC’s engagement with BlackRock, the most significant of the current ETF applicants.Separately, a legal ruling obtained by Grayscale requires the SEC to review (but not approve) its application. This has similarly produced optimism.Despite widespread expectations around approvals, the SEC could reject any application in January. It has not approved any spot Bitcoin ETF to date.$BTC #BTCETF #Binancefeed #BinanceSquare.

With U.S. regulatory approval of a spot bitcoin (BTC) ETF now nearly universally expected perhaps as soon as January 2024, Bitwise Asset Management on Monday unveiled what appears to be the first advertising for the new vehicles."You know what's interesting these days," reads Jonathan Goldsmith, the actor best known as the "Most Interesting Man in the World" from numerous Dos Equis beer advertising campaigns. "Bitcoin."Bitwise is among numerous firms awaiting approval from the U.S. Securities and Exchange Commission (SEC) for launching a spot bitcoin ETF. Unlike larger players like BlackRock, Bitwise has been offering crypto ETF products for several years, a point the ad makes clear at the end, saying "ETFs backed by crypto specialists."Among Bitwise's current offerings are the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) and the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC), both of which are futures-based products.Law Offers Fast-Track Citizenship for Bitcoin Donations to El Salvador, Report SaysUnder El Salvador’s recently approved immigration reform law, foreigners who donate to the government’s social and economic development programs will be eligible for expedited citizenship. However, the reform law does not reveal the amount of bitcoins that foreigners must donate to become eligible for expedited citizenship.El Salvador’s Successful Bitcoin BetAccording to reports, El Salvador’s legislature recently passed an immigration law that promises an expedited path to citizenship for foreigners who donate bitcoin (BTC) to the country’s social and economic development programs. The law, which was approved on Dec. 20, has the backing of President Nayib Bukele’s New Ideas party.Following bitcoin’s recent surge, which has seen the top crypto asset breach the $44,000 market, Bukele and his party have been touting El Salvador’s successful bitcoin bet. For instance, on Dec. 4, Bitcoin.com News reported that the value of the country’s bitcoin holdings was exceeding the initial outlay by more than $3 million. Another report revealed that El Salvador is now on course to launch in Q1 of 2024.The approved reform law is set to come into force in the coming days, according to a Reuters report. The reform law states that “altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador…by donating bitcoin” will be eligible for expedited citizenship. However, the reform law does not reveal the amount of bitcoins that foreigners must donate to become eligible for expedited citizenship.It states that those who meet the donation threshold will be exempted from the five-year naturalization process of permanent residence that normally applies to applicants from non-Spanish-speaking countries. On September 7, 2021, El Salvador became the first nation globally to adopt bitcoin as legal tender.$BTC #BitcoinETF #Binancefeed #BinanceSquare.

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