Bitwise Tells SEC: ‘Bitcoin Now a Regulated Market of Significant Size’
Jack Martin's original article for cointelegraph.com reduced by 44%
Crypto index fund provider, Bitwise Asset Management, has given another presentation to the United States Securities and Exchange Commission in its bid for regulatory approval of its proposed Bitcoin exchange-traded fund. Firstly, the spot market has become more efficient, with the average deviation of Bitcoin price across the top ten exchanges falling. Many new institutional-grade Bitcoin custody services are springing up and receiving licenses from local jurisdictions to manage and store Bitcoin for clients.
"Meanwhile, this year has seen record Bitcoin futures volumes on the CME suggesting that the regulated futures market has now become"a regulated market of "Significant size," Bitwise notes in its presentation. Data patterns on certain other exchanges shifted to match the real-world patterns witnessed by Bitwise. Overall, the efficiency of the Bitcoin and cryptocurrency market continues to increase, along with volumes at the top ten exchanges.
SEC chairman, Jay Clayton recently reaffirmed his assertion that more regulation is needed before Bitcoin is traded on major traditional exchanges.
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CN [too long; didn’t read]
Summarised crypto news.