After NFA's Coinbase Approval, Will SEC Ride The Same Crypto Wave?
Portfolio Pulse from Murtuza Merchant
The National Futures Association (NFA) has approved Coinbase Global Inc (NASDAQ:COIN) as a Futures Commission Merchant (FCM), leading to speculation about the Securities and Exchange Commission's (SEC) stance on digital assets. Major financial institutions like BlackRock (NYSE:BLK) and Fidelity are applying for spot BTC ETFs, validating Bitcoin and the broader industry. The SEC's approach, seen as regulating by enforcement, has raised concerns about a potential exodus of digital asset innovators to markets with clearer regulatory frameworks.
August 18, 2023 | 3:23 pm
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NEUTRAL IMPACT
BlackRock's application for spot BTC ETFs indicates its interest in the digital asset market.
BlackRock's application for BTC ETFs shows its interest in the digital asset market, but the impact on its stock is uncertain until the application is approved.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Coinbase's approval as a FCM by the NFA could potentially boost its standing in the market.
The approval by the NFA could potentially increase Coinbase's credibility and attract more customers, positively impacting its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100