BlackRock, the world’s largest investment manager, recently announced its decision to launch an exchange-traded fund (ETF) that would be focused on Bitcoin and Bitcoin-related stocks. Following in BlackRock’s footsteps is Deutsche Bank, which revealed its intention to operate a crypto custody business to hold digital assets for its clients.

Such movements have boosted Bitcoin’s value, with the world’s most valuable digital currency rising to $31,389 on Friday. This comes after Bitcoin reached the $30,000 mark for the first time since April.

Fidelity Investments, Charles Schwab, and Citadel Securities are also looking to get a foothold in the crypto market, partnering to launch a new cryptocurrency exchange.

The Securities and Exchange Commission earlier this month filed lawsuits against Binance and Coinbase, two of the largest crypto exchanges in the world, after they allowed digital currencies onto their platforms that were not yet registered with the SEC. Despite this pressure, cryptocurrencies have continued to rise on the back of heightened support from traditional banking institutions. Total market capitalization for crypto assets reached $1.2 trillion on Friday; a 14% rise from the previous week.

The post Banking Majors Prop Up Cryptocurrency Amid Rising Lawsuits appeared first on theprimarymarket.com.

Armstrong shared his opinion on the matter while discussing the failure of Bahamas-based crypto exchange and crypto fund FTX during a recent appearance at an Innovate Finance-organized conference in London.

“This is the reason why we need clarity about legislation and regulation onshore because if the UK doesn’t have this, if the US doesn’t have this, these firms are going to be built in offshore havens,” Armstrong said.

Armstrong also raised the idea of relocating Coinbase headquarters or “whatever is necessary” in case US regulators continue to ignore the crypto market.

Cryptocurrencies remain mostly unregulated in the US, although the country’s agencies have been pursuing enforcement actions against a number of crypto firms in recent years due to illegal offerings or failure to prevent illicit activity. The holdback is believed to be caused by the lack of consensus between the Commodity Futures Trading Commission and the US Securities and Exchange Commission about who would have the authority to oversee the crypto sector.

At the same time, the UK and European Union have been working on drafts for crypto-focused laws, but those rules are still waiting to be put into action.  

The post Coinbase CEO Says Crypto Firm Will Develop in “Offshore Havens” Without Clear Regulations appeared first on theprimarymarket.com.

BlackRock, the world’s largest investment manager, recently announced its decision to launch an exchange-traded fund (ETF) that would be focused on Bitcoin and Bitcoin-related stocks. Following in BlackRock’s footsteps is Deutsche Bank, which revealed its intention to operate a crypto custody business to hold digital assets for its clients.

Such movements have boosted Bitcoin’s value, with the world’s most valuable digital currency rising to $31,389 on Friday. This comes after Bitcoin reached the $30,000 mark for the first time since April.

Fidelity Investments, Charles Schwab, and Citadel Securities are also looking to get a foothold in the crypto market, partnering to launch a new cryptocurrency exchange.

The Securities and Exchange Commission earlier this month filed lawsuits against Binance and Coinbase, two of the largest crypto exchanges in the world, after they allowed digital currencies onto their platforms that were not yet registered with the SEC. Despite this pressure, cryptocurrencies have continued to rise on the back of heightened support from traditional banking institutions. Total market capitalization for crypto assets reached $1.2 trillion on Friday; a 14% rise from the previous week.

The post Banking Majors Prop Up Cryptocurrency Amid Rising Lawsuits appeared first on theprimarymarket.com.

Armstrong shared his opinion on the matter while discussing the failure of Bahamas-based crypto exchange and crypto fund FTX during a recent appearance at an Innovate Finance-organized conference in London.

“This is the reason why we need clarity about legislation and regulation onshore because if the UK doesn’t have this, if the US doesn’t have this, these firms are going to be built in offshore havens,” Armstrong said.

Armstrong also raised the idea of relocating Coinbase headquarters or “whatever is necessary” in case US regulators continue to ignore the crypto market.

Cryptocurrencies remain mostly unregulated in the US, although the country’s agencies have been pursuing enforcement actions against a number of crypto firms in recent years due to illegal offerings or failure to prevent illicit activity. The holdback is believed to be caused by the lack of consensus between the Commodity Futures Trading Commission and the US Securities and Exchange Commission about who would have the authority to oversee the crypto sector.

At the same time, the UK and European Union have been working on drafts for crypto-focused laws, but those rules are still waiting to be put into action.  

The post Coinbase CEO Says Crypto Firm Will Develop in “Offshore Havens” Without Clear Regulations appeared first on theprimarymarket.com.