The political scenario around cryptocurrencies in the United States of America is quite volatile and polarized. Due to its decentralized nature, most authoritative bodies, including governments, have begun to consider it a threat. Cryptocurrencies, in their essence, provide as much control as possible to the owner of the wealth. For common people, this is a boon that they couldn’t have imagined a couple of decades ago.
Recently, U.S. Securities and Exchange Commission or SEC has rejected VanEck’s spot offering. In simpler words, VanEck offered a Bitcoin ETF that would be able to track the current price of Bitcoin accurately. As of now, the value of Bitcoins and other cryptos is tracked based on their futures. VanEck’s project will allow crypto traders and enthusiasts to get a better idea of the prices of cryptos. This would also allow them to have a more comprehensive understanding of crypto trading.
After the rejection by SEC, VanEck will be launching ‘XBTF’. With its focus solely on Bitcoin, VanEck’s project will allow crypto to be a bit more like stocks.
The Global Scene
In Canada, OSC has already approved two Bitcoin’s ETFs – BTCC and EBIT. It is more likely that SEC will also have to come around as crypto becomes increasingly popular among traders as an alternative to stocks. The eyes of the whole world are fixed on the U.S.A. and its attitude towards cryptocurrency. Due to its influential power in this era of globalization, the future of crypto will be shaped based on the interactions between the crypto industry and the U.S. government