U.S. Could Challenge Other Jurisdictions’ Web3 Dominance, and other Crypto News
Experts have pointed to the opportunity for the United States to lead in cryptocurrency and web3 innovation against the rest of the world’s jurisdictions, should Donald Trump win the presidential election in November.
Donald Trump’s bid for the U.S. presidency is challenging the dominance of other jurisdictions, such as Hong Kong and Dubai, on the web3. This was recently noted by several experts who see the former U.S. president’s plans to lead technological innovation in the crypto industry globally as positive.
Cosmo Jiang, portfolio manager at Pantera Capital, told Bloomberg that the U.S. regulatory landscape for cryptocurrencies could change dramatically if Trump wins the upcoming election in November. According to Jiang, this could open up new opportunities that will attract companies and participants in the crypto industry to the country and force other jurisdictions, such as Hong Kong, Dubai and Singapore, to work harder to continue attracting cryptocurrency investors and companies to their territories.
Kelvin Koh, co-founder and chief investment officer of Spartan Capital, also told Bloomberg that if Trump wins the upcoming election and creates a clearer cryptocurrency regulatory regime in the US, it would mean “much more capital” into the world’s largest economy.
Likewise, Bloomberg analysts highlighted that Trump’s effect is already being felt in a positive way for the crypto industry, considering the statements made by Hong Kong lawmaker Johnny Ng after Trump’s speech at the Bitcoin Conference 2024 about the creation of a strategic bitcoin reserve in the country.
As reported by that media outlet, the lawmaker said that “Hong Kong could explore the inclusion of the cryptocurrency in its financial reserves, recognizing its growing acceptance as a legitimate investment asset and its status as digital gold.
Bitcoin ETFs Not in Japan’s Plans in the Short-Term
Spot bitcoin ETFs will not be listed in Japan anytime soon, according to Hideki Ito, commissioner of Japan’s Financial Services Agency. In an interview, Ito emphasized that Japan will have to carefully consider whether or not to approve spot cryptocurrency ETFs, as has been done in other jurisdictions.
In particular, he noted that these investment products are not a priority for generating long-term wealth for investors in the nation, so in spite of the positive approach to Web 3, he is not looking to approve these financial instruments in the short term.
However, Ito also stated that Japan is not completely ruling out the approval of spot cryptocurrency ETFs, which signals its commitment to maintaining a proactive stance with new technological innovations.
BlackRock Unveils Plans to Launch Ethereum Options
The world’s largest asset manager, BlackRock, has filed a document outlining its interest in the launch of options on its Ethereum spot ETF. BlackRock plans to list and trade options on its Ethereum spot exchange-traded fund on Nasdaq next year, according to the document filed with the U.S. Securities and Exchange Commission (SEC).
The filing explains that options based on its Ethereum Spot ETF will provide investors with a more accessible, low-cost alternative to gain exposure to the second most highly capitalized cryptocurrency in the market.
Standard Chartered’s Mox Offers Bitcoin ETFs
Mox, a subsidiary of Standard Chartered, is set to revolutionize the Hong Kong financial market with bitcoin ETFs. Mox has taken a bold step by launching the trading of bitcoin and cryptocurrency exchange-traded funds (ETFs) on its investment platform.
Barbaros Uygun, CEO of Mox, noted: “The addition of bitcoin and cryptocurrency ETFs gives our clients access to emerging asset classes.
Mox is able to offer competitive rates and provide a cheaper alternative to traditional vehicles by leveraging its virtual banking infrastructure.
By Audy Castaneda