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JPMorgan Chase & Co. has debuted its first blockchain collateral settlement system. JPMorgan ’s Tokenized Collateral Network (TCN) was used by BlackRock to tokenize shares in one of its money market funds. The tokens were then transferred to Barclays Plc for collateral in an OTC (over-the-counter) derivatives trade. The development was revealed by Tyrone Lobban, head of Onyx Digital Assets at JPMorgan in a recent interview. According to Lobban, the use of blockchain technology means that transfer takes place instantaneously. He added that the technology will increase efficiency. Moreover, it will free locked capital which can find use as collateral in ongoing transactions. Also Read: JPMorgan ’s Profits Set to Rise 25%, Other U.S. Banks to Follow Although the move is a step in the positive direction, the volume is still tiny compared to the bank’s larger business. Moreover, JPMorgan wants to allow clients to use other assets as collateral using the tech...

Grayscale Bags New Crypto Victory This Grayscale ruling marked a second landslide for the cryptocurrency industry against the markets regulator following Ripple’s victory back in July. According to some analysts led by Gautam Chhugani, the ruling “likely clears the path for a spot bitcoin ETF,” and increases the chances that the SEC might approve all the current applications from BlackRock, Fidelity, WisdomTree and others together. advertisement However, Grayscale has found itself in the never-ending contest of the Exchange Traded Products (ETP) industry over fees. The current form of the Grayscale ETF carries a 2% fee, a peg the company may find tough to sustain if it will stay competitive.  Looking at other U.S.-listed ETFs that have an average of 0.54% or other globally-listed crypto exchange-traded products with a 1.48% fee, the Grayscale product fee can be judged to be considerably high.  Michael Sonnenshein, Grayscale...

Bloomberg’s top exchange-traded fund (ETF) analysts, Eric Balchunas and James Seyffart, now see a higher likelihood of the United States Securities and Exchange Commission (SEC) approving a Bitcoin spot ETF In an Aug. 30 tweet, they revealed that the approval chances have risen to 75% in 2023, up from 65%. They also noted a 95% likelihood for the SEC to approve the derivative product in 2024. Timelines will not matter much After the SEC’s loss, the ETF analysts said the unanimity and decisiveness of the ruling were were beyond expectations. Specifically, Seyffart said the SEC now has “little wiggle room”. NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w "very little wiggle room" via @NYCStein pic.twitter.com/IyEGmWjuHa — Eric Balchunas (@Eri...

Patrick McHenry Criticized SEC Chair Gary Gensler US House FSC Republican Chairman Patrick McHenry earlier said he will closely watch the US SEC’s response to spot Bitcoin ETF filing by financial services giant BlackRock. advertisement Patrick McHenry said if the reports of the US SEC are true, then Gary Gensler has a lot to explain regarding the action. He urged the US SEC to look into a spot Bitcoin ETF, claiming that it will provide investors with a regulated product. In addition, he said the only reason behind rejecting it could be Gary Gensler wanting to kill crypto innovation in the US. However, the US SEC only informed Nasdaq and CBOE that they need to refile applications with respect to the “surveillance-sharing agreements” and spot Bitcoin exchange that would be used by BlackRock, Fidelity, and other asset managers. Recommended Articles ...