JPMorgan Chase & Co. once had a negative view of Bitcoin, but recently two major asset managers – Invesco and BlackRock – have designated it as an authorized participant in the Bitcoin ETF. This marked a remarkable change for Wall Street.
In the past, JPMorgan Chase CEO has publicly questioned the legitimacy of Bitcoin as a tool for crime and money laundering. However, now the bank, which was fined tens of billions of dollars, has become a partner of the two giants, handling the creation and redemption of Bitcoin ETFs.
This shift suggests that the recognition and acceptance of Bitcoin in the financial community is gradually developing. The addition of JPMorgan Chase could mean a profound change in financial institutions' attitudes towards digital assets. Perhaps seeing a potential business opportunity, these companies are beginning to recognize the potential of Bitcoin instead of simply classifying it as a tool for crime.
In addition to JPMorgan Chase, other Wall Street ETF giants, such as Invesco, Franklin Templeton and Fidelity, have also applied for spot Bitcoin ETFs, heralding a profound change in the ETF market. At the same time, a number of well-known ** companies, such as Jane Street Capital, are also involved, providing technical and operational support for the promotion of the ETF.
The surge in this series of applications demonstrates the strong interest in digital asset ETFs in the financial markets. The promotion of ETFs will provide investors with a more convenient way to participate in the Bitcoin market, and also take a step further for the legitimacy of digital assets. The influx of industry giants is likely to prompt more institutional investors to enter the market, driving volatility in digital assets such as Bitcoin.
The U.S. Exchange Commission (SEC) plays a key regulatory role in this wave. They prefer Bitcoin ETFs to adopt a cash model to reduce the number of intermediaries who have access to actual Bitcoin. This is interpreted as an effort by regulators to ensure transparency and compliance in the market.
The SEC's decision could have far-reaching implications for the entire digital asset market. By advocating for a cash model, the SEC seeks to reduce the risk of market manipulation and money laundering. However, the decision has also caused controversy within the market, with some arguing that it could weaken the essence of the digital asset market, while others see it as a necessary measure to ensure the long-term health of the market.
Newbie Assistance Program Application Tide and Market Expectations.
Behind this financial change, there are 14 asset managers hoping to get approval from the SEC for spot Bitcoin ETFs. This wave of applications has raised expectations for the approval of Bitcoin ETFs, as it will provide more investors with the opportunity to participate in the digital asset market.
Investors' anticipation of Bitcoin ETFs is driving the market boom. The digital asset industry is gradually moving away from its once marginal position and becoming an integral part of the portfolio. If the SEC ultimately approves these ETFs, this will likely trigger more institutional investors to flood the market, laying the groundwork for the further development of digital assets.
Behind all these changes, there are also some controversies and concerns. On the one hand, this trend may bring more legitimacy and recognition to digital assets such as Bitcoin, but on the other hand, market regulation and risk management have also become issues that cannot be ignored. There are differences of opinion within the market on the SEC's cash model decision, with some seeing it as a long-term health concern for the market, while others are concerned that it could limit the market's potential.
Controversy inevitably accompanies changes in financial markets. Attitudes towards regulatory measures are likely to be divided, with some expecting more regulation to ensure market transparency, while others are concerned that regulation that may be too conservative will limit innovation and development in the market. This controversial background makes the future development of the digital asset market all the more interesting to watch.
Ultimately, the future of the digital asset market is full of expectations and challenges. In the interweaving of forces, the approval of the Bitcoin ETF could become an important node in this trend. However, controversy and uncertainty will also accompany the development of the market. In this dynamic and transformative space, we will witness how digital assets find their place in the financial system.