{"id":76383,"date":"2023-10-24T19:07:12","date_gmt":"2023-10-24T23:07:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tradfi-continued-interest-in-crypto-shows-it-is-no-longer-a-fad-cftc-commissioner\/"},"modified":"2023-10-24T19:07:16","modified_gmt":"2023-10-24T23:07:16","slug":"tradfi-continued-interest-in-crypto-shows-it-is-no-longer-a-fad-cftc-commissioner","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76383","title":{"rendered":"TradFi Continued Interest in Crypto Shows It Is No Longer a Fad: CFTC Commissioner"},"content":{"rendered":"
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Cryptocurrency investing is rapidly breaking into mainstream financial consciousness, according to pro-crypto Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger.<\/p>\n

Making her thoughts heard in a special appearance on CoinDeskTV, Mersinger noted that crypto trading is no longer a fad.\u00a0<\/p>\n

According to her, several government regulators viewed cryptocurrencies as a hot topic that would fizzle out with time. However, the nascent industry has shown its mettle and is now pulling in traditional finance.<\/p>\n

Mersinger said this gradual interaction between legacy financial institutions and the blockchain-driven economy proves that these digital assets are here to stay, and even more mainstream investors would want exposure to them.<\/p>\n

The foremost crypto asset, Bitcoin, has stirred the crypto market awake once again with its meteoric rally following reports of an eventual spot Bitcoin exchange-traded fund (ETF).\u00a0<\/p>\n

In the last 24 hours, Bitcoin has rallied more than 12%, surging well above $35,000 with even more bullish momentum expected.\u00a0<\/p>\n

Bitcoin\u2019s strong rally was orchestrated by reports of BlackRock\u2019s proposed spot Bitcoin ETF, iShares Bitcoin Trust, making an appearance on a list<\/u> created by the Depository Trust and Clearing Corporation (DTCC).\u00a0<\/p>\n

The DTCC is responsible for post-trade clearances, settlement, custody, and information services. This rapid turn of events has led many ETF analysts to state that the opportunity of a spot Bitcoin ETF is significantly higher than ever before.\u00a0<\/p>\n

One such analyst is Bloomberg\u2019s senior ETF expert Eric Balchunas, who noted on X (formerly Twitter) that BlackRock\u2019s addition to the DTCC list is a clear signal that the asset management behemoth is leading the race in securing regulatory approval in the coming months.\u00a0<\/p>\n

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Commenting on the possibility of a Bitcoin ETF serenading the market, Mersinger stated that Bitcoin-based ETFs are already currently being offered.\u00a0<\/p>\n

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\u201cI think there\u2019s a lot of interest in these products. And, you know, the market is ready for these products to be available,\u201d she added.<\/p>\n<\/blockquote>\n

Bitcoin Spot ETF Pent-up Demand Could Trigger BTC Price Rally<\/h2>\n

Mersinger is not the only one recognizing the growing relationship between the crypto space and the traditional landscape.<\/p>\n

In a special appearance on CNBC\u2019s StreetSigns, Ernst & Young (EY) executive Paul Brody called attention to the institutional interest in crypto.\u00a0<\/p>\n

According to Brody, there is currently a pent-up demand for the crypto asset due to the refusal of the US Securities and Exchange Commission (SEC) to approve one.<\/p>\n

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Making a case for his position, the EY executive stated that there is currently a $200 trillion asset under management (AUM) from the \u201cBig Four\u201d asset management firms like BlackRock and VanEck.\u00a0<\/p>\n

These asset managers are waiting impatiently on the sidelines for the SEC to give an affirmative nod to offer their services.<\/p>\n

Providing context on why Bitcoin would be the biggest beneficiary of regulatory approval, Brody stated that several investors view the first decentralized currency as an asset and not a payment tool.\u00a0<\/p>\n

This is vastly different from Ethereum\u2019s ETH token, which is perceived as a computing tool for enabling permissionless value transfer.<\/p>\n<\/p><\/div>\n