Fidelity Bitcoin ETF listed on DTCC
Fidelity, a prominent player in the spot Bitcoin Exchange Traded Funds (ETF) market, achieved a significant milestone as its application was listed on the Depository Trust & Clearing Corporation (DTCC) website under the ticker symbol FBTC. The listing on DTCC, which provides clearing and settlement services for financial markets like NASDAQ, is seen as a bullish development and a step closer to receiving official approval. This follows the listing of applications from BlackRock and other companies earlier last month.
The listing comes amid ongoing debates about the future of cryptocurrency in the United States. US Senator Elizabeth Warren recently labeled crypto as “the new threat” during an interview on CNBC, calling for its immediate end. This sentiment was echoed by JPMorgan Chase CEO Jamie Dimon, who expressed his opposition to crypto by stating that he would shut it down if given the chance.
Despite the negative sentiments from some quarters, the push for the approval of Bitcoin ETFs has gained momentum, with the court ordering the SEC to approve the applications by January 2024 in the case of Grayscale vs. SEC. This development has sparked mixed reactions, with some voicing concerns about the potential risks associated with investment vehicles like Bitcoin ETFs.
The debate about the future of cryptocurrency is not new. Since the inception of Bitcoin in 2009 by an unknown person using the name Satoshi Nakamoto, the digital currency has faced scrutiny and skepticism from various quarters. Proponents argue that Bitcoin and other cryptocurrencies offer a decentralized alternative to traditional currencies, while critics raise concerns about their potential use for illicit activities like money laundering and terrorist financing.
As the debate about the future of cryptocurrency continues, it remains to be seen how regulatory bodies and financial institutions will navigate the evolving landscape of digital assets. The listing of Fidelity’s Bitcoin ETF on DTCC marks a significant development in this ongoing discussion and underscores the growing significance of cryptocurrencies in the financial markets.
