And now let's get to the big story breakdown.
Crypto majors are mixed after the September Fed meeting.
We are looking at Bitcoin trading above 117,000.
Meanwhile, the Securities and Exchange Commission clearing the way for a wave of new spot crypto ETFs.
Yesterday, the SEC approved rule changes allowing the NYSE, NASDAQ, and CBOET use generic listing standards for spot commodity products, including crypto ETFs.
This move does pave the way for new funds tied to assets, including Solana and Dogecoin.
Also earlier this week, US Congress members met with crypto leaders to discuss the Bitcoin Act, a bill to create a strategic.
Reserve and the roundtable included Representative Nick Begich as well as Senator Bernie Moreno and Michael Saylor and was hosted by the digital chamber and affiliates while joining the Post Fed on this Thursday morning is Andy Berra, head of product of research at Coin Desk Indexes.
Andy, good morning.
Thank you so much for joining me.
Where are we going to start?
There's a lot of so many headlines to digest the price action in crypto.
So I think it's been positive.
It seems that the market, it's hard to tease out.
With the overnight equity futures action, whether the Nvidia and Intel News or the consensus at the Fed meeting is the cause for optimism this morning given that this period's hike or sorry cut was so well broadcast that the market is taking it in a sanguine way and so is crypto.
Bitcoin is at the top of its kind of recent range, and that's a healthy place for it to be.
Its volatility continues to be quite low, but ether has been strong. and of course the other crypto majors that benefit the most from this SEC announcement yesterday really did pop overnight.
The timing of that announcement was quite a surprise.
Yeah, Andy, you mentioned that SEC announcement, and here we are at the New York Stock Exchange, and we know there are funds listed here, but in terms of foreign investors that are on Main Street watching this, what are the implications of this?
So let's break down what the SEC approved yesterday.
So as we know, for crypto.
ETFs exchanges like the New York Stock Exchange had to file a rule change to indicate to provide for that listing, and that is a 240 day process.
So with uncertain results, right, that's been true since the original Bitcoin ETFs and has been true until yesterday.
The generic listing standards set a set of criteria for crypto assets that allow the exchange not to have to file a rule change, and that would permit the timeline.
Listing a new ETF to be much shorter, closer to the typical 75 days.
This same kind of rule change took place for traditional asset ETFs back in 2019, and the market got much richer for ETFs right after that with a lot of new filings and a lot of new products.
It just makes things much simpler and much clearer, so it's very good for the business.
It certainly unleashes eligibility for a lot of assets, including two meme coins.
So we're very excited. to see what happens next.
Yeah, and speaking of what happens next here on the trading floor, we're awaiting the opening bell to see where the equity markets open up, but we are seeing green across the board for the major averages.
And in terms of Catalysts, of course we're counting down to the final quarter of this year.
What does that mean for crypto?
Well, right now I think with all this ETF news, it's going to be about flows and about investor and adviser activity.
The other thing that the SEC approved yesterday was a scale fund that tracks the coin desk 5 index, which we're very happy about that had been on a stay since the middle of the summer.
This will be the largest multi-t token ETF to hit the United States market, and the positioning is that this is a great product for advisors who want to bring their clients out of individual token picking like we say almost every week and timing the market and just buying a market portfolio.
So that product will launch very, very soon.
We hope extremely soon.
And that will kind of open up a new world for more passive index-based allocation to the crypto space in ETF form.
Yeah, and finally, Andy, before I let you go as we count down to the final quarter, of course we're paying attention to the regulatory landscape when it comes to Washington DC.
So what are you paying attention to and what matters?
I think what always strikes me is that and you'll have to forgive me if I've repeated this, but it's so rare to see this much regulatory process without looking in the rearview mirror and seeing a giant crisis, right?
This is happening in good times.
We are seeing collaboration and harmonization between the CFTC and the SEC.
We're seeing a collaborative spirit between the legislative branch and the regulators.
So that really means that the US is open for business and when you see things like tokenization, stablecoins, new token listings, market structure, investments, financial services, loans, all of these companies are starting to Inhale and say let's get to work.
So I think we're due to see a lot more good surprises about adoption and new businesses.
We've been really kind of in a pretty pleasant spot with regards to macro and Fed policy, so we'll have to see if we can skate through the end of the year on positive sentiment to match all of the growth that we expect in our asset class.
Well, Andy, always great talking to you.
Thank you so much for joining me a day after the Fed.
Thank you.
Thank you.
