Blackrock’s Bitcoin ETF Application Update, Warnings of Possible Reversal in XRP Ruling, and More — Week in Review
Financial megalith Blackrock’s bitcoin exchange-traded fund (ETF) application has now been accepted by the U.S. Securities and Exchange Commission, and added to the regulator’s docket. In related news, a former official from the SEC has said the recent ruling on XRP from the SEC v. Ripple case “resides on shaky ground” and is likely to be reversed. This and much more just below, in the latest Bitcoin.com News Week in Review.
SEC Accepts Blackrock’s Bitcoin ETF Application
The U.S. Securities and Exchange Commission (SEC) has accepted the application for a bitcoin exchange-traded fund (ETF) filed by asset manager Blackrock. The move indicates the regulator is preparing to seriously consider a bitcoin ETF and could eventually set the stage for wider adoption of crypto assets and products.
Nobel Laureate Paul Krugman Says US Dollar Dominance Won’t Last Forever but Doubts Chinese Yuan Can Replace USD
Nobel Prize-winning economist Paul Krugman says the U.S. dollar’s dominance “won’t last forever.” While recognizing the global de-dollarization trend, he expressed skepticism about the Chinese yuan’s ability to replace the U.S. dollar as the world’s dominant currency.
Former SEC Official Warns of Reversal in SEC v Ripple Ruling on XRP — Says ‘the Decision Resides on Shaky Ground’
The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that the ruling on the SEC v. Ripple case “resides on shaky ground” and will likely be reversed. “The Ripple decision grants to the institutional investor full SEC protection … However, the retail investor is not granted any SEC protection at all. This seems backwards to say the least,” he stressed.
Economist Sounds Alarm on US Dollar Losing Reserve Currency Status
An economist with the Heritage Foundation has warned about the potential calamity of the U.S. dollar losing its reserve currency status. He stressed that “The Biden administration has taken so many actions to dethrone King Dollar that it would be difficult to rank them all by their destructiveness.”
What are your thoughts on this week’s developments in crypto and finance? Let us know in the comments section below.
