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June 2023 has marked a significant phase for cryptocurrencies that will be remembered in the years to come. After the collapse of LUNA, we hinted that the regulatory environment for crypto would never be the same. Subsequent bankruptcies and strict attitudes developed, making June a turning point.
Cryptocurrency Good News
Following the Spot Bitcoin ETF application by BlackRock, trillion-dollar giants began investing in cryptocurrencies. CACEIS, an asset service company owned by Credit Agricole and Santander, registered with France’s market regulator AMF to provide custody services for digital assets like cryptocurrencies. This promising news is just one among many in the last ten days. The application made today reflects confidence that BlackRock will get approval. Cryptocurrency has now officially become an area in which traditional finance giants are involved.
According to the AMF website, the company registered as a digital asset service provider (DASP) on June 20. The number of crypto-focused companies recorded by the French regulator is increasing daily. France is supporting the newly emerging sector and became the first major European country to give registration to Binance, the world’s largest cryptocurrency exchange.
Subsidiaries of other big names in French finance, such as Societe Generale and AXA, are also among the DASPs registered with AMF. A few days ago, the German giant DB also applied for crypto custody service.
Cryptocurrencies Latest Situation
Under CACEIS’s management, there are at least $4.5 trillion in assets.
At the time of writing, the Bitcoin price is above $29,800. In the last ten days, there has been a flurry of significant news, which was even challenging to keep up with. Companies managing a total of nearly $30 billion in assets entered crypto within just two weeks. We’ve seen over four ETF applications following BlackRock’s. Everyone expects the SEC to approve the Spot Bitcoin ETF for BlackRock without delay. If the SEC rejects this application as well and begins to approve in the future, companies may sue, asking “what changed?”
Furthermore, the SEC’s “rejection” defenses about volatility and risks are no longer seen as logical. Future and Spot prices are affected by the same volatility. Therefore, approving one while rejecting the other is not something the SEC can strongly defend.
