Goldman-backed Circle sees tokenization coming to all markets
Undeterred by the SEC’s recent disapproval of bitcoin ETFs or cryptocurrency price falls, Circle is intent on building a framework for the tokenization of finance with its stablecoin as the next big step.
On August 22, the US SEC disapproved rule changes requested by two exchanges – NYSE Arca and Cboe BZX – that would have allowed them to trade shares of various exchange-traded funds (ETFs) that go long and short bitcoin futures. Excitement had been growing in the crypto world that the arrival of such ETFs would herald a new era of widespread investment in cryptocurrencies, given the patina of respectability that comes with trading on regulated exchanges.
By turning down the exchanges’ attempts to list such vehicles, the SEC appears to have delivered a further body blow to cryptocurrency markets already reeling from precipitate price declines since the start of this year.