Bitcoin’s 2019 Calendar is Promising Fireworks; Court Case, ETF Approvals, Bakkt Launch, Mt. Gox
2019 has already been a peculiar year in the short life of crypto. The adoption cycle of cryptos has accelerated and most corporations and government have started to take it seriously. The infrastructure is being laid down for the adoption of crypto. There are just 4 more months left in the year, but these months are studded with important dates.
Here are a few dates listed chronologically
Bitfinex is being sued under the Martin Act, an anti-fraud law that directs the NYAG to investigate and prosecute securities fraud. The NYAG accuses Bitfinex and Tether of negotiating a line of credit from Tether's reserves to provide Bitfinex with access to as much as $700 million.
Notably, iFinex, the parent company for Tether and Bitfinex filed a motion for the dismissal of the case. The judge said that he will be extending the injunction until Aug. 22. The Court not only disagreed with the NYAG, ruling that they do have the authority to rule on the jurisdiction, the Court indicated that the New York attorney general has jurisdiction and a statutory decree to arbitrate this issue.
The Bakkt Bitcoin futures exchange has officially been cleared for launch on September 23rd. Bakkt was able to raise $740 million in Series A funding before having any customers under its belt, a strong sign that investors are betting big on the future of cryptocurrency. The creation of Bakkt more than one year ago was seen as a major step in bringing cryptocurrencies to mainstream investors. The futures contracts have already been greenlighted by the Commodity Futures Trading Commission (CFTC) but their launch was delayed several times over the past nine months.
October 13th and October 18th
From the perspective of institutional adoption, the next major development concerns the U.S. Securities and Exchange Commission, which is expected to deliver its ruling on a bitcoin exchange-traded fund (ETF) later this fall. Final decisions on the Bitwise and VanEck/SolidX proposals are expected by Oct. 13 and Oct. 18, respectively.
The SEC said it was instituting proceedings on whether to approve or disapprove a proposed rule change that would allow the VanEck SolidX Bitcoin Trust to issue and list its shares. The VanEck/SolidX bitcoin ETF was first filed last year with Cboe BZX but was pulled in January due to a long-lasting government shutdown. The companies re-filed the proposal later that month, shortly after Bitwise Asset Management filed its own ETF proposal with NYSE Arca.
Considering the massive growth trajectory following the launch of gold ETFs, many crypto enthusiasts believe that a similar positive correlation may exist between the Bitcoin price and the launch of Bitcoin ETFs. Furthermore, an ETF launch is expected to precipitate an influx of institutional money into the crypto market.