New York-based fintech provider Tassat in partnership with digital market maker Blockfills are all set to launch institutional Trade at Settlement (TAS) product for spot Bitcoin (XBT/USD). As the Bitcoin spot matures, it is likely that other Bitcoin products also come to fruition and expand the crypto trading space. In another development, the United States Securities and Exchange Commission (SEC) is reviewing its decision to reject the Bitcoin (BTC) exchange-traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca.
Will TAS Bring benefit to Crypto Traders?
TAS is a specific type of electronic order book which enables buyers/sellers to trade at a settlement price established during a discrete fixing period. The model will purportedly reduce uncertainty and eradicate slippage in execution by establishing a determined price for participants to trade around.
As a matter of fact, Blockfills trading platform will manage the order flow matching, execution and settlement of trades. For the Bitcoin (XBT/USD) TAS product, the reference rates have been constructed using aggregated institutional-size quotes from over ten global over-the-counter digital asset market makers.
Earlier this week, the U.S. Commodity Futures Trading Commission (CFTC) gave a green light to Swap Execution Facility (SEF) operated by Tassat. While the exact launch date continues to be in close wraps, the exchange is actively onboarding institutional participants and will soon launch physically-settled Bitcoin Margin Swaps.
Will Bitwise ETF See Green Light?
Per an official announcement, the SEC will be reviewing ETF filing from Bitwise Asset Management and NYSE Arca. As reported by Coingape in October, the applicants fell short of requirements and it was alleged that the product will increase market manipulation and illicit activities. The SEC at that time said,
“The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices.”
The SEC order further mentioned that Bitcoin spot market is “sufficiently resistant to manipulation”. Furthermore, the order to disapprove the proposed listing of the ETF filing from Bitwise Asset Management and NYSE Arca will remain in effect pending the Commission’s review.
Will Bitcoin spot market undergo an overhaul and get regulatory approval? Let us know, what you think in the comments below!
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.