Coinbase Secures Perpetual Future License For Non-US Clients

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Coinbase secures perpetual future license for non-US clients. SEC extends deadline for Ark Invest & VanEck ETH ETF Filings. Tottenham Hotspur to use Chiliz blockchain for web3 token.

Coinbase - Perpetual Futures License

Coinbase has secured the green light from the Bermuda Monetary Authority (BMA) to provide perpetual futures trading for its non-U.S. retail customers. While the exchange had previously acquired a class F license from the BMA for non-US institutions, this fresh endorsement expands its reach to individual users.

Highlighting the market's scale, derivatives account for 75% of the worldwide crypto trading volume, underscoring traders' appetite for such services. Notably, only a handful of platforms cater to this demand.

Per the company's recent announcement, qualifying users can expect to access these regulated perpetual futures on Coinbase Advanced soon. The company emphasized its commitment to collaborating with top-tier international regulators to establish a solid crypto regulatory framework.

Coinbase acknowledged the increasing attention from local regulatory bodies, asserting their choice to establish and go public in the U.S. was rooted in the belief that the country should spearhead efforts to modernize the financial landscape.

Coinbase also secured a nod from the National Futures Association just last month, granting them the status of a futures commission merchant and permitting them to offer crypto futures to qualified U.S. clientele.

SEC Extends Deadline for Ark Invest & VanEck Spot Ethereum ETF Filings:

The U.S. Securities and Exchange Commission (SEC) has postponed its decision deadline for two Ethereum spot ETF applications until December 26, 2023, pushing it back from the original date of November 11.

Both Ark Invest, led by Cathie Wood, and investment firm VanEck, had their review periods extended by 45 days, as announced by the SEC in two distinct letters this past Wednesday.

Ark Invest initiated the 45-day evaluation clock with its Ethereum ETF proposal submission on September 6. Simultaneously, VanEck, having first proposed a spot ether ETF in 2021, rekindled its initiative to launch the product.

Citing the need for a more comprehensive review, the SEC has delayed its decision. Moreover, on September 27, 2023, the regulatory body showcased these proposals in the Federal Register, inviting public feedback.

Amidst uncertainty surrounding the approval timelines for Ethereum and Bitcoin spot ETFs, there's growing market confidence about the potential green-lighting of a futures-based ETH product.

Spot ETFs grant investors access to an asset by owning it directly, while Futures ETFs speculate on an asset's forthcoming price through futures contracts.

Bloomberg ETF analysts mentioned that his sources indicate the SEC is keen to hasten the Ether futures ETFs' introduction, urging applicants to amend their paperwork for an imminent announcement.

This urgency is fueled by the looming U.S. government shutdown, slated for October 1. If initiated, this would halt operations of numerous government agencies, including the SEC. The Senate's upcoming vote on its government funding bill will determine if this shutdown transpires.

Tottenham Hotspur to Use Chiliz Blockchain For Web3 Token

Tottenham Hotspur has taken the lead by becoming the first Premier League team in two years to launch its own fan token on the Chiliz blockchain.

Tapping into blockchain technology, Spurs aim to boost fan engagement and rewards through their exclusive Web3 fan token. They will roll out this fan token via Socios.com, a fan interaction platform developed on the Chiliz blockchain. This platform, embraced by over 80 significant sports teams globally, offers teams the tools to release and oversee fan tokens, digital keepsakes, and tangible rewards. Additionally, fans can have a say in decisions related to their beloved teams in a manner reminiscent of DAOs.

Top football clubs like Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atlético Madrid, and A.S. Roma have already incorporated blockchain for enhanced fan engagement. This new venture allows SPURS token holders to have a voice in team decisions, including possible jersey modifications. Spurs will join forces with MatchWornShirt to auction game-worn jerseys authenticated on the Chiliz blockchain.

Set for an October 4th debut, SPURS tokens will be available on crypto exchanges supporting Chiliz tokens. Starting October 8, UK-based Socios users will notice disclaimers on fan token promotions, aligning with the Financial Conduct Authority's guidelines on crypto asset promotions. These measures will necessitate rigorous advertising protocols and cautionary notes regarding potential crypto or fan token investments.

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