The Intersection: Crypto And Wall Street This Week

 

As bitcoin (BITCOMP), ethereum (ETH-X) and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

FACEBOOK AIMS TO LAUNCH CRYPTO IN 2020: Facebook (FB) is preparing to launch its own cryptocurrency, internally referred to as GlobalCoin, in roughly a dozen countries by 1Q20, BBC News' Szu Ping Chan reported Friday. The company, which has spoken to Bank of England governor Mark Carney as well as U.S. Treasury officials, wants to begin testing the virtual currency by the end of this year and is expected to outline more specific plans in the summer. In addition, the company held talks with some of America's largest trading houses and cryptocurrency exchanges as it looks to create the currency, the Financial Times' Hannah Murphy and Philip Stafford reported Friday. The company has talked to high-frequency trading firms Jump and DRW about making a market as well as with cryptocurrency exchanges Coinbase and Gemini, founded by CEO Mark Zuckerberg's enemies the Winklevoss twins, through which users could store their coins safely or could convert the Facebook coin into other cryptocurrencies.

SEC DELAYS DECISION ON BITCOIN ETF AGAIN: The U.S. Securities and Exchange Commission has again postponed a decision on approval of a bitcoin exchange-traded fund asking for additional comments on a plan by Cboe Global Markets (CBOE) to list an ETF from VanEck Associates and SolidX Partners, Bloomberg’s Vildana Hajric and Carolina Wilson reported Monday. The SEC said the delay does not “indicate that the Commission has reached any conclusions with respect to any of the issues involved”. The move comes after the agency previously delayed making a decision on the fund and denied an exchange’s request to list a bitcoin ETF backed by the Winkelvoss twins last year.

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