Photo by Viktor Forgacs on Unsplash
Though there was a very long pause, it looks like cryptocurrency is making headway again for SEC legitimacy. On June 15, the world’s biggest fund manager BlackRock, with $9 trillion in assets, requested approval from the SEC for a bitcoin ETF (Electronically Trade Fund).
If approved, bitcoin will be regulated as a commodity and the fund will be called iShares Bitcoin Trust. Coinbase will be the custodial of the coins. Currently, financial services use a dual-entry system to record transactions. There is “friction” in this system which is needed to verify the transactions. With cryptocurrency and blockchain ledgers, a triple entry system will be implemented, and that system is called “frictionless”, saving considerable time, and money and increasing transactions between peers.
