- Bitcoin Cash value surged by 98% since June, from $113 to $224, primarily due to its inclusion on the EDX Markets, a crypto exchange backed by Wall Street giants Charles Schwab, Citadel Securities, and Fidelity Digital Assets.
- The initial offering of EDX Markets includes only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash due to their regulatory clarity and broad acceptance as digital commodities.
With the debut of EDX Markets, Bitcoin Cash – a cryptocurrency that split from Bitcoin in 2017 – has seen a dramatic uptick in value. This crypto exchange, supported by heavyweight Wall Street companies, initially offers only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to its exclusive institutional investors.
The choice of these four cryptocurrencies by EDX is driven by their clear regulatory status. Jeff Feng, Co-founder of Sei Labs, explained that these cryptocurrencies are generally considered commodities by regulatory bodies, which substantially reduces potential legal complications. Similarly, Youwei Yang, Chief Economist at BTCM, stated that these assets are viewed as digital commodities, making them relatively safe from scrutiny by the U.S. Securities and Exchange Commission (SEC) as they are generated through electricity – a recognized commodity.
In recent times, the SEC has pursued several major cryptocurrency brands for alleged distribution of unregistered securities. It has targeted Binance, the world’s largest crypto exchange, and Coinbase, among others. Despite the regulatory ambiguity around many cryptocurrencies, the SEC Chair, Gary Gensler, has clearly classified Bitcoin as a commodity. While Ethereum’s status is less explicitly defined by Gensler, the Commodity and Futures Trading Commission (CFTC) regards it as a commodity.
>> Buy Bitcoin Cash quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with BCH now. Visit Website <<
Bitcoin Cash and Litecoin are both forks of Bitcoin – new cryptocurrencies created from Bitcoin’s original code – suggesting they share the same regulatory status. Greg Moritz, Co-Founder of crypto hedge fund AltTab Capital, noted that none of these four assets have been listed as unregistered securities by the SEC, affirming their established status and history as crucial factors in EDX’s selection process.
Jamil Nazarali, CEO of EDX Markets, expressed his comfort that these assets were not securities, making them a safe introduction for traditional investors into the crypto realm. However, as regulations and comprehension of diverse cryptocurrencies evolve, exchanges like EDX may expand their offerings, Jeff Feng noted.
Best Crypto Exchange for Everyone:
- Invest in Bitcoin Cash and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users