Five things in crypto this week: Coinbase, JPMorgans Jamie Dimon, NFT and a bitcoin ETF?

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As investors anxiously await to see if U.S. regulators approve an exchange-traded fund linked to bitcoin futures next week, Coinbase has dominated the headlines.

In case you missed any, here are five stories worth reading in the crypto world this week.

The crypto exchange Coinbase is keen to expand into non-fungible tokens, with the intention of launching a marketplace for users to buy and sell unique digital collectibles.

NFT sales have exploded this year, as digital artists jumped at the chance to turn ownership of their coins into tokens that can be bought and sold on blockchain networks using cryptocurrencies. Traditional art houses have also paid attention, with Christies selling a digital college by artist Beeple for a record $ 69 million in March.

Users can sign up for a waiting list for the new platform where they will be able to strike, collect and trade NFTs, the exchange said in an Oct. 12 blog post.

Coinbase said it is also developing social features for people to chat and learn about new NFTs, and will allow users to remove their NFTs from the Coinbases market if they wish.

Since launching earlier this week, Coinbases NFT’s waitlist has received nearly two million registrations.

Jamie Dimon Against Everyone

The boss of Wall Street lender JPMorgan got more than he bargained for this week when he denounced bitcoin again, calling the cryptocurrency worthless.

Personally, I think bitcoin is worthless, but I don’t want to be a spokesperson, I don’t care. It makes no difference to me, said Jamie Dimon, speaking at an Institute of International Finance virtual conference on October 11.

He also asked if anyone fully understood bitcoin algorithms, causing an uproar from the crypto community. The underlying Bitcoin blockchain protocol was created in such a way that it could only ever strike 21 million individual bitcoins, a scarcity that in part drives the value of bitcoins.

READCoinbase and Twitter chiefs challenge JPMorgans Dimon over Bitcoin criticism

Coinbase chief executive Brian Armstrong and Twitter co-founder Jack Dorsey were among the heavyweights criticizing Dimons’ comments after the conference. Some experts said this shows a lack of understanding and technical experience on Dimons’ part.

I think CEOs with no scientific / technical training will be at a disadvantage in the decades to come, Armstrong said in a tweet, responding to Dimon. Frankly, [so will] probably politicians, journalists and many [other] the roles. Software eats the world, changing every industry.

Spreadsheet Phil is heading for crypto

Former British Chancellor of the Exchequer Lord Philip Hammond is due to take on an advisory role to cryptocurrency exchange startup Copper.

Lord Hammond is to provide strategic advice to the London-based company as it prepares to expand globally, according to an Oct.11 statement from Copper, which provides digital currency custody and trading services to institutional investors.

It comes after the former chancellor came under fire over the summer for actions he took in a similar advisory role at fintech firm OakNorth. Lord Hammond had contacted senior Treasury officials on behalf of OakNorths, a move the chairman of the UK lobbying regulator said was unacceptable.

REAEx Chancellor Hammond Jumps Into Crypto Space With Copper Advisor Role

Former Prime Minister David Cameron has also been embroiled in a similar affair after contacting a number of government officials about possible deals with the now collapsed supply chain company Greensill Capital.

Copper raised $ 75 million in a funding round earlier this year, supported in June by a $ 25 million investment from Alan Howard, co-founder of asset manager Brevan Howard. Hammond, who stepped down as Chancellor in 2019 amid disputes with the government over his Brexit strategy, said Copper was breaking new ground in the highest security and trading standards for financial institutions.

All eyes are on Bitcoin futures ahead of crypto ETF approval

Investors are betting that the first U.S.-listed bitcoin exchange-traded fund is about to get the green light, but it won’t be a fund directly tied to the price of physical bitcoin.

The United States Securities and Exchange Commission could rule as early as next week on up to four ETF applications that will buy bitcoin futures rather than the cryptocurrency itself.

The proposals submitted by ProShares, Valkyrie, Invesco and VanEck have flexible deadlines coming in the next two weeks, which, if approved, could mark the SEC’s first foray into regulated crypto markets. ProShares is the first with a potential approval date of October 18, followed by Invesco a day later, VanEck on October 25, and Valkyrie on November 1.

READCrypto Fans Look To The Future Ahead Of SEC Bitcoin ETF Decision

The price of bitcoin hit the $ 60,000 mark on October 15, with investors trusting the SEC to approve a vehicle this month.

SEC Chairman Gary Gensler has said repeatedly in recent months that he would be receptive to a futures ETF. A decision on multiple physical bitcoin ETF applications is expected to arrive in November.

Coinbase reveals pressure for independent crypto regulator

Coinbase wants the US Congress to create a special regulator for digital assets and prevent the SEC from overseeing the nascent industry.

A master plan written by Coinbase, reviewed by the Wall Street Journal, said crypto market participants face uncertainty about which federal agencies should oversee particular assets.

The company has clashed numerous times with SEC Chairman Gensler, who has said many crypto exchanges trade coins that violate investor protection laws. Gensler has already discouraged lawmakers from setting up a separate regulator.

READCoinbase calls for crypto regulator in comprehensive policy plan

Laws drafted in the 1930s to facilitate effective oversight of our financial markets could not contemplate this technological revolution, writes the crypto exchange in its article, referring to the era of legislation that created the SEC.

Congress should recognize in law that all digital assets, including digitally native versions of traditional financial assets, should be subject to a new regulatory regime.

Coinbase was recently forced to abandon its proposed crypto loan product after its chief executive Armstrong said the SEC threatened the company with enforcement action. He has also been fined by other US regulators in the past.

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To contact the author of this story with comments or news, email Emily Nicolle

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