Bitcoin price reaches new highs, U.S. senators draft stablecoin bill, and SEC delays decision on options trading for Bitcoin ETFs.
Bitcoin price reached a new all-time high above $69,200 on March 5, only to break records again on March 8, when it touched the $70,000 mark. The worlds first cryptocurrency rallied over 8% over the week, backed by large inflows from the new spot Bitcoin exchange-traded funds (ETFs) in the United States. The ETFs have introduced passive, price-agnostic demand for Bitcoin, which has fortified its status as a store of value and led to its price appreciation, according to a research report by Bitfinex analysts shared with Cointelegraph.
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to approve options trading on spot Bitcoin ETFs which could open the door for more institutional capital into Bitcoin. In a March 6 filing, the SEC extended its time to respond to Cboe Exchange and the Miami International Securities Exchange on their bids to offer options on Bitcoin ETFs. The SEC also delayed deciding on Nasdaqs bid to offer options on BlackRocks iShares Bitcoin Trust, saying the delay ensures it has sufficient time to consider its request.
U.S. Senator Cynthia Lummis is reportedly drafting regulations for stablecoins in collaboration with Senator Kirsten Gillibrand. They anticipate announcing the regulations soon, after receiving technical feedback from the New York Department of Financial Services, the Federal Reserve, the Treasury Department and the National Economic Council. Previously, in October 2023, Lummis campaigned against Tether, urging the Department of Justice to consider criminal charges against the firm. Lummis has also opposed central bank digital currencies.
