Fidelity Spot Bitcoin ETF Lists on DTCC Website Even as Key TradFi Members Attack Crypto

■   Spot Bitcoin ETF by Fidelity was listed on the Depository Trust & Clearing Corporation (DTCC) website under the FBTC ticker.

■   During an interview on Thursday, US Senator Elizabeth Warren called crypto the new threat, calling for its end.

■   Earlier this week, JPMorgan Chase CEO Jamie Dimon also voiced his stand against crypto, suggesting he would shut it down if he had the power.

Generally, when it comes to supporting Bitcoin and the crypto market, it is usually the people vs. the government of the United States. However, this time, it is a fight between two factions of the US government members, with one calling for the end of crypto while the other continues its advancement.

Fidelity Bitcoin ETF lists on DTCC

Fidelity, one of the front runners of spot Bitcoin Exchange Traded Funds (ETF), found its application listed on the Depository Trust & Clearing Corporation (DTCC) website. The ETF was under the ticker of FBTC.

Fidelity spot Bitcoin ETF listing, Source: DTCC

The listing is considered as a bullish development since DTCC provides clearing and settlement services for financial markets such as NASDAQ. This makes a listing a step further towards official approval. Earlier last month, BlackRock and a couple of other applications were also found listed here.

This also falls in line with the expected outcome of the present market conditions for these ETFs. Per the court orders in the case of Grayscale vs. SEC, the Commission has been asked to approve the applications, and the deadline for the same is between January 5 and 10, 2024.

Nevertheless, there are many who are not happy with this outcome as they continue to thrash the investment vehicle.

TradFI against Crypto

Earlier this week, US Senator Elizabeth Warren, during an interview with CNBC, attacked the digital asset class, calling it "the new threat" and saying that it cannot be allowed to continue. She also added,

"It is being used for terrorist financing, it is being used for drug trafficking, North Korea is using it to pay for about half of its nuclear weapons program.

This was merely a day after the Chief Executive Officer (CEO) of JPMorgan Chase, Jamie Dimon, voiced his concerns against crypto. Dimon stated that if he was a member of the US government, he would certainly shut it down. He reasoned this by saying,

"The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance.

This did not sit well with the community, which pointed out that less than 1% of the total crypto transactions annually account for illicit uses. On the other hand, there are illegal activities and money laundering that occur through the traditional banking system as well as fiat.

Thus, while a part of the system is calling for crypto to become more accessible, others are putting their best foot forward to ensure it does not.