SEC says guidance coming for ICOs; Bithumb announces OTC trading; ICE plans BAKKT for this year
SEC confirms guidance coming for token sales. CoinDesk reports that SEC Commissioner Hester Pierce confirmed in a speech this week at the University of Missouri School of Law that the regulators are working on ‘supplemental guidance’ as to whether or not a token offering will be classified as securities. CoinDesk provides further context and analysis.
Bithumb announces Ortus, their OTC trading desk. Bithumb is a major digital assets exchange based in South Korea, and according to Bithumb’s press release, Ortus is a “matchmaking service catering to institutional clients.” To trade with the service, institutional clients will have to undergo strict KYC and AML compliance requirements. Bithumb is following in the footsteps of many major exchanges around the world who have decided to offer OTC services to institutional clients. Coinbase, Bittrex, and Binance launched OTC services in 2018.
Intercontinental Exchange (ICE) announces their digital asset exchange BAKKT will be released this year. Jeff Sprecher, ICE’s CEO announced on their earnings call February 7th that the launch is expected in 2019, CoinTelegraph reports.
The project had encountered regulatory hurdles which forced them to delay the launch twice, however they are optimistic about 2019. BAKKT has partnered with Microsoft and Starbucks and according to the ICE’s press release in August 2018, “Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.” Starbucks, who is a “leader in mobile pay” can be a major catalyst for mainstream adoption of digital assets.