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	Happy Friday! This is Billy Bambrough, getting you up to speed with the latest from crypto-land. Thanks to everyone that joined for the first CryptoCodex Live yesterday, stay tuned for news of upcoming events.


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24-hour crypto market snapshot

$59,182

$3,780

$41.44

$158.62

Green light 🚦


	A late-night report that the U.S. Securities and Exchange Commission (SEC) is "poised" to approve a slew of bitcoin futures exchange-traded funds (ETFs) has turbo-charged the cryptocurrency market this morning. The bitcoin price touched $60,000 per bitcoin on some exchanges following the news, adding $2,000 per coin in a matter of minutes. Expectations are high and the excitement is palpable but many have warned over the possibility of a "buy the rumor, sell the news" scenario this week. Meanwhile, most major cryptocurrencies were riding bitcoin's coattails higher this morning but have recently begun falling back. Ethereum is still up around 4% on this time yesterday, while its buzzy rival solana is up 6%. Elsewhere, Binance's BNB, cardano and polkadot have lost ground, as has Ripple's XRP. Don't miss: Bitcoin Rally Reaches Its Risky Level For October

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Bitcoin futures ETF party starts early 🥳

Fever pitch: Expectations that the U.S. Securities and Exchange Commission (SEC) will sign off on a long-await bitcoin futures exchange-traded fund (ETF) have peaked after Bloomberg reported the regulator is "poised" to approve at least one application for the investment vehicle in what it describes as "a watershed moment for the cryptocurrency industry."

Overflowing intray: The SEC is currently reviewing some 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products due next week. According to Bloomberg, citing unnamed sources "familiar with the matter," the regulator is expected to approve a handful of them—with applications by ProShares and Invesco named as two proposals that may get the green light. However, the SEC has pushed back the deadlines for four bitcoin spot ETF applications to November and December.

Why it matters: A bitcoin ETF, allowing a much larger pool of investors to get exposure to bitcoin, is a concrete sign that the bitcoin and crypto market is maturing, will encourage the crypto-asset class to be taken more seriously by traditional and institutional investors and is the first step toward the "regulatory clarity" that many in the crypto industry have long been crying out for. SEC chair Gary Gensler said previously said a bitcoin futures ETF provides "significant investor protections."

But but but: A bitcoin futures ETF isn't the same as a standard ETF. If approved, a bitcoin futures ETF would follow stricter mutual fund rules and won't trade bitcoins themselves or settle physical contracts.

Times they are a'changin': Hype over bitcoin ETFs and how they'll affect the market have been a fixture of crypto speculation for nigh on a decade. Cameron and Tyler Winklevoss of Facebook-founding fame, now running the New York-based Gemini crypto exchange, filed the first application for a bitcoin ETF in 2013.

Bulls are back in town: The bitcoin price jumped by $2,000 on the news, touching $60,000 per bitcoin on some exchanges before falling back slightly. The rally has lifted the wider crypto market which is closing in on its all-time combined high of just under $2.5 trillion. However, some have warned this week the market may correct following an ETF approval, just as it did in the aftermath of CME launching bitcoin futures trading in late 2017.

The bottom line: Bitcoin and cryptocurrencies are finally being taken seriously by Wall Street and regulators but there's no guarantee it will mean a new all-time high for the bitcoin price.

Now read this: Australian pension fund considers crypto investment

Crypto isn't "a fad" - Morgan Stanley CEO



	James Gorman, the chief executive officer of Morgan Stanley © 2020 Bloomberg Finance LP


	⚖️ After JPMorgan's Jamie Dimon and BlackRock's Larry Fink weighed in on bitcoin, it's the turn of Morgan Stanley chief executive James Gorman—who had some kinder words for crypto. 🗣️ "I don’t think crypto is a fad. I don’t think it’s going to go away," Gorman said during the bank’s third-quarter earnings call with analysts, it was reported by Bloomberg. "I don’t know what the value of bitcoin should or shouldn’t be. But these things aren’t going away, and the blockchain technology supporting it is obviously very real and powerful." 🏦 Like many Wall Street banks, Morgan Stanley is happy to sit on the sidelines until regulators give cryptocurrencies their blessing. "We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators handle it," Gorman added. Good to know: Second-largest U.S. mortgage lender ditches its plan to accept payments in bitcoin

"Creeping" crypto risk 😬


	🤏 After the deputy governor of the Bank of England, Jon Cunliffe, this week warned the red-hot crypto market could potentially spark the next financial crisis, investment research group MSCI has flagged up what it calls "creeping" exposure to cryptocurrency in equity markets. 👀 MSCI found 52 companies with a combined market capitalization of $7.1 trillion have some degree of crypto exposure. 🎙️ "Really simple questions start to become really tricky here," Harlan Tufford, who leads MSCI's North American corporate-governance research, said in a podcast discussing the report. "Like, who in the company knows the passkey to access your private anonymous wallet that stores, you know, a billion dollars in bitcoin? And how do you monitor that?" Now read this: China is cracking down on more than just crypto

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

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