As part of our mission **_to build the future of money_**_,_ we have built an institutional-grade exchange that operates on the principles of security, regulation, and compliance while providing our customers with speed and reliability. This has made Gemini a cornerstone of cryptocurrency markets and we believe it is important that our market data helps power and enhance cryptocurrency indices and financial products that are integral to moving our industry forward.

To that end, we are excited to announce that we will be joining the **CME CF Bitcoin Reference Rate (BRR), CME CF Bitcoin Real Time Index (BRTI),** and six other cryptocurrency indices provided by CF Benchmarks.  As a constituent of the BRR, Gemini’s market data will be used to help price the CME Group’s Bitcoin Futures contract ([contract specifications](https://www.cmegroup.com/trading/equity-index/us-index/bitcoin_contract_specifications.html) | [fact sheet](https://www.cmegroup.com/trading/bitcoin-futures.html)).

Implementation is scheduled for Friday, **August 30th**, **2019 4:30pm BST**.

As part of joining the BRR, we had to meet the CME Group’s eligibility criteria for quality of data submitted, market surveillance practices, security, and regulation. We appreciate these standards and look forward to continuing to build trust in crypto; **trust is our product**.

Please visit our website to learn more about accessing our [APIs and consuming Gemini market data](https://docs.gemini.com/rest-api/), and our [institutional offering](https://gemini.com/institutions/) as well as cross-connects to our matching engine.

Onward and Upward,

Team Gemini

Gemini will join the CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI)

For the first time in United States history, crypto has become a significant campaign issue in a presidential election, according to Gemini's upcoming 2024 State of Crypto survey. 

The study found that more than one in five Americans currently own cryptocurrency (21%). Among those who own crypto, the vast majority (73%) plan to consider a candidate’s stance on crypto when they vote for the next president of the United States. More than a third (37%) say that a presidential candidate’s position on crypto would have a significant impact on their vote for president.

The 2024 State of Crypto study explores adoption and attitudes towards crypto among 1,200 Americans and was conducted between May 23, 2024 and June 28, 2024 by Data Driven Consulting Group on behalf of Gemini. As part of the study, 233 cryptocurrency owners were asked about the impact on their vote of a presidential candidate’s crypto stance between June 10 and June 27, 2024.

Thoughtful regulation of crypto continues to be a barrier to entry for Americans who do not own crypto:

- 38% of Americans who do not own crypto say that concerns about laws around cryptocurrency have discouraged them from getting started. 
- Nearly half of non-owners (47%) agree that we need more government regulation of cryptocurrency.
- 41% of non-owners agree there is legal uncertainty around using cryptocurrency.

For current crypto investors, cryptocurrency offers protection from disruptions in the traditional monetary system. However, they recognize there is a need for regulatory clarity in order to increase trust in the crypto industry and protect it from bad actors: 

- Nearly one in five (18%) of crypto owners see crypto as an alternative to government currencies controlled by a central bank. 
- Nearly one in five (18%) of crypto owners think more government oversight of the crypto industry will be positive because it will protect consumers from bad actors.
- 41% of crypto owners say requiring crypto exchanges to comply with strict laws would increase trust in the crypto industry.

As the United States approaches its presidential election in November, crypto holders and crypto investors remain engaged as a critical part of the voting electorate. Gemini supports crypto voter advocacy and education by supporting [Stand With Crypto.](https://www.standwithcrypto.org/partners) 

Onward and Upward!<br>
Team Gemini


Three in Four Crypto Owners Say Vote for President Will Be Impacted by Candidate’s Crypto Stance

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Weekly Market Update

031524

Spot ETH ETFs Surpass $1B in Volume on First Day of Trading, Crypto Rallies After Biden Drops Out  

The introduction of crypto ETFs has historically led to increased investor confidence and market liquidity. The approval of spot ethereum ETFs is therefore expected to boost ethereum's overall profile, if not its market position. Historically, the introduction of ETFs has led to increased investor confidence and market liquidity. 

[Some analysts predict that spot ether ETFs will attract substantial institutional investment, similar to the influx seen with spot bitcoin ETFs, which pulled in over $58 billion within five months of their approval.](https://www.fxempire.com/news/article/ethereum-spot-etf-approved-by-sec-1432576) But not everyone believes it will be a boon to the ecosystem. [One analyst predicted spot ether ETFs won’t rival spot bitcoin ETFs, suggesting the price of ether could drop by as much as 30% following their launch.](https://cointelegraph.com/news/ether-price-could-fall-after-ethereum-etfs-launch) The reason for this, some argue, is that investors might have overestimated the positive price action which can be expected from the launch of these ETFs, and could be causing the current price of ETH to be inflated.

[Crypto analytics firm K33 Research had a more measured prediction, saying ether ETFs could attract around $5 billion in inflows in the first five months of trading.](https://www.coindesk.com/markets/2024/06/04/ether-price-poised-for-supply-shock-as-etfs-may-attract-4b-inflows-in-five-months-k33-research-says/) The firm's forecast is based on an analysis of assets under management for existing ether-based exchange-traded products globally, comparing them to similar bitcoin products. Additionally, K33 Research examined the open interest (OI) in futures contracts on the Chicago Mercantile Exchange (CME), a key platform for institutional investors.

Currently, ether's OI on CME is 23% of that of BTC futures. However, since the introduction of ether  futures on CME in 2021, the average share has been 35% of bitcoin  futures, indicating there’s untapped institutional demand for ether in the US.

### Regulatory Challenges

Despite sunny predictions of multi-billion dollar inflows, the introduction of spot ether ETFs will not be without its challenges. For one, the SEC’s approval process involves rigorous scrutiny, addressing issues such as custodianship, market manipulation, and regulatory compliance. That could keep some asset managers from jumping in with ETFs of their own. 

While the approval generally suggests a positive regulatory stance, spot ether ETFs only began trading after the necessary S-1 registration documents were finalized, a process that took months. This requirement alone might also be enough to result in only a select few providers being approved. 

However, the SEC’s approval implies that ether is not currently viewed as a security – something which will also come as good news for proponents of crypto. This regulatory clarity could reduce investor skepticism.

### The Ethereum Knowledge Gap

As digital assets still represent a small portion of many institutional investor portfolios, some investors might opt for the more widely known bitcoin spot ETF, which are based on a more widely traded asset. 

[Some analysts have suggested ethereum ETFs have the potential to compete effectively with their bitcoin counterparts, but only if the Ethereum network focuses on its more ‘digital-native’ appeal in comparison to Bitcoin’s ‘mainstream’ appeal. 
](https://cointelegraph.com/news/spot-ether-etf-challenges-lie-ahead-valuation-problems-fireblocks)

When investing in an ether spot ETF, investors have greater exposure to crypto sectors such as layer-2s and DeFi than they would with the BTC equivalent – which might act in Ethereum’s favor. Another aspect of these ETFs which might appeal to investors is the fact that Ethereum is a proof-of-stake blockchain. As a result, investors will be building the blockchain they're investing in, simply by holding shares in spot ether ETFs.  

Onward and Upward,

Team Gemini


INDUSTRY

Gemini will join the CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI)

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