What are the biggest exchanges in America? Will they also need to apply as a broker-dealer?
If they plan to offer securities, yes, they're supposed to be a licensed broker-dealer. That's what Circle's plan is with Poloniex (they apparently got the SEC's blessing to do so without bearing responsibility for Polo's past behavior). I imagine this is why Coinbase was so careful in the past not to list anything but POW coins (not securities).
“Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement, and chain-of-title,” [/glow]Coinbase President and Chief Operating Officer Asiff Hirji said in a statement.
As much as some would like to see tokens die, I think this is the direction we're heading. Tokenization and therefore 24/7 and P2P trading of existing securities. The first generation of ICOs were just the start.
This might explain the little bump in the price lately, but is that enough to spark a Bull run or do we have to wait for the SEC's decision on the ETF's
It looks like the birth of a new trend, but I've been around long enough that I'm skeptical of another bubble happening so quickly.