No Bitcoin ETF Before Important Changes to BTC Markets: SEC Chairman

SEC Chairman Jay Clayton has claimed that bitcoin exchanges lack sufficient transparency and monitoring for the market to see approved Bitcoin Exchange Traded Funds (ETFs).

According to CNBC, at the Consensus Invest Conference in New York City recently, Clayton said:

What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation. It’s an issue that needs to be addressed before I would be comfortable.

Clayton primarily feels that a Bitcoin ETF would be too easily manipulated and that not enough safeguards are in place to prevent as much. This goes in line with ongoing actions and investigations by the federal government into Tether and Bitfinex, where they may ultimately allege that Tether was used to manipulate the moving price of Bitcoin as a whole.

Overall, the Bitcoin market is too nascent to have the sort of tools that the SEC would like to see at the disposal of its exchanges in order to approve an ETC, which would essentially be a method of investing in the entire Bitcoin market without holding Bitcoin. After the Winklevii were denied their application for an ETF, they enlisted the help of Nasdaq to use its monitoring software on their own exchange.

In the distant future, there could be several Bitcoin ETFs, but for now there won’t be any. The push toward regulated exchanges and regulated tools within them (the recent resurgence of itBit and the rise of its Paxos Standard being a good indicator in this direction) will need to be much further along before the regulator can safely say that the market isn’t vulnerable to mass manipulation.

The other issue is safe custodians of Bitcoin, which are seen as lacking as well. There are only a few actually regulated custodians on the market. Coinbase’s recent launch of Coinbase Custody is an example, and itBit has always been highly respected for its regulatory approvals. Clayton attributed his further unease to Bitcoin heists past and present:

We’ve seen some thefts around digital assets that make you scratch your head. We care that the assets underlying that ETF have good custody, and that they’re not going to disappear.

In short, Bitcoin markets have a ways to go before the SEC is going to allow anyone to offer a Bitcoin ETF. People are still legally allowed to buy and hold Bitcoin on their own, of course, but the prospect of trading against the whole Bitcoin market or simply adding Bitcoin to one’s portfolio is a ways off. There is still currently the option of the Bitcoin Investment Trust (GBTC), which entitles holders to a small amount of Bitcoin per share.


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Author:  P. H. Madore
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ETF Faces Chicken-And-Egg Problem: CBOE President

Chris Concannon, president and CEO of the Chicago Board Options Exchange (CBOE), explained that there are still obstacles that must be overcomed before the Securities and Exchange Commission (SEC) approves the first bitcoin-backed exchange traded fund (ETF).
“As we chip away at their issues to make them less concerned, at some point they’ll be comfortable with an ETF,” Concannon told Bloomberg.
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Speaking about bitcoin futures, Concannon noted that trading in bitcoin futures is still low compared to mature assets such as gold or oil. Insufficient trading volume, in turn, makes the SEC hesitant to approve an ETF, although the introduction of an ETF backed by futures would significantly increase the trading volume in the underlying futures contracts. “It’s a chicken-and-egg problem,” he said.

Back in June, the CBOE filed a proposal for an ETF on behalf of financial firm VanEck. This is the only such ETF that aims to be fully backed by physical bitcoins rather than bitcoin futures contracts. Some experts claim that bitcoin custody is the crucial issue for bitcoin ETF. Meanwhile, nine other ETFs backed by bitcoin futures are also pending decisions by the SEC.

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The fact that the ETF was filed through a veteran financial institution such as the CBOE, and that it will hold real bitcoins in its reserves, has made the entire cryptocurrency community particularly excited about the prospects of this particular ETF. CBOEs boss, however, offered his own perspective on the crypto market by saying:

“I’ve learned that there’s been more articles than volume. It’s a little bit shocking to me the attention this market gets versus its size. The entire crypto market is a fifth of Apple.”


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Author: Fredrik Vold
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SEC Postpones ETF Decision, Bitcoin Slides

The US Securities and Exchange Commission (SEC) has postponed its decision regarding a highly anticipated application for a bitcoin-based exchange traded fund (ETF) filed by investment firm VanEck through the Chicago Board Options Exchange (CBOE).

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The SEC wrote in its statement that they have so far received more than 1,300 comments from the public on the proposed rule change that would be necessary in order to list the ETF on an exchange. Tuesday’s notice from the SEC would give the regulator until September 30 to decide on whether it will approve or disapprove the proposed rule change.

Although many market commentators and investors had already expressed that they expected the decision to be pushed back several times, the market reacted by sending the bitcoin price further down.

Bitcoin overnight broke through a technical support found at the USD 6,700 level and is currently (UTC 4:40 AM) trading at around USD 6,500.

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Some people, including economist and early bitcoin investor Tuur Demeester, urges caution and warns the market that a bitcoin ETF may not be approved in the US until next year.
Also, as reported, Jake Chervinsky, a US-based lawyer at Kobre & Kim, a law firm, suggested that due to rulemaking procedures the SEC can, and probably, will delay its decision on the VanEck bitcoin ETF until February 21, 2019.

Meanwhile, Demeester wrote in an opinion piece that “any anticipation of approval by September will likely be met with disappointment,” while still pointing out that an “ETF approval, even if it’s delayed, would be a huge deal because it makes the asset extremely accessible for the retail investor.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Fredrik Vold
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Tron’s titanic partnerships could see it jump above $16 before the year closes!

According to CoinMarket Cap, Tron (TRX)is worth $0.03840 with a market capitalization of $2.5 Billion, at the time of writing. The cryptocurrency is making waves, and its recent partnerships could see its value move way-above its current price, and maybe to a price mark of $16.48 in the near future. Let’s see how.



Recently, Trongot featured on Changelly, which is one of the top cryptocurrency exchanges in the world. As a result of this partnership, Changelly officially endorsed the TRXand US dollar trading channel on its platform. Furthermore, users can use their credit card to buy TRXon Changelly. Justin Sun, the CEO of Tron states,
“CHANGELLY HAS MADE REMARKABLE CONTRIBUTIONS TO THE PROMOTION OF CRYPTOCURRENCY GLOBALIZATION. WITH NUMEROUS FANS AND USERS AROUND THE WORLD, TRON’S COOPERATING WITH CHANGELLY WILL ENABLE MORE PEOPLE TO UNDERSTAND AND USE TRX. MEANWHILE, TRON’S LARGE NUMBER OF USERS WILL ALSO GIVE CHANGELLY A BOOST TO THE DEVELOPMENT AND POPULARIZATION OF DIGITAL ASSETS.”

The cryptocurrency is not stopping anytime soon, Tronhas more than eight new plus mega partnerships and more than 16 partnerships total that could see its price spike high before the year ends. There have been strong speculations for quite some time now that Troncould partner with Twitter soon (perhaps that’s the secret project Tron is going to reveal at the end of this month). Not too long ago, Pornhub, Brazzers, and numerous exchanges such as Binance and others embraced Tron (TRX).

Tronpartnered with China’s Netflix, which has more than 200 million users worldwide. In regards to the partnership, Justin Sun said this on his Twitter page:
“WE TRON ARE PROUD TO ANNOUNCE THE PARTNERSHIP WITH BAOFENG GROUP. BAOFENG, AKA CHINESE NETFLIX, BOASTS MORE THAN 200 MILLION USERS AS A VIDEO PORTAL GIANT AND HAS ACHIEVED 8 BILLION CNY LISTING IN SHENZHEN STOCK EXCHANGE (300431.SZ).”

Tronhas also partnered with an app called Gifto – a live streaming app. Tronis becoming a global cryptocurrency to invest in; this can be attributed to the immense effort that the team has put in to make sure the cryptocurrency is where it is today.

Of course, the recent acquisition of BitTorrent by Tronwill help steam the value of the token, TRX. That’s something we can’t take lightly. BitTorrent has more than 100 million active users, which means the cryptocurrency now has the ‘direct access’ 100M more users. In the end, more liquidity.

It is important to know that Tronreleased its MainNet about three months ago and during its recent conference, Justin Sun spoke on the accomplishment his team has accomplished with its MainNet. After Tron’sMainNet launch, it has achieved what Ethereum managed to accomplish in the last three years.

Besides, there have been lots of speculations that Tronwill partner with Alibaba. Alibaba is a multi-billion dollar company owned by Jack Ma. We do know that Sun was one of the best students in Mr. Ma’s university, Hupan University.

Sun was the first millennial student to graduate from the University; in Tron’steam, there is Mr.Chen a close friend of Mr. Ma. Mr. Chen is one of the main people in team Tron, and we shouldn’t be surprised if we see a partnership with the multi-billion dollar company very soon.

Tron’s pricewon’t be stagnant at the $0.038 price mark – there is going to be a big surge in the price very soon. With Bitcoin’s ETF that is said to be approved on August 16th, it could also propel Tron’sworth (as well as the value of other emerging altcoins). Tronis the most talked cryptocurrency on Twitter of recent times, and it can process more than 20,000 transactions within a second. Tron’s continuous strides and team-up with mega players will inevitably increase its value in the future, and this is the right time to invest in it.



Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: MaxPositives
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