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Bitcoin ETF approval is imminent

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Could Securities and Exchange Commission (SEC) commissioner, Elad Roisman be the missing piece to the approval of Bitcoin ETF? That thought is as a result of a meeting between commissioner Roisman and options exchange CBOE, investment management firm VanEck alongside blockchain technology company SolidX.

The Bitcoin exchange-traded fund (ETF) was proposed in June but got denied by the federal regulation. The next deadline for the decision to be made is December, and for now, it seems that the approval confidence is ‘high’.

All issues seem to be resolved, Bitcoin ETF approval imminent

The SEC had highlighted some issues on the bitcoin ETF proposal that they said were the major reasons for the denial. Now if we look at the meeting comments, during the discussion, SolidX, VanEck, and CBOE convinced Roisman that all the cited issues had been addressed and the proposal is ready for approval.

According to sources, the issues raised and cited by SEC concerning the approval of Bitcoin ETF earlier are now fixed; such as the existence of a significant regulated derivatives market for Bitcoin, relevant markets such as bitcoin futures, CBOE, and OTC desks are all regulated. The presentation also emphasized that two other major SEC anxieties including Bitcoin price manipulation concerns mitigation as well as investor protection are ensured now.

Bitcoin ETF SEC

The snapshot was taken from the report featuring meeting comments | Source: Sec.gov/comments

Reasons to be Optimistic

First, it’s reported that commissioner Roisman is the first federal regulator to publicly meet with the representatives from the three groups. Furthermore, the current wisdom has it that Roisman is a strong supporter of cryptocurrency (which is yet to be proved until Roisman officially votes). But the fact that he’s taking this consideration seriously, at least for now, is a reason to be optimistic.

If Roisman is indeed a supporter of the Bitcoin ETF, it means two out of five SEC commissioners will be ready to approve it, with Hester Pierce being the other SEC commissioner who has indicated her friendly position already.

Bitcoin ETF approval strong signal

A comment from the meeting hinting towards the Bitcoin ETF approval. The meeting happened about two weeks ago. | Source: sec.gov/comments

Besides, SEC’s Kara Stein, who voted ‘NO’ to ETFs before, is expected to leave office in December and it’s rumored that democrat Allison Lee will replace Stein. Perhaps, this seems to be another potential opening for the approval of ETF.

Subsequently, VanEck has all investor protection issues taken care of with zero leverage as well as accredited investor protection. All these factors only indicate that a bitcoin ETF approval is imminent. Also, with the date set for the ICE’s Bakkt exchange on December 12 this year, this will begin to clear bitcoin futures which were among the issues that led to the denial of the proposal initially.

With all indications pointing only to one direction – approval, it’s merely a matter of time before Bitcoin ETF gets approved or it’s even inevitable.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Waldryano/Pixabay

Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

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After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

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Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

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CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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CoinFlip

Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

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Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on regulated exchanges. 

Most of the leading exchanges adhere to…

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