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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

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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