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SEC commissioner disagrees with the SEC’s rebuttal of Bitcoin ETF request

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Bitcoin SEC

It results clear that even though we have walked some steps towards having a better relationship with the Securities and Exchange Commission (SEC) of the United States, still, we are separated from the ‘ideal’ of how it should actually be.

In fact, we have seen very severe regulations, as well as warning signals, that in most of the cases we can all agree are just not appropriate and even less, accurate. However, this is a story that seems to be only starting, and as I consider, there’s still so much to come.

In this sense, one of the latest news involving the crypto world and the SEC affects nothing less than the king of the cryptos in the market, Bitcoin (BTC). The crypto-king recently filed an application in which it requested SEC to deploy a Bitcoin exchange-traded fund (ETF), the same that got rejected under arguments, and the rejection, even for a reputed SEC commissioner seems to be lacking fundament and coherence. Let’s see how it goes.

SEC statement regarding the Bitcoin ETF application

A couple of days ago the Securities and Exchange Commision (SEC) emitted a paper in which it made clear that the Bitcoin exchange-traded fund (ETF) request made by the Winklevoss twins, was not a thing they were willing to accept. According to the declarations, the main argument against the Winklevoss petition centers on the fact that they are unable to inhibit price manipulation with the ETF. The announcement specifies the following:

“The Commission addresses each of these arguments below. In Section III.B, the Commission addresses BZX’s assertion that bitcoin and bitcoin markets, including the Gemini Exchange, are uniquely resistant to manipulation and finds that the record before the Commission does not support such a conclusion.”

The Securities and Exchange Commission (SEC) continued by saying that one of the main pieces of the ETF that the Winklevoss brothers proposed, centers on the Gemini exchange, which as they consider does not have the sufficient tools to prevent potential manipulations of the prices of the coin.

Hester Peirce declarations after SEC’s dictamen

After the dictamen of the SEC, it didn’t actually take that much for the SEC commissioner, Hester Peirce to make public her opinion on the subject. She made it clear as well that she was utterly in disagree with the conclusion of the SEC on the case. She stated:

An opinion that, of course, besides raising a huge wave of controversy, showed as well the perception of the commissioner with respect to Bitcoin.

It is evident that factually speaking, Bitcoin is definitely mature and reputed crypto that has the tools to avoid any adverse situation that may occur with the price of the token. However, a decision seems to be made already on the subject, so the only thing we can do is wait for another news around Bitcoin ETF and SEC. Stay tuned.

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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 Pixabay

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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Altcoins

Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

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Singapore, Singapore, 9th November, 2020, // ChainWire //

Swingby is the “warp-speed” protocol for inter-blockchain swaps. It allows all DeFi users to move assets between blockchains without a trusted party. 

Today, Swingby announces its first mainnet network will be released on the 28th of December; it will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).

The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.

“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” – Yusaku Senga, CEO

Why is this big news for DeFi?

On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.

What’s so special about it?

  1. Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into wrapped Bitcoin (WBTC).
  2. Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls…
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