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:
Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I dissent: https://t.co/gH5zXaKtmj
— Hester Peirce (@HesterPeirce) July 26, 2018
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
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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