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

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Bitcoin SEC
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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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