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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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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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.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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