The Securities Exchange and Commission (SEC) has received yet another request for Bitcoin ETF (Exchange-Traded Fund) license, and this time, the request came from CBOE (Chicago Board Options Exchange) Global Markets. So far, SEC has been pretty clear that it doesn’t plan to allow such licenses. However, the current situation might just be the one that will allow CBOE to get what it wants.
New attempt of an old request
SEC, which serves as the regulator for the US, has received numerous requests for licenses for Bitcoin ETF. However, the regulator has never given a positive answer to these requests. Now, they have received another one, this time from CBOE Global Markets, and this one might just manage to go through.
The reason for this is that SEC has recently stated that Bitcoin and Ethereum are currently not classified as securities. This fact alone might be enough to force SEC to finally issue an ETF license, even though it refused to do so before. If they decide to stay true to their statement, that would mean that CBOE Global Markets’ request is valid, and cryptos might enter a new era, where some of them may become tradable as ETFs.
Just to make this clear – an ETF is a special kind of fund, one which acts as a stock when it comes to trading. Still, it also owns the underlying asset of the regular stock. Basically, the shareholders would not be official owners of the assets, but they would still have the opportunity to receive some of the profits.
Thanks to the new viewpoint on BTC and ETH, CBOE decided to try and send a request to receive a license that would allow them to list and trade BTC shares that would be backed by VanEck and SolidX. VanEck is an active asset manager, while SolidX is a reputable blockchain company.
The situation has changed – but is it different enough?
One interesting thing that the request for VanEck SolidX BTC Trust was already made earlier. Twice, in fact, and both applications for a license were rejected last year, in March. Back then, SEC claimed that the market is completely unregulated, and they just couldn’t allow it with a situation like that. Now, things are different, and the same request came once again.
Each of the shares would be valued at 25 BTC, and SolidX Bitcoin Shares would be the only ones that would be traded. This is what the VanEck SolidX Bitcoin Trust is proposing. The unfortunate thing is that the investors will not receive this as a trading option even if the approval does arrive. At least not until the beginning of 2019.
Also, despite the fact that the situation regarding the crypto market differs greatly from the one from March 2017, this is still a hard time for making such a request. There is a lot of speculation regarding the financial funds, and their apparent move to offer crypto investments that are not exactly in compliance with what the current futures contracts are offering. Because of this, there is a general belief that the institutional investors are about to invest a lot into the crypto market.
Still, the possibility of SEC actually approving this request is not eliminated, and doing so might bring the US one step closer to where many other countries stand when it comes to cryptos. It might even be a step in the right direction for improving on their regulatory measures.
For the latest cryptocurrency news, join our Telegram!
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 Pexels
Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…
6 Blockchain Predictions For 2019
As 2018 moves closer towards its end, investors, developers, and tech enthusiasts are starting to turn their gaze towards the future. 2019 is less than two months away, and it promises new breakthroughs and large changes. This is especially true when it comes to blockchain technology.
While 2018 was an important year for this technology’s development, many are wondering what awaits us in the near future. Because of this, we have created a list of 6 predictions regarding the blockchain, as well as what might happen to it in 2019. Let’s begin.
1. Search for new and better business use cases
Blockchain technology is wrongly seen by many as a magical way to resolve all issues that we struggle with today. However, while it is true that blockchain can help with a lot of them, there are still numerous other problems that are better suited to be solved by alternative technologies. Robotics, AI, and similar technologies are not to be discarded in blind faith in the blockchain.
Researchers and developers have recognized this, which is why 2019 will be dedicated to finding specific use cases for blockchain technology. Blockchain will be used in situations where it can have the strongest positive impact. In other words, the goal is not to find places where this tech can fit, but to find places where it is the best fit.
2. Fixing blockchain industry’s image
For a lot of people, blockchain…
TRON DEX Goes Crazy, TRX Founder Asks For More Projects
Less than a week ago, TRON (TRX) community uncovered a new DEX (decentralized exchange) on Tronscan.org. Since TRON community is among the strongest and most supportive communities to ever support a coin, trading activity on this DEX quickly skyrocketed.
So much so, in fact, that TRON’s founder, Justin Sun, felt that he should share this fact on his Twitter account.
— Justin Sun (@justinsuntron) November 13, 2018
TRON DEX sees massive growth in activity
Since Sun shares a lot of traits with TRX community, such as tirelessness and fascination with this project, he was quick to urge the community to come up with additional tokens and projects.
While Sun’s statement that the activity on the DEX is “going crazy” is pretty accurate, many do not realize just how accurate this is. It should be pointed out that the number of tokens on the exchange was 3 on November 10th, when the DEX was originally uncovered. Today, on November 13th, the number of available tokens has doubled.
In addition, 4 out of 6 trading pairs offered on the exchange have experienced significant gains, with the remaining two experiencing only slight drops. The growth was experienced by Dice/TRX (146%), TronWatchMarket/TRX (8.27%), WIN/TRX (89%), and SEED/TRX (1.73%). The drop was experienced…
Ripple’s XRP centralization FUD must go now, here’s why
Ludos Protocol Makes a Strong Case for Investors in Blockchain Gaming
Ripple director: Banks tapping into Ripplenet to form a network to ditch SWIFT
- Altcoins2 weeks ago
Electroneum (ETN) and Ravencoin (RVN): Two giants in the making
- Don't Miss1 week ago
40 million XRP just got transferred to former Ripple executive Jed McCaleb
- Altcoins1 week ago
What would you buy when Electroneum (ETN) reaches one dollar?
- Altcoins1 week ago
Stellar (XLM) poised to see massive gains next year, here’re the reasons why
- Altcoins5 days ago
3 Coins Coinbase Will Adopt Next
- Altcoins1 week ago
Red Pulse: Rise of the Phoenix (PHX)
- Altcoins1 week ago
Why Ripple, Tron, and Cardano are top promising crypto investments
- Don't Miss2 weeks ago
Is Twitter going to win the ‘Crypto Wars’ for Tron (TRX)?