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SEC Receives Yet Another Bitcoin ETF License Request

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Bitcoin ETF
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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.

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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.

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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.

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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Litecoin Cash (LCC): The potential mover?

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Litecoin Cash
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Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

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The Stage is Set for Stellar XLM vs XRP

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XLM vs XRP
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The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

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