Connect with us

Blogs

SEC Receives Yet Another Bitcoin ETF License Request

Published

on

Bitcoin ETF
READ LATER - DOWNLOAD THIS POST AS PDF

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

Blogs

Reasons Why You Are Much Safer When Crypto Trading on Dexes

Published

on

DEXes
READ LATER - DOWNLOAD THIS POST AS PDF

While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

Continue Reading

Blogs

Crypto Billionaire Predicts Massive Price Growth by 2021

Published

on

crypto billionaire
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

Continue Reading

Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

Published

on

TokenRoll
READ LATER - DOWNLOAD THIS POST AS PDF

Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

Continue Reading

Elite