The Winklevoss Twins are the latest to learn that the SEC does not want a Bitcoin ETF. Actually, this is the second time they learned this since their petition last year was also rejected.
Thus far, the SEC has stood firm in refusing any ETF that are cryptocurrency related to be approved. This is going counter to what appears to be the desires on Wall Street since many major firms are reported to be investing in trading desks.
According to their release, the main hangup from the SEC's perspective is the concern of manipulation. They believe that the Winklevoss Twins failed to prove that fraud and manipulation would be prevented by the rules established.
“Rather, the Commission is disapproving this proposed rule change because... BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act... in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices.”
This is always an ironic twist consider all the fraudulent and manipulative activity the major banks engage in yet the SEC allows those markets to operate.
The other problem the SEC had with the petition is the fact that much of Bitcoin trading operates on unregulated markets. This ties into the concern that the pricing could be manipulated without recourse by the regulators.
”When the spot market is unregulated--there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”
https://www.sec.gov/rules/other/2018/34-83723.pdf
SEC commissioner Hester M. Peirce chose to dissent from the Commission's decision. Instead, she believes that the rejection of this petition reaches far beyond the ETF arena. She asserted that the Commission is basically saying this technology is not welcomed in the markets.
Some are taking this as a positive sign for the cryptocurrency market. The fact that a sitting SEC commissioner took such a stance opens a window of opportunity. While the petition was rejected, the idea is that the mindset could be changing. This is the first sign that anyone of such standing within the SEC opined on the side of cryptocurrnecy acceptance.
It will be noteworthy to watch where things go from here. There are a number of other petitions in front of the SEC that they will consider. Eventually, it is hard to believe that these ETFs will not get approved. For the time being, the SEC stance is clear.
The cryptocurrency market finds itself at an interesting crossroad. It is an industry that was founded upon the notion of anti-government and borderless transactions. A large percentage of those involved has a rebellion mindset of some form. Whether it be the anarchists, homesteaders, alternative news crowd, or conspiracy theorists, the average crypto investor is not the run of the mill, watch CNN or ABC news and believe all that is stated.
Having Wall Street enter the equation provides conflict. This is one of the main factions that this crowd rebels against. Looking at them for future growth is ironic to say the least. Naturally, that is not to say that most of the people want Wall Street anywhere near the world of crypto. Nevertheless, that is not going to stop the money players from getting involved. They can sniff major profits coming.
Must be tenth rejection.
The underlying reason for the previous rejection - exchanges that are manipulated - hasn't gone away.
is any prediction about bitcoin?
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Why is everyone going after ETF?
Once ETF gets approved Bitcoin will go up really high
Every ETf that is purchased there is a bitcoin bought on the other side by the institution.
Now think about it if every one that wants to participate in bitcoins but does not want to take a responsibility of keeping it safe from hackers buys in to ETF that is insured by the exchanges the price will go up like 10 times higher then what it is now.
only problem, volume is already too thin enough currently. An ETF would have to absorb so many bitcoins from the market that almost all the liquidity would dry up
The ETF's are nothing but just an excuse to manipulate and keep the market interesting, without it there's no movement haha
Just look at this video and it will be easier for you to understnd why we really need ETF for bitcoin to go up
Teeka Tiwari discussing the next crypto bull market. CBOE to get custodian and insurance.
The free market tends towards a single global currency.
Bitcoin maximalists accept this, and hodl onto the coin they believe will win.
is this real fud or ultimate fud comming?????Btc going to high next weak .....dont fud bad words
Oh whyy :(((
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Seems like the obvious answer to reject the petition, this will happen by surprise, happens all the time :)
@finprep. Do you think ,we may be we need to flip our position and need to present our case like Shawshank Redemption Morgan Freeman did in his reformed speech.
YouTube:
@sec : ETF for bitcoin
@winklevoss : ETF, Let me See,I don't have any idea what that means.
...
Finally. Approved.
nothing new here then lol
I think bitcoin doesn't need ETF furthermore; It is also getting on people nerve without ETF. by the way lets wait. #ETF #Bitcoin
follow me back ehehe
Yes, ironic that we consider this bad news!
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Bad news😏
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Still dont unserstand how the steem points work thats a bit confusing
Them Winklevoss twins keep getting used like a duck hunt they get shot down every time. Pow Pow Pow Pow Pow
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Hi @fineprep please tell me the reason why????
Hi @finprep I heard this news from other sources as well but not sure if it's regarding cboe. Can you confirm if it's true. There was hype in the market due to this news. Since it was scheduled for Aug month they why they rejected prior to hearing .. can you advice ?
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The watermark shouldn’t be on this pic without permission right?
@finprep excellently described.
Just to add few things on above "We should be hopeful for the petition filed by CBOE (Chicago Board Options Exchange). One of the biggest exchange of this planet.
If you observe why SEC is rejecting the petition, you will find two things:
Earlier, cryptocurrency was not regulated by any country. Now Japan and South Korea has been already regulated this.
COBE itself enabled the bitcoin features option in their exchange (back in January this year)
Lets pray and wait for 10th August 2018, when we will get the announcement from SEC on COBE petition.
http://mystorysofarnextiscrypto.blogspot.com/2018/07/my-story-so-far.html
Why is everyone going after ETF?