Winklevoss Bitcoin ETF Proposal Denied by U.S. SEC

29 July, 2018, 04:28 | Author: Martin Tyler
  • Winklevoss Brothers Bitcoin ETF Rejected By SEC for Second Time

She argues, essentially, that this is a case of catch 22: the Bitcoin market has its problems but these problems would be "mitigated by institutionalizing the market".

"This is a big shot across the bow for those seeking to launch digital currency exchange-traded products", said Barry Pershkow, a partner at Chapman & Cutler who used to work at the SEC.

"More institutional participation would ameliorate numerous Commission's concerns with the bitcoin market that underlie its disapproval order", she said, adding that the ruling "sends a strong signal that innovation is unwelcome in our markets".

Not all hope is lost just get for the Winklevoss twins however, as reports out this afternoon highlight that SEC Commissioner, Hester M. Peirce has commented on the SEC's approach to rejecting the Bitcoin ETF.

Those familiar with Bitcoin widely believe that the SEC's approval of an ETF will increase liquidity, and cause prices to rise.

Greek fires: Blaze that killed 83 'caused by arson'
A number of bodies were found in cars and close to the sea, however, suggesting that many residents did attempt to flee. Authorities said they would use an unmanned drone from the United States to monitor and track any suspicious activity.

The move comes more than a year after the SEC turned down a rule change request from the Bats BZX Exchange that would have paved the way for the bitcoin-tied investment vehicle.

However, not everyone at the SEC was on board with the recent decision to deny bitcoin exchange traded funds.

"For example, existing or newly created bitcoin futures markets may achieve significant size, and an ETP listing exchange may be able to demonstrate in a proposed rule change that it will be able to address the risk of fraud and manipulation by sharing surveillance information with a regulated market of significant size related to bitcoin, as well as, where appropriate, with the spot markets underlying relevant bitcoin derivatives", the agency continued. While much of the market and industry news has been in a stir over the looming-as some would put it "almost guaranteed"-creation of Bitcoin ETFs, the news came as a harsh ruling by the SEC on the potential for other funds". She argued that the movement of Bitcoin ETPs into the market would foster a sense of institutionalization that would target the problems that the Commission faces with the Bitcoin market.

"The record before the Commission does not support such a conclusion", the order says.

By 15:30 UTC, the bitcoin price had punched past $8,100 and had ultimately risen as high as $8,216 by the time of writing at 15:56 UTC.

Turkey rejected United States call to abide by anti-Iran sanctions
Brunson has lived in Turkey for 23 years and served as pastor of Izmir Resurrection Church , a small Protestant congregation. More than 50,000 people were arrested in Turkey in President Recep Tayyip Erdogan's huge post-coup crackdown.

She also spoke about participation by institutional investors into the market, which would then drive stronger custody solutions due to the number of funds.

The decision of the Commission is not only over-focused on the Bitcoin spot market - it influences the overall development of the crypto community.

Furthermore, she stated that the disapproval order undermines investor protection, albeit unintentionally.

She also holds that the proposition manages to abide by the statutory standards and that the Commission should, in fact, permit the cryptocurrency exchange to list and trade the Bitcoin-based exchange-traded product.

The decision, which was released Thursday in a 92-page document, said that the commission was not convinced that the twins' company could protect investors from "fraud and manipulation".

Model Karlie Kloss engaged
This might maybe change if the extended family you're going to marry into includes Donald Trump . Kusher shared a photo of Kloss on the social media platform and added the caption, "fiancé".

Recommended:

  • Shareholders approve Disney's purchase of most of 21st Century Fox

    Shareholders approve Disney's purchase of most of 21st Century Fox

    Late previous year , Disney revealed its multi-billion dollar plans to buy the majority of Fox's assets, films, and TV shows. Last week, Comcast dropped its pursuit of Fox's film and television studios, cable networks and global TV businesses.
    Tape of Trump discussing hush money for alleged affair released

    Tape of Trump discussing hush money for alleged affair released

    Image copyright CBS Who is Karen McDougal? He was already then married to Melania and was the host of TV show The Apprentice. McDougal later sued, claiming that AMI paid for the story with the intention of burying it to protect Trump.
    Thomas in yellow, Froome slips, Martin finishes second

    Thomas in yellow, Froome slips, Martin finishes second

    His track record ensures that Froome remains number one at Team Sky but it is Thomas who is inexorably heading towards victory. Dutchman Dumoulin leapfrogged defending champion Froome into second, after a decisive attack 2 kilometres from the finish.
  • Meghan Markle And Prince Harry Kiss At Sentebale Polo Game

    Meghan Markle And Prince Harry Kiss At Sentebale Polo Game

    After his team won by 5-4, Meghan presented the trophy to her husband and team captain Nacho Figueras . Charlie, as well as his brother Thomas , are very close to Prince William and Prince Harry .
    Trump touts economy: 'These numbers are very, very sustainable'

    Trump touts economy: 'These numbers are very, very sustainable'

    Unlike in 2015, growth has accelerated this year, in part, because of the stimulus from Mr Trump's deficit-funded tax cuts. Trump has said he sees annual growth of 3 per cent or more as sustainable. "This is no one-shot deal", said Kudlow.
    'Game of Thrones' Final Season Premiere Details & Prequel News Revealed!

    'Game of Thrones' Final Season Premiere Details & Prequel News Revealed!

    So mark your calendars and set your DVR's for sometime between January and June 2019! "So it felt distinct", said Bloys. Martin and writer Jane Goldman , but this is the first we're hearing of the other projects being put to the side.
  • Underground lake with liquid salt water found on Mars

    Underground lake with liquid salt water found on Mars

    Their results suggest that a 12-mile-wide (20 kilometers) reservoir lies under ice that's about a mile (1.5 kilometers) thick. The presence of water under the Martian polar ice caps has always been suspected but not seen until now, the study said.
    Priyanka Chopra and Nick Jonas are reportedly engaged!

    Priyanka Chopra and Nick Jonas are reportedly engaged!

    After their little world tour, Priyanka and Nick were photographed cycling on the streets of New York City. Priyanka Chopra and Nick Jonas were spotted walking hand-in-hand at Mumbai airport on June 29, 2018.
    Trump calls for quick NAFTA deal in letter to Mexico president-elect

    Trump calls for quick NAFTA deal in letter to Mexico president-elect

    The U.S.is now gearing up for mid-term congressional and senate elections in November. "I don't think it's going to happen". Trump's tariffs on steel and aluminum imports were still casting a shadow on NAFTA talks, Morneau said.
  • Priyanka Chopra and Nick Jonas to get married in October?

    Priyanka Chopra and Nick Jonas to get married in October?

    Chopra, who is great friends with Markle, attended the royal wedding on May 19, around the time she and Jonas started dating. Sensing Priyanka's iffy attitude, Salman initiated talks with Katrina during their Dabangg Reloaded Tour in the US.
    Farmers prefer Trump do trade deals than hand them cash

    Farmers prefer Trump do trade deals than hand them cash

    To date, every time that the Trump administration has imposed a tariff on China, China has imposed an equal tariff on USA goods. Many Wisconsin politicians are echoing that sentiment, saying payback for trade tariffs is not the way to go.
    Deschamps, Zidane on FIFA Coach of the Year shortlist

    Deschamps, Zidane on FIFA Coach of the Year shortlist

    A fine season with Liverpool ended with heartbreak after the team lost the Champions League final to Real Madrid. Four women and six men are on a 10-candidate list to win the FIFA award as the best coach in women's football.


Popular

Manchester United plan sales to fund Harry Maguire deal
Honestly, I feel really good and I'm raring to go, and the minutes [on tour] are only going to help me become fitter. As per reports from ESPN , Juventus and Inter Milan have both shown interest in roping in the right-back.

Meghan Markle and Prince Harry’s public kiss is now a meme
The two snuck in a smooch at the 2017 Audi Polo Challenge back when they were dating. The duchess donned a chic denim dress for her day at the polo .

Blood Moon 2018: Complete lunar eclipse the longest of this century
The Moon will turn red only at the highest point of the total lunar eclipse , which starts around 1 AM on the night of July 28. But a small amount of light does actually pass through the outer parts of the Earth's atmosphere and reflect off the moon.

700 separated children still in US custody after deadline
The report was requested by Sabraw ahead of the Trump administration's 30-day deadline Thursday to reunite separated families. District Judge Dana Sabraw has indicated some leeway given the enormity of the job.

Demare silences detractors with victory on stage 18
A member of the Gendarme caused the two men to stop abruptly and crash before he then pulled Chris Froome off his bicycle. Sky sporting director Nicolas Portal, a former rider with the team, appealed to fans to use common sense.

Mars close approach: Get a look at the red planet
The next close approach, meanwhile, in 2020, will be 38.6 million miles (62 million kilometers), according to NASA . Hubble, one of the largest space telescopes, captured images of dust storms on the Red Planet this summer.

Facebook Suspends Personal Account Of Sandy Hook Hoax Theorist Alex Jones
The suspension does not stop other page administrators from posting to his personal page or the page of Infowars . While that video didn't prompt Facebook to action, apparently bringing up the controversy did.

Iranian Officer Taunts Trump: You ‘Won’t Dare’ Attack Us
In Iran, threats and taunts toward the United States are common and part of many events sanctioned by the Iranian government. Secretary of State Mike Pompeo had earlier accused senior Iranian leaders of resembling a "mafia more than a government".

Pakistan's Who's Who vote in knife-edge election
According to reports, a total of 85,307 polling stations were set up in Pakistan, and Punjab alone had 47,813 polling stations. The issues of water scarcity and many challenges in education and health, education of the country are in addition to that.

USDA commits $12B for farmers, ranchers affected by tariffs
Some of Trump's fellow Republicans are also already balking at the idea of government-funded bailout for a trade war they oppose. The program is expected to start taking effect around Labor Day in the USA on September 3.