Decide Archives -
“Is this person a citizen of the United States?” The Supreme Court said Friday it would decide whether that politically volatile question can be added to the 2020 census, reports NPR . The court scheduled arguments for April in order to have a decision before census forms get printed in June,…
BuzzFeed Inc.’s journalists, reeling from a round of layoffs, have decided to unionize, organizers announced Tuesday, demanding that their employer recognize the union immediately.
About 90% of workers supported the decision to join NewsGuild, a labor union that’s part of the Communications Workers…
Slums like Petare are where the battle for the political future of Venezuela is being fought. Under duress from hunger, anti-government protests have raged in some of the poorest parts of Caracas — and been met with swift police action.
CNN.com – RSS Channel – Regions – Americas
The red brick slum trips down the hillsides of eastern Caracas, and stumbles to a halt at a highway that separates the poor from the rest of Venezuela’s capital.
CNN.com – RSS Channel – World
In a few weeks, the Queen of England may well be at an undisclosed location—if, that is, her nation fails to reach a Brexit deal and the streets erupt in violence, the Guardian reports. Two Sunday papers say Britain has re-activated Cold War plans to evacuate Her Majesty should…
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Vaneck Solidx bitcoin exchange-traded fund (ETF), which will trade on Cboe BZX Exchange. The SEC has received more than 1,600 comments and will make a decision by February next year.
New Decision Date
The SEC announced on Thursday that it has designated “a longer period within which to issue an order approving or disapproving the proposed rule change” by Cboe BZX Exchange to list and trade shares of Vaneck Solidx Bitcoin Trust. The SEC stated that the delay is “so that it has sufficient time to consider this proposed rule change.”
Cboe BZX Exchange filed this proposed rule change on Jun. 20 and, on Sept. 20, the SEC instituted proceedings to make a decision on it. The SEC wrote in its Thursday’s announcement:
The commission, pursuant to Section 19(b)(2) of the [Securities Exchange] Act, designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change.
According to the Securities Exchange Act of 1934, the SEC can extend the time to make a decision on an ETF up to 240 days after the date of its publication in the Federal Register.
This proposed rule change was published for notice and comment in the Federal Register on July 2. “February 27, 2019, is 240 days from that date,” the commission wrote.
The SEC also revealed:
As of December 6, 2018, the commission has received more than 1,600 comments on the proposed rule change.
Meeting With SEC
A meeting was held on Nov. 26 between officials of the SEC and representatives of Cboe BZX Exchange Inc., Van Eck Securities Corp., and Solidx Management Llc. They discussed the proposed rule change for Vaneck Solidx Bitcoin Trust’s ETF.
In its presentation submitted to the SEC, Solidx wrote that the “futures markets [for bitcoin] perform a valuable role in price discovery,” adding that “the empirical evidence indicates that the spot and futures prices are cointegrated … this is evidence of a well-functioning capital market.”
The company proceeded to show the commission that there is a “significant market” for bitcoin futures, citing the case of Breakwave Dry Bulk Shipping ETF which the commission approved in December last year. Applying the analysis used in the Breakwave approval order, the company asserted:
When compared to the dry bulk shipping market there is no question that the bitcoin futures market is a significant, regulated market.
Solidx also wrote, “there is no question 100% of bitcoin futures trade on ‘well established, regulated markets that are members of ISG [intermarket surveillance group],’” such as the CME and the Cboe Futures Exchange. Moreover, the company told the SEC that “several properties of bitcoin and the underlying ecosystem make it less susceptible to manipulation than other commodities that underlie already approved ETPs [exchange-traded products].”
Recently, SEC Chairman Jay Clayton spoke about key upgrades he needed to see in cryptocurrency markets before he is comfortable with a bitcoin ETF.
Do you think the SEC will approve this bitcoin ETF in February next year? Let us know in the comments section below.
Images courtesy of Shutterstock, Cboe, Van Eck Securities Corp., Solidx Management Llc.
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The post SEC to Decide Fate of Vaneck Solidx Bitcoin ETF by Late February appeared first on Bitcoin News.
The technology industry has turned the Bay Area into an economic powerhouse that many of the world’s most valuable companies call home. But the influx of well-paid tech workers has also clogged the region’s infrastructure and sent housing prices soaring, exacerbating a homelessness crisis on the…
The city of Rancho Palos Verdes confirmed that a petition drive has collected enough signatures to put a measure on the ballot to raise salaries and provide panic buttons for hospitality workers, but residents won’t vote on the initiative until 2019.
The five-member City Council voted unanimously…
Heads, you’re under arrest. Tails, you’re free to go. Body camera video shows Georgia police officers laughing as they use a coin-flip app to decide whether to detain a woman during a traffic stop in April, reports the AP . The video shows Roswell police Officer Courtney Brown asking Sarah Webb…
Kenya’s Treasury Secretary has been tasked with the responsibility of investigating the current state of cryptocurrency adoption in the country, which has so far been growing with no regulations. In a couple of weeks, he is to give his report to parliament, advising them how to proceed with regulating cryptocurrencies.
Decision in Two Weeks
The Kenyan parliament has reportedly given Treasury Secretary Henry Rotich two weeks to decide whether cryptocurrencies need to be regulated, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich about the use of bitcoin in the country. Specifically, the committee asked “why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture into the unregulated cryptocurrency space without being licensed to operate and taxed,” the news outlet detailed and quoted the chairman of the committee, Joseph Limo, saying:
We are surprised to hear that even the CBK is not aware that there is a lounge at Kenyatta University, an ATM in town, and a hotel in Nyeri which trade in bitcoins. There is a bigger problem in Kenya since people are trading billions in virtual space yet the Treasury has not licensed and taxed it like trade in M-Pesa and bank transactions.
When to Start Regulating
Rotich admitted that there is a lot of interest in cryptocurrency, adding that he will look into whether there are crypto exchanges operating in the country. So far, “I am not aware of people operating locally…But I will endeavour to find out whether we have local exchangers,” the publication quoted him.
After explaining that the central bank will identify any local crypto exchanges and evaluate their risks to see whether regulation is needed now or later, he asserted:
The issue of cryptocurrencies is evolving and we can take a position as a country. This is a delicate balance between supporting innovation and killing it.
Parliament’s Concerns about Crypto
Capital Business also reported on Wednesday that “Molo Constituency Member of Parliament Kimani Kuria wants cryptocurrencies such as bitcoins to be regulated due to risks associated with digital currencies.”
Citing that “cryptocurrency transactions are anonymous,” Kuria claims they “can easily be used by corrupt government officials seeking to hide fraudulent money.”
He proceeded to describe, “A person who has billions of money acquired wrongly needs only to buy several bitcoins which can store value in a system that lacks centralized outsight. He then could go to another country, recover his money and move on with life.”
In answering a question by the Finance and National Planning Committee, Rotich was “hesitant to respond on the government’s capacity to monitor and regulate cryptocurrency transactions conducted within the Kenyan borders,” the news outlet described. However, he elaborated:
Unlike other investment avenues, cryptocurrencies are not regulated by any government authorities. Due to their unregulated nature, limited understanding of the cryptocurrency and the influx of companies engaging in it, it is prone to abuse by criminals, terrorists and extortionists who are taking advantage of the unregulated space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock and Wikipedia.
Need to calculate your bitcoin holdings? Check our tools section.
The post Kenya Has Two Weeks to Decide Whether to Regulate Cryptocurrencies appeared first on Bitcoin News.