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The chief financial officer of Chinese tech company Huawei will have to wait another day to learn if she’ll be let go on bail.
CNN.com – RSS Channel – World
The head of Britain’s foreign intelligence agency said the U.K. had a tough decision to make on whether to allow Chinese telecommunications giant Huawei to supply a 5G mobile network in the country.
WSJ.com: What’s News Europe
The Florida secretary of state ordered recounts in the US Senate and governor races on Saturday, an unprecedented review of two major races in the state that took five weeks to decide the 2000 presidential election, the AP reports. Secretary Ken Detzner issued the order after the unofficial results in…
Amazon executives have made a fresh round of visits to several of the 20 finalists for its $ 5 billion second-headquarters project, fueling added anticipation as it nears a decision in a process that has stretched over more than a year.
WSJ.com: US Business
It was one of President Trump’s very first acts: to pull out of the Trans-Pacific Partnership, a sweeping 12-nation trade agreement that had been the centerpiece of President Obama’s strategic “rebalance” toward Asia.
Trump had alleged that such deals hurt American manufacturing, and on Jan. 23,…
The Reserve Bank of India has filed an affidavit with the country’s supreme court in response to one of the petitions against its crypto banking ban. The central bank reportedly argues that it has acted within its power and that none of the petitioners have shown reasonable grounds for the supreme court to intervene.
No Reasonable Grounds
Last week, the Supreme Court of India was scheduled to hear all of the petitions against the crypto banking ban by the country’s central bank, the Reserve Bank of India. However, the case was postponed the second week in a row from the original hearing date of Sept. 11. According to industry participants, the court is now scheduled to hear the case on Sept. 25.
In response to a petition filed by the Internet and Mobile Association of India (IAMAI), the central bank filed an affidavit with the supreme court on Sept. 8, Inc42 reported on Sept. 21. “Inc42 has the copy of the petition filed by IAMAI as well as the response filed by RBI on September 8, 2018.”
In its affidavit, the central bank argues that the IAMAI petition, along with other petitions challenging its ban, “is not maintainable either in law or on facts and, hence, liable to be dismissed as such,” the publication noted.
Since the RBI issued its April 6 circular banning banks from providing services to crypto businesses, a number of petitions have been filed against the ban. They allege that the central bank’s action “violates Articles 19 (1) (g) and 14 of the Indian Constitution,” which “will lead to the closure” of affected firms, the news outlet explained. However, the RBI detailed in its affidavit:
The impugned circular and the impugned statement neither violate the right to equality guaranteed under Article 14 or the right to trade and business guaranteed under Article 19 of the Constitution…The petitioner cannot seek to exercise the extraordinary jurisdiction of this Hon’ble Court to avail a right which they do not have.
RBI’s response further reads, “There is no statutory right, much less an infringed one, available to the petitioner to open and maintain bank accounts to trade, invest or deal in virtual currencies.” In addition, the central bank claims that IAMAI and others “haven’t got any reasonable or tenable ground for interference by this court.”
RBI Defends Its Circular
The central bank argues that its April 6 circular is in line with its three previous statements regarding cryptocurrencies – one in 2013 and two in 2017.
Calling the circular an essential step, the RBI claims that cryptocurrencies “are associated with multiple risks such as lack of customer protection, high volatility, vulnerability of wallets and exchange houses to cyber-attacks, money laundering, etc,” the news outlet conveyed.
“Unlike a currency which is defined as something that can be a medium of exchange, a store of value and a unit of account,” the central bank asserted that cryptocurrencies, “given their volatility, lack of intrinsic value and low adoption, satisfy none of these criteria.” Emphasizing that “Their value is merely derived from the parties to a transaction willing to pay a particular amount” for them, the RBI maintained:
The impugned circular and the impugned statement have been issued in a manner that is consistent with the powers conferred on the RBI by the law and the same are legal and valid.
What do you think of RBI’s response to the petitions against its ban? Let us know in the comments section below.
Images courtesy of Shutterstock and the RBI.
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The post RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision appeared first on Bitcoin News.
Since last month’s grand jury report describing how the former archbishop of Pittsburgh reassigned priests accused of abusing children, Cardinal Donald Wuerl has had his name scrubbed from a school , been the subject of protests by Catholic schoolteachers, and faced calls from priests and parishioners to resign. Resignation is now…
Nike’s decision to make its bold deal with Colin Kaepernick was partly a shrewd business move, but sources involved in the negotiation tell TMZ Sports a big part was also cultural. Our sources say Nike was fully aware there would be outrage by…
The U.S. International Trade Commission ruled Wednesday that imports of Canadian newsprint do not threaten or materially harm the U.S. newsprint industry, a decision that reverses tariffs put in place by the Trump administration this year.
The commission’s 5-0 ruling comes after the Commerce Department…
The U.S. Securities and Exchange Commission (SEC) has extended the time period it needs to make a decision on the Vaneck Solidx bitcoin ETF based on the proposed rule change filed by Cboe BZX Exchange. Meanwhile, the ETF team has submitted to the SEC key changes addressing all concerns cited as reasons for rejecting Solidx Bitcoin Trust ETF last year.
The SEC announced Tuesday that it has extended the time it will take to make a decision on the proposed rule change to list and trade shares of Solidx Bitcoin Shares issued by the Vaneck Solidx Bitcoin Trust.
Cboe BZX Exchange filed the proposed rule change with the SEC on June 20, which was published in the Federal Register on July 2. This bitcoin ETF has received a lot of attention from the crypto community. “As of August 6, 2018, the Commission has received more than 1,300 comments on the proposed rule change,” the agency wrote.
The Commission explained that the Securities Exchange Act provides that within 45 days of the publication in the Federal Register a longer period may be designated, elaborating:
The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.
The SEC now “designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.” However, this may not be the last time the SEC postpones its decision on this bitcoin ETF. According to the Exchange Act, the Commission can extend it 240 days from the date published in the Federal Register.
Key Concerns from Last Rejection ‘Resolved’
In March last year, the SEC rejected the proposed rule change filed by NYSE Arca to list and trade shares of Solidx Bitcoin Trust.
A document published on the SEC website dated August 1 details a meeting the previous day between 15 SEC officials and six representatives from Van Eck Securities Corporation, Solidx Management LLC, and Cboe BZX Exchange Inc.
A presentation was submitted by Solidx Management and Van Eck Securities to the Commission staff outlining the reasons why this proposed rule change should be approved, addressing concerns the SEC had in March. The presentation reads:
Issues identified in [the SEC’s previous] disapproval order have been resolved.
In July, Van Eck submitted a 13-page report to the Commission addressing various concerns the SEC has related to the ETF such as valuation, liquidity, custody, arbitrage, and potential manipulation.
Major Changes From Last Rejection
The presentation points out that there have been major changes since the SEC decided to reject the proposed rule change for Solidx Bitcoin Trust in March last year.
The first significant change is that “multiple derivatives markets now exist for bitcoin.” The presentation lists as examples CME bitcoin futures, Cboe bitcoin futures, Ledgerx bitcoin swaps and options contracts, and Cantor Exchange self-certified bitcoin swaps contract. The first two have a combined daily trading volume of “approximately $ 150 – $ 200 million,” the presentation details, reiterating that they are all regulated by the U.S. Commodity Futures Trading Commission (CFTC).
Secondly, the product pricing has changed as the proposed trust will use OTC index for pricing and NAV. Citing that the “CFTC has jurisdiction over OTC bitcoin trading,” the presentation emphasizes:
Potential manipulative activity would be identified immediately, providing the ‘necessary deterrent to manipulation’ described in the March 2017 disapproval notice.
In addition, there has been a “proliferation of information sharing agreements” that were not previously put in place in March last year.
Furthermore, citing the SEC’s “concerns regarding bitcoin ETFs and retail investors,” the presentation notes that “the initial share price will be set at a level designed to ensure that only institutional and ‘non-retail’ investors will be able to purchase shares,” which is a price per share of $ 203,750 as of July 30. The presentation also claims that existing bitcoin investments do not provide investors with sufficient protection, naming GBTC and XBT Provider as examples.
What do you think of the SEC postponing its decision on Vaneck/Solidx bitcoin ETF? Do you think the SEC will eventually approve this bitcoin ETF? Let us know in the comments section below.
Images courtesy of Shutterstock, Solidx, Van Eck, and the SEC.
Need to calculate your bitcoin holdings? Check our tools section.
The post SEC Postpones Decision on Vaneck Solidx Bitcoin ETF but Previous Concerns ‘Resolved’ appeared first on Bitcoin News.