decisions Archives -
The United States Securities and Exchange Commission (SEC) has issued three published decisions, covering nine different Bitcoin ETFs. Applications put forward by Direxion, Pro Shares, and Granite Shares were rejected along largely the same lines of argument.
Bitcoin ETFs Denied in Three Published Decisions
The heavily footnoted rejection document runs some 24 pages, but the heart of the matter very well could be tucked away on page 22, under the headings “Protecting Investors and the Public Interest”. In its analysis section, the SEC notes, “The Commission acknowledges that, compared to trading in unregulated bitcoin spot markets, trading a bitcoin-based ETF on a national securities exchange may provide some additional protection to investors,” a concern many bitcoin mainstreaming enthusiasts point out as reason enough to join regulated exchanges.
Evidently the SEC doesn’t see it that way. As the denial details further, “the Commission must disapprove a proposed rule change filed by a national securities exchange if it does not find that the proposed rule change is consistent with the applicable requirements of the Exchange Act—including the requirement under Section 6(b)(5) that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices.”
More Clarity, But a Surprise to Some
That order shot down all five proposals by Direxion. The heavy work out of the way, the SEC basically used the same arguments in Release no. 34-83904; file no. SR-NYSEArca-2017-139, also of August 22, 2018. Similarly titled, “Order Disapproving a Proposed Rule Change to List and Trade the Shares of the Pro Shares Bitcoin ETF and the Pro Shares Short Bitcoin ETF,” it dashes eager hopefuls immediately.
In even more heavily footnoted pages and a longer publication of 26 pages, the agency nearly word for word reprints the above rationale, concluding a paragraph later, “Thus, even if a proposed rule change would provide certain benefits to investors and the markets, the proposed rule change may still fail to meet other requirements under the Exchange Act. For the reasons discussed above, the Exchange has not met its burden of demonstrating an adequate basis in the record for the Commission to find that the proposal is consistent with Exchange Act Section 6(b)(5), and, accordingly, the Commission must disapprove the proposal,” ending Pro Shares current bid.
Lastly, Granite Shares fell victim to the same reason as the other two companies above in the SEC’s “Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Disapproving a Proposed Rule Change to List and Trade the Shares of the GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF,” it titled its denial.
For Bitcoin ETF proponents this an obvious setback, one perhaps they were not expecting (though a decision was rumored by this Thursday). A positive takeaway for future litigation with the agency is the extent it took to deny both ETF tries. There is a lot of information yet to be digested by concerned parties. A careful reading, the right configuration, and perhaps a new day can be had. For now, the SEC is not budging.
Do you think this will have a negative impact on the ecosystem? Share them in the comments section below.
Images via Pixabay.
The post Bitcoin ETFs Rejected Again: SEC Denies 9 Hopefuls in 3 Decisions appeared first on Bitcoin News.
If knowledge is power, today’s traders are stronger than they’ve ever been. The range and function of analytical tools is improving by the day, presenting investors with a smorgasbord of options. Sites such as Onchainfx are continually adding new features, empowering traders to make more informed decisions based on more data sets.
Also read: 8 Alternatives to Coinmarketcap
Today’s Investors Have an Enviable Suite of Analytic Tools
From technical analysis to fundamental analysis, the best traders leave no stone unturned in their quest to find hidden gems. Low market cap coins with a solid development team; tokenized projects with the potential to 10x; altcoins that have been unfairly pummeled and are due for a rebound. All this, and much more, can now be gleaned in little more than a few clicks. There’s no need to connect to APIs and painstakingly perfect spreadsheet formulas, for the best online toolkits do it all.
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Live Coin Watch Demystifies the Data
Live Coin Watch is another up and coming site making data sexy. The best thing about the cryptocurrency tracker is its customizable layouts. At the toggle of a button, you can view which coins are down the most percent from their ATH. Combine that with data on a coin’s Github activity, or price based on BTC normalized supply, say, and you’ve got a ready reckoner for which alts are unfairly cheap.
For more serious traders, who thrive on log charts and rolling correlations of daily returns, Coinmetrics.io is the only tool that counts. It’s not the easiest platform to master, but the knowledge it bestows upon those diligent enough to put in the time can make the toil worthwhile. Even the simpler charts Coinmetrics cooks up, such as a retrospective of the times bitcoin’s RSI exceeded 75, are fascinating.
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What’s your favorite site for cryptocurrency research? Let us know in the comments section below.
Images courtesy of Shutterstock, Coinmetrics, Onchainfx and Live Coin Watch.
Why not keep track of the price with one of Bitcoin.com’s widget services.
The post New Tools Help Crypto Traders Make Smarter Decisions appeared first on Bitcoin News.
Both of California’s health insurance regulators said they will investigate how Aetna Inc. makes coverage decisions, as the lawsuit of a California man who is suing the nation’s third-largest insurer for improper denial of care heads for opening arguments Wednesday.
The Department of Managed Health…
South Korean banks have backtracked from their decisions to stop servicing cryptocurrency accounts as crypto investors protested and the government re-discussed its policy. The country’s 6 major banks have been told that they must follow through with the original plan and install the system that would end the anonymous trading of cryptocurrencies.
South Korean banks have reportedly reversed their decisions to stop servicing cryptocurrency accounts. “They will stick to their initial plans to allow clients to open accounts for cryptocurrency transactions using their real names within the month,” Korea Joongang Daily reported.
The original plan has been for banks to stop issuing virtual accounts and install the new government-mandated, real-name identification system. From that point on, they would only issue real name accounts. This new system is expected to be introduced around January 20.
The news outlet detailed:
The country’s financial regulator has pushed banks to stop opening new accounts until they establish a way to verify that the accounts bear the real name of the customer, to prevent money laundering.
Last week, the regulators began inspecting the country’s 6 major banks to ensure they have fulfilled their anti-money laundering (AML) obligations with regard to virtual account services, as news.Bitcoin.com reported.
While the inspections will not conclude until January 16, some banks decided to pull out of servicing cryptocurrency accounts “due to strong pressure from financial authorities” and criticism that “banks are supporting virtual currency transactions,” Money Today described.
The regulators then informed the 6 banks that their decisions regarding whether to service crypto accounts do not have any bearing on their obligations to install the new real-name system. As such, banks agreed to install the new system as planned. The Korean Financial Services Commission (FSC) said Sunday, as reported by Korea Joongang Daily:
Banks will open new accounts after it [FSC] releases guidelines about avoiding money laundering.
Shinhan Bows to Investor Complaints
Among the banks that decided to stop servicing cryptocurrency accounts was Shinhan Bank. A letter regarding this decision was immediately sent to the crypto exchanges currently using the bank’s virtual account services, including the country’s largest exchange Bithumb.
Following the bank’s announcement, “some Shinhan users – possibly bitcoin traders – threatened a boycott of the bank,” the publication noted. Yonhap elaborated:
After the news was announced, investors rebelled and the financial authorities decided to re-discuss the policy when they asked for a real-name confirmation service.
Shinhan Bank subsequently reversed its decision, stating that the bank will review its virtual account opening policy and “will allow deposits to existing virtual accounts for the time being,” the news outlet detailed.
Korea Joongang Daily added, “Shinhan Bank notified major local cryptocurrency exchanges such as Bithumb and Korbit that they should come up with measures to get rid of existing anonymous accounts.”
While it remains possible for Shinhan Bank users to deposit into existing virtual accounts, the government announced on Sunday that anyone doing so would face a fine once the real-name system is implemented.
What do you think of banks reversing their decisions on crypto accounts? Let us know in the comments section below.
Images courtesy of Shutterstock and Shinhan Bank.
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The post South Korean Banks Reverse Decisions on Cryptocurrency Accounts appeared first on Bitcoin News.
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