SEC Rejects Bitcoin ETF on Basis of Small Size of the Market, Manipulations Concerns.
SEC indicates these concerns can be overcome; does not evaluate whether Bitcoin has utility or value as an investment.
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Smaulgld You Tube Live Stream July 27, 2018
Yesterday’s live stream discussed the rational for the U.S.Securities Exchange Commission (SEC) decision to reject the Winklkevoss twins Bitcoin ETF application again. The SEC rejected the Bitcoin ETF application on the basis that no surveillance sharing agreement exists with a “regulated market of significant size” and the danger of manipulation.
The SEC concluded it’s still too early to approve a Bitcoin ETF but noted “regulated bitcoin related markets are in the early stages of their development. Over time, regulated bitcoin-related markets may continue to grow and develop. 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. Should these circumstances develop, or conditions otherwise change in a manner that affects the Exchange Act analysis, the Commission would then have the opportunity to consider whether a bitcoin ETP would be consistent with the requirements of the Exchange Act.”
The SEC also noted “Although the Commission is disapproving this proposed rule change, the Commission emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.
Watch the video companion to “Why The Bitcoin ETF Went Down in Flames – Again! ”
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Resources
WHY THE BITCOIN WENT DOWN IN FLAMES – March 2017
SEC REJECTION OF BITCOIN ETF JULY 2018
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