Bitcoin Global News (BGN)
August 03, 2018 -- ADVFN Crypto NewsWire -- The U.S. financial
regulatory body has not approved a cryptocurrency related ETF. The
group still highlights issues with security, market
manipulation and investor protection issues.
Rejected - Winklevoss
Twin’s Bitcoin Trust
The Securities and Exchange
Commission rejected a second attempt by Cameron and
Tyler Winklevoss, founders of crypto exchange Gemini. The ETF was
based on Bitcoin. The proposal was made in June, based on the first
ever Bitcoin ETF created through the Cboe. Bitcoin would have been
commodity-based shares, but was voted down 3-1.
"Despite today's ruling, we look
forward to continuing to work with the SEC and remain deeply
committed to bringing a regulated bitcoin ETF to market and
building the future of money," Cameron Winklevoss, co-founder and
President of Gemini said regarding the matter.
“Winklevoss Bitcoin Trust," the
first attempt at a Bitcoin related ETF, was rejected in March of 2017. They claim the
Gemini exchange is "uniquely resistant to manipulation,” but not
enough for the SEC.
In Review - VanEck SolidX
Bitcoin Trust
VanEck and SolidX filed
a joint application for a
Bitcoin ETF. The proposal was published on July 2. The Shares of
the Trust are expected to be listed for trading, subject to notice
of issuance, on the Cboe BZX Exchange as well.
Recently Submitted - First
Crypto Index Fund HOLD 10
In October 2017, Bitwise Investments launched the world’s first
cryptocurrency index fund, but that doesn’t always translate into
what is a lasting product. The Bitwise index fund “HOLD 10” is a
mix of BTC, ETH, XRP, BCH, LTC, DASH, NEO, ZEC, XMR and ETC,
weighted by a 5-year-diluted market cap.
Postponed - Bull Shares
Decision
The SEC released a statement to defer the
decision on five cryptocurrency ETFs until September. All five of
the noted proposals were filed by Boston-based ETF
provider Direxion Investments on January
4th, 2018: Bear 1X Shares, Daily Bitcoin 1.25X Bull Shares, Daily
Bitcoin 1.5X Bull Shares, Daily Bitcoin 2X Bull Shares, and Daily
Bitcoin 2X Bear Shares. “Bear 1X” is linked to BTC price directly,
but the other four are related to its price variation.
Law designates that they have 180
days to provide a decision, and may delay that date by not more
than 60 days from the original. The regulators have chosen to take
the full 60 days, to make the decision by September 21,
2018.
By: BGN Editorial Staff
News:
Bitcoin ETF
Cryptocurrency