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





 

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