SEC Rejects Bitcoin ETF, But Bitcoin Price Rally Can Still Be Ahead
by Olusegun Ogundeji, Coin Telegraph:
As the news of the Winklevoss exchange traded fund not being approved by the Securities and Exchange Commission sinks, the CEO of CryptoCompare, which brings the latest streaming pricing data of cryptocurrencies, hints at what could have been responsible for the rejection.
Charles Hayter states in an email that the SEC does not like Bitcoin being unchained from all regulation and the rejection move is, in essence, a form of consumer protection.
He says:
“Whether other jurisdictions will allow a Bitcoin ETF remains to be seen – but for the time being all is not well – and it seems as if the other ETFs in the pipeline for the SEC are facing the same stone wall. The markets are digesting the information at the moment – we expect continued volatility and high volume. The hopes that Bitcoin would move towards mainstream finance have been dashed.”
Competition dashed
An approved ETF would have created a jurisdictional competition as other nations may look to create competing products. It could have eased the process of buying Bitcoin and offer benefits to portfolio managers through its low correlations with traditional assets and open up approvals for other Bitcoin ETF vehicles and for other digital currencies such as Ethereum.
Bitcoin price
Yet it was refused. The market has since seen some panic in the short term and dislocation amongst various fiat pairs. However, as this calms and the fear subsides, the market will likely rally as other hopes step up to the plate, with Bitcoin price continuous growth.
What regulators are thinking
Some of the issues that Hayter thinks could have boggled the minds of regulators about the approval of the ETF include the fear of a fork in the code such as the one that occurred with Ethereum last year.
“There has been no precedent in finance for a similar occurrence but this has largely been mitigated by a good faith option whereby.the Custodian will choose the chain with the largest majority or in good faith the one expected to be so,” Hayter says. “This risk is particularly apparent with the scaling debate coming to the fore again with opposing sides taking up positions.”
Other considered issues are a conflict of interests regarding the roles and the involvement of the Winklevoss as the sponsor of the ETF, as well as the provider of the reference price through their 4 p.m. EST time auction and the custodians of the underlying asset. The Chinese market reported the influence of over 98 percent of Bitcoin trading, the resilience of the Bitcoin network security against various attack vectors, volatility, and the innovation ETFs are supposed to bring to the market causing regulators to seek ways to create a balance between approving and the risks of not approving them.
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,706,517,730 |
| Stories: | 8,445,879 |
Whistler Blowers, Insiders
