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SEC Final Decision on VanEck Bitcoin ETF Now Set For February

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Sec final decision on vaneck bitcoin etf now set for february

SEC Final Decision on VanEck bitcoin ETF Now Set For February
Sec etherdelta

Expectedly, the US Securities and Exchange Commission has once again delayed its decision on the commodity-backed VanEck/SolidX bitcoin ETF proposal. The Commission is left with no room for further delays and the absolute final decision will come on February 27, 2019. 

bitcoin ETF: The Last Delay

In July Bitcoinist reported that the SEC’s decision on the commodity-backed VanEck/SolidX bitcoin ETF proposal is likely to come in 2019.

What is an etf?

The Commission has delayed its decision multiple times, the last of which took place yesterday December 6. However, this was lawfully their last chance to do so, and as it’s outlined in the order itself, the SEC must approve or disapprove the proposed rule change on February 27, 2019.

…the Commission, pursuant to Section 19(b)(2) of the Act, designated February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change.

Earlier in September, Elad Roisman, picked by President Trump, was approved as the newest SEC Commissioner, comprising a senior line-up which should, at some point, back a Bitcoin ETF.

According to legal expert Jake Chervinsky, though, Commissioners will not play a role in the February 27 deadline. He explained:

The decision will be made by SEC staff in the Division of Trading & Markets. The Commissioners only get directly involved if there’s a review of the staff’s initial decision. For the February 27 deadline, the Commissioners aren’t particularly relevant.

The decision will be made by SEC staff in the Division of Trading & Markets. The Commissioners only get directly involved if there's a review of the staff's initial decision. For the February 27 deadline, the Commissioners aren't particularly relevant.https://t.co/TKAGOnSjoy

— Jake Chervinsky (@jchervinsky) December 6, 2018

What if Denied?

One of the pressing questions, besides whether or not the bitcoin ETF will be approved, is what happens if it’s denied.

Chervinsky sheds some further clarity on the matter. He added:

They (VanEck/SolidX) could file an appeal to have the Commissioners review the staff’s decision. That’s what happened with the Winklevoss ETF, which was denied by staff in March 2017, and then the Commissioners affirmed the staff’s decision in July 2018. Otherwise, yes, they start all over.

Do you think the SEC will approve the CBOE-backed VanEck/Solid X bitcoin ETF in February 2019? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

The post SEC Final Decision on VanEck Bitcoin ETF Now Set For February appeared first on Bitcoinist.com.

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Exscudo Releases EON Source Code On GitHub

Exscudo, the all in one financial services provider, has published the public part of the EON blockchain source code on GitHub.

[Note: This is a press release.]

The source code covers the rules of consensus, emission and block confirmation. The blockchain has been developed by the Exscudo team and is focused on providing and supporting financial services. It also enables Exscudo to develop its independent products and services.

Exscudo Releases EON Source Code On GitHub

The team has published the EON peer core source code on GitHub. It shows the main structure of the system, and how EON works and interacts within itself, but it does not cover the full functionality of the node.

“We are concerned about the security of our customers and we want to protect our intellectual property”, – CEO Andrew Zimine explains, – “I wouldn’t like anybody to set up a peer network before we do it ourselves. This is why we do not publish the full information about nodes on this stage.”

However, Exscudo plans to launch the EON test network in a couple of weeks after the end of the ICO. The detailed instructions for setting up regular and master nodes will be published in June. The minimum technical requirements for setting up a node on a virtual server are the following:

  • A machine with 1 or 2 cores
  • 1-2 GB operational memory with Unix support
  • 100-200 Gb HDD.

EON uses the DePOS mining algorithm. This means that the nodes that have more coins deposited are more likely to sign a block. DePos mining is considered to be fairer for node owners, as the rewards do not depend on the power capacity of the mining equipment.

The minimum sum required for starting a node equals 25.000 EON coins. In case a user deposits more coins on the node, he raises his chances to sign a block.

The launch of the EON test network is planned for June 2017. After the blockchain is set up, Exscudo will launch its first product, the Channels mobile app. Channels is a mobile wallet and secure messenger that works on the EON blockchain. It provides for secure communication, payments, trading and money exchange.

The key features and the structure of EON are easily explained in this video.

Images courtesy of Exscudo

The post Exscudo Releases EON Source Code On GitHub appeared first on Bitcoinist.com.

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