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US SEC Delays Decision on Bitcoin ETF Applications From VanEck and Bitwise

Us sec delays decision on bitcoin etf applications from vaneck and bitwise

US SEC Delays Decision on Bitcoin ETF Applications From VanEck and Bitwise

Us sec delays decision on bitcoin etf applications from vaneck and bitwise

The United States Securities and Exchange Commission (SEC) has delayed its decision on a rule change to the Securities Act that would allow the listing of Bitcoin (BTC) exchange-traded funds (ETF). The SEC published its decision in a public notice on March 29.

Bitwise filed its application with NYSE Arca on Feb. 15 under the condition that it would reach a decision in 45 days. Should the commission feel the need to extend that period, it is permitted to extend the review period to 90 days.

Following today’s decision, the SEC must come to a decision on whether to approve the rule change by May 16, 2019.

ETFs are securities that track a basket of assets proportionately represented in the fund’s shares, and are seen by some as a potential step forward for the mass adoption of cryptocurrencies.

NYSE Arca and Bitwise initially revealed plans to launch Bitcoin ETFs in January. NYSE Arca reportedly filed for permission to launch several Bitcoin-related ETFs in 2018. The exchange intended to launch five separate ETFs linked to both bull and bear futures contracts on NYSE Arca.

The SEC has also extended its decision on the VanEck/CBOE Bitcoin ETF. Under the same conditions, the SEC has extended its initial 45-day review period to 90 days. The new deadline for considering the ETF falls on May 21.

While CBOE initially filed its application last year, in January it withdrew its request for a rule change when the U.S. government shutdown decreased the SEC’s operational capacities. CBOE and VanEck reapplied with the SEC on January 31 after the government shutdown was more or less resolved.

The application process has experienced several delays, as the SEC pushed back its decision on multiple occasions. The firms first filed with the SEC to list a Bitcoin-based ETF on June 6, 2018. Subsequently in August, the commission delayed its decision on listing the ETF until Sept. 30. The commission then requested further comments regarding the decision, claiming that the agency has not “reached any conclusions with respect to any of the issues” on the rule change.

Some industry experts have expressed doubt over the possibility of a Bitcoin ETF. In January, crypto entrepreneur and CNBC contributor Brian Kelly said that there is “no shot” for a Bitcoin ETF approval in 2019.

Published at Fri, 29 Mar 2019 21:11:42 +0000

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Antonopoulos On Trust: Fake News ‘Is About To Happen To Money’

Andreas Antonopoulos has predicted that the world’s money supply will suffer the fate of information in the fake news era.

Money To Get Its Fake News Moment

In a talk originally held April 11 but republished Saturday, Antonopoulos said that in light of the multiple currency failures seen in recent times, consumers no longer know what gives cash in their pockets value. During the discussion Antonopoulos commented:

blockchain training conference Antonopoulos

What’s really interesting is what just happened in [the] news that has left an entire generation of people now unable to discern truth from fiction, easily manipulated through propaganda […] What I’m going to suggest today is this is about to happen to money.

Just like the information consumer watching television or reading news sources online, the debate about whom to trust and whether the reputation of a source means that source can be considered reliable is now transferring to the financial sector.

…And bitcoin Is Already On Consumers’ Radar

Antonopoulos highlights the currency failures in countries including Zimbabwe, Venezuela, and Ukraine as prime examples of central banks failing to uphold the promise that cash will be worth approximately the same tomorrow as today.

One day, that phrase which seemed so meaningful and strong and satisfying – ‘the full faith and credit of the United States of America’ […] – compare it to this one: ‘the full faith and credit of the National Bank of Zimbabwe.’ […] That sentence no longer has much weight to it.

In terms of bitcoin’s role in providing a haven away from trusting third party authority, Antonopoulos used India’s increased interest in the virtual currency following demonetization of 86% of its cash supply last November.

bitcoin is not going after replacing national currency; […] it’s doing something far more dangerous: it’s encouraging people to put their savings outside the system.

Germany: ‘If You Think bitcoin Is Safe As Fiat, Take Responsibility’

For those reading the news a month after Antonopoulos’ words, a warning against using bitcoin, this time from Germany’s central bank, now strikes an altogether less sincere tone.

“From our perspective bitcoin does not constitute a suitable medium for storage of wealth,” Bundesbank board member Carl-Ludwig Thiele told German newspaper, Die Welt, last weekend. “Just one look at the highly volatile exchange rate demonstrates that.”

In further comments even more ironic in light of Antonopoulos’ words about trust, Thiele continued:

Carl-Ludwig Thiele

Whoever nonetheless thinks bitcoin is as safe as the euro or dollar must take responsibility for that. All we can do is warn people about using bitcoin as a means of wealth storage.

What do you think about Andreas Antonopoulos and Carl-Ludwig Thiele’s opinions? Let us know in the comments below!

Images courtesy of Andreas Antonopoulos, Reuters, AdobeStock

The post Antonopoulos On Trust: Fake News ‘Is About To Happen To Money’ appeared first on Bitcoinist.com.

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