US Counsel Hints Bitwise & VanEck bitcoin ETF proposals On SEC’s Way

Bitcoin ETF, the very hot topic since late 2018 is on way to SEC’s final decision. According to the latest SEC’s announcement and the tweet by Jake Chervinsky who serves as Defense Counsel in the U.S hints that SEC’s decision for pending Bitwise and VanEck Bitcoin ETF is near – the countdown begins.
To remind, the VanEck Bitcoin ETF was filed in conjunction with CBOE (Chicago Board Options Exchange) and resubmitted to SEC with few amendments in late Jan 2019. On the other hand, the Bitwise Asset Management’s ETF was filed with NYSE Arca and published the proposal in the Federal Register on Feb 15, 2019. However, SEC didn’t respond to any ETF yet, in fact, it had asked to withdraw ‘Reality Shares’ its ‘partial-bitcoin ETF’ a day after submission.
Furthermore, in the history of ETF until today, there’s no definite decision from SEC – but this time, the team has recently announced via ‘Federal Register’ that ‘BitWise and VanEck’ ETF proposals are under review. Means that on Feb 20, 2019, SEC announced that initial decision on ETF is on way and they have also initiated ‘countdown of 45 days’ to decide – whether the approval, rejection or extension.

In a similar regard, Jake Chervinsky – who quite often shares the status on SEC’s decision towards important crypto assets and proposals including ETFs – took to Twitter, notifying the sequel update as ‘the clock is running on ETF proposals’. His tweet goes as follows;

The clock is running on the new Bitwise & VanEck bitcoin ETF proposals. The SEC's current deadlines are April 1 for Bitwise & April 6 for VanEck.
Remember, the SEC can & likely will delay up to three times. The absolute final deadlines to watch are October 13 & 18 respectively.
— Jake Chervinsky (@jchervinsky) February 20, 2019

Counting the initial 45 days after the proposal formally published in the ‘Federal Register on Feb 20, the response would be expected to reveal after March 13. Furthermore, the US SEC would take another three weeks (ie. Expected April 5) to announce its decision. Notably, Jake clarified the SEC’s current deadlines for Bitwise is April 1 and for VanEck is April 6.
At the moment, any comment from both the firm is still not made public – stay tuned with Coingape to know more what would likely happen with ETF before the SEC finally revealed its decision.
The post US Counsel Hints Bitwise & VanEck bitcoin ETF proposals On SEC’s Way appeared first on Coingape.
Source: CoinGape

45 Days Left for SEC to Decide on CBOE-VanEck Bitcoin ETF

CoinSpeaker

45 Days Left for SEC to Decide on CBOE-VanEck Bitcoin ETF

On April 5th, 2019, the SEC will have to announce their decision to either approve, deny or extend the decision-making period on Cboe/VanEck/Solid X’s Bitcoin ETF.

45 Days Left for SEC to Decide on CBOE-VanEck Bitcoin ETF

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Source: CoinSpeaker

Bitcoin Trading Volumes Across Crypto Exchanges See a Spike: Expert Opinion

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Key Highlights

Under pressure from SEC, Reality Shares withdraws its Bitcoin ETF
Technical and Fundamental Analysis stay disconnected in the crypto markets
Trading volumes across crypto exchanges see a spike

Crypto Trading Volumes spike across major exchanges
Well, the news of Reality Shares pulling out its ETF application got a mixed reaction on the street as many believed that more products built on bitcoin without backing are actually bad for the industry and they much prefer services like Bakkt or the proposed VanECK ETF that are actually backed up one for one with real bitcoin.
Even though the news of the pullout was sentimentally negative it did not impact the price much. This is how the price of the Bitcoin prices is behaving for quite a while as the fundamental analysis and technical analysis of Bitcoin stay disconnected. Fundamentally the crypto world is getting some great news about the growth but yet the patterns that are forming on the charts are decidedly bearish.
While the divergence continues, the trading volumes across crypto exchanges have recently seen a strong spike. The volumes during December 2018 was close to USD 10 billion per day, which was way below the current volume. Over last  24-hours, volumes across exchanges have reached $36 billion this morning, on a day with very little price movement. While this is a rare phenomenon one has to remember, this is an entirely new market that has only surpassed the $1 billion mark for the very first time in March 2017. This industry has basically grown from nothing into a global market place in just a few short years.
The post Bitcoin Trading Volumes Across Crypto Exchanges See a Spike: Expert Opinion appeared first on Coingape.
Source: CoinGape

Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

CoinSpeaker

Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

According to Ric Edelman, the founder of Edelman Financial Engines, ETFs will eventually meet the demands of the SEC and get the Commission’s approval.

Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

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Source: CoinSpeaker

Top Trending Cryptocurrency News of The Week: Jack Dorsey, QuadrigaCX, Facebook and VanEck Among Major Newsmakers

Key highlights

Jack Dorsey and his love for Bitcoin
Argentina’s transport system now accepts BTC
A critical case of QuadrigaCX
Facebook Acquires Chainspace
VanEck adds dozens on new pages to Bitcoin ETP proposal

Jack Dorsey and his love for Bitcoin
Jack Dorsey, the founder of Twitter has again expressed his love and loyalty for Bitcoin while playing a new bitcoin game called “pass the torch” this week. Not just that, in an interview with Joe Rogan, Jack again stated that bitcoin will probably become the native currency of the Internet. He also said that he views Bitcoin as a currency rather than an investment and that he wouldn’t consider holding any other coins, not even Ether.
Argentina’s transport system now accepts BTC
In another boost to BTC use case, the Transportation system which is spread across 37 cities in Argentina now has integrated BTC as one of its payment options. The SUBE card [standing for Sistema Único de Boleto Electrónico] is essentially a credit pass for public transport services within the Buenos Aires metropolitan area and other Argentine cities have added Bitcoin as payment for citizens to pay their transportation expenses
A critical case of QuadrigaCX
QuadrigaCX case just takes some critical twists this week. After having established that Gerald Cotton, the founder of the exchange had passed away in Rajasthan in India and his wife filing the affidavit in Candanian courts, Zerononsense, a research portal has claimed that there are no identifiable cold wallets which are not connected to the internet but can only be opened through private keys only. The report also says the exchange was using user deposits to pay out users withdrawal.
Facebook Acquires Chainspace
In a surprising move this week, Facebook acquired a blockchain start-up Chainspace. The reason sighted behind this acquisition is the hiring of quality blockchain developers who come as part of the package. Chainspace, self-described as a “planetary scale smart contracts platform,” recently posted a note on its website, announcing that the team is “moving on to something new.”
VanEck adds dozens on new pages to Bitcoin ETP proposal
In the latest report coming from regulatory corridors of SEC, VanEck SolidX Bitcoin ETF has added around 30 ‘hardcore’ pages. The very first proposal of VanEck has been submitted to the SEC during June 2018 and has been withdrawn due to Govt shutdown on Jan 23, 2019. With regards to the same Gabor Gubacs of VanEck mentioned that
“There are some changes on it, we have incorporated changes to the proposal based on regulatory feedback and based on feedback from market participants,”
The post Top Trending Cryptocurrency News of The Week: Jack Dorsey, QuadrigaCX, Facebook and VanEck Among Major Newsmakers appeared first on Coingape.
Source: CoinGape

Leaked Interview with Hopeful SEC Chief: Bitcoin ETF is on the Horizon

CoinSpeaker

Leaked Interview with Hopeful SEC Chief: Bitcoin ETF is on the Horizon

SEC Commissioner Robert J. Jackson recently did an interview with Congressional Quarterly, a publishing company who report primarily on the United States Congress, where he expressed views that an SEC-approved Bitcoin ETF is inevitable.

Leaked Interview with Hopeful SEC Chief: Bitcoin ETF is on the Horizon

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Source: CoinSpeaker

VanEck Adds Dozens Pages in Bitcoin ETF Proposal – CEO Set for SEC Approval

The latest report on VanEck SolidX Bitcoin ETF states that around 30 ‘hardcore’ pages have been included in the revised proposal. The very first proposal of VanEck has been submitted to the SEC during June 2018 and has been withdrawn due to Govt shutdown on Jan 23, 2019. However, as Coingape reported, it has again resubmitted with proposed modification on Jan 31, 2019.
ETF with 30 “hardcore” pages
Today, on Feb 08, 2019, a new release by Micky media explains that ‘various pages have been included in the filing’. VanEck’s CEO Gabor Gubacs says on CNBC’s Crypto Trader show ‘we’ve incorporated changes to the proposal’.
“There are some changes on it, we have incorporated changes to the proposal based on regulatory feedback and based on feedback from market participants,” Gubacs said.
Moreover, at this time, the ‘compelling arguments’ and reasoning have been made on how earlier ETF (built other than on bitcoin) has been approved in the past. He certainly says that ‘they have learned’ and made the best effort in this proposal. Mr. Gubacs hints to release correspondence that the firm had with the regulators – this effort was to let the market understand what VanEck learned during the time.
“Basically analogous markets, so like they’re gold and commodities markets and some of the shipping markets… So we have presented some scenarios were the SEC approved an ETF which had less transparency to the market, where pricing in those markets was not as built out as Bitcoin and the custody of the underlying assets were also not as built out,”
According to CEO Gurbacs, VanEck with SolidX and Cboe exchange steps towards including 30 pages to the ETF. These dozens of pages describe their ‘extensive consultations’ carried out since June last year (the time when first ETF proposal submitted). It contains learning and findings from such meetings with regulators and marketers at large.
“Something like 30 pages were added, it’s hardcore analysis on why Bitcoin is ready for an ETF.”
The post VanEck Adds Dozens Pages in Bitcoin ETF Proposal – CEO Set for SEC Approval appeared first on Coingape.
Source: CoinGape

VanEck is trying to bring Bitcoin into the financial system a little better than others, says Director of Digital Assets Strategy

Gabor Gurbacs, Director of Digital Asset strategy at VanEck, spoke about whether there were any changes made in the VacEck Bitcoin ETF when it was refiled, during an interview with CNBC Crypto Trader. He also spoke about the firm’s stance on the exchange-traded fund.
The Director first spoke about the topic as to whether there were any changes made to the ETF or whether it was the same proposal as before. Here, he remarked that there were indeed some changes made to the recent proposal. He added that the changes were incorporated based on the regulatory feedback and the feedback from market participants. He said:
“some of those changes are related to basically analogous markets so like their gold and commodity markets and some of the shipping markets, freight shipping markets out there and and so we have presented some scenarios where the SEC approved an ETF which had […] less transparency to the market where pricing in those markets were not as built out as Bitcoin”
He went on to say that there were few changes concerning custody pricing and market manipulation. According to him, the changes made by the firm make up an additional 30 pages to their initial proposal, wherein the firm presents a “hardcore analysis” as to why Bitcoin is ready for an ETF.
He further spoke about whether withdrawing their initial proposal due to the government shut-down was a good decision as it gave them an opportunity to make the changes they wanted in the proposal.
“Yes, I believe this proposal is much stronger than sort of the previous one. We just formally incorporated the answers we spent over a year and a half two years educating the SEC and other regulators on this pricing custody and market manipulation concerns and the appropriate answers to that but now as formerly part of the proposal”
This was followed by Gurbacs claiming that VanEck is committed to bringing a Bitcoin ETF to the market and that the 240 days period laid down by the regulatory body decide on its fate is “something that is imposed by law”, even though it is considered as a very important timeline. According to him, the most important aspect is whether the exchange-traded fund addresses the problems, which the firm claims it does.
Furthermore, he also stated that institutional investors are “not comfortable” to step into the cryptocurrency space because of the hacks and uncertainty of the safety of the funds.
“All these hacks and exchange runs and things things like that and and so institutional investors do not feel comfortable engaging if there is not better vehicles and assurances in the market and today there’s just not so we’re trying to kind of bring Bitcoin into you the financial system a little bit better than most other people did”
The post VanEck is trying to bring Bitcoin into the financial system a little better than others, says Director of Digital Assets Strategy appeared first on AMBCrypto.
Source: AMB Crypto

A Look at Some of the Biggest Stories Happening in the Crypto World

CoinSpeaker

A Look at Some of the Biggest Stories Happening in the Crypto World

In this guest post, Max Hasselhoff, integration engineer from Bytecoin and long-standing crypto enthusiast, takes a look at some of the biggest stories happening in the sphere of crypto technology integration.

A Look at Some of the Biggest Stories Happening in the Crypto World

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Source: CoinSpeaker

Bitcoin ETF Serves Essential Benefits for the Crypto Market, says VanECK’s Gabor Gurbacs

After having played a masterstroke of resubmitting the Bitcoin ETF application and extending its deadline for approval from SEC, VanEck’s Director of digital asset strategy, Gabor Gurbacs, took onto his Twitter account to spell out reasons why Bitcoin ETF made sense and was a move that could serve the public interest.
A Bitcoin ETF could open a new avenue to crypto investing
According to the recent tweet put forward by Gabor Gurbacs, who has been one of the key persons in drafting the ETF document for VanEck, Bitcoin ETF will change the way crypto investing takes place across the globe. According to him, a Bitcoin comes with a variety of advantages which would serve in the public interest. He feels a Bitcoin ETF would

Increase the liquidity in crypto markets using the ETF ecosystem
The counterparty risk in Bitcoin/ Crypto investing will be reduced to a great extent
The price determination of bitcoin will be more peculiar and better valuation & execution practices could be expected to follow.
The Bitcoin ETF will get in the separation of duties amongst industry players in terms of some managing trading, custody or valuation based on their capabilities and expertise.
The fees that are being charged to investors and traders will be more transparent and may even lower out in some cases
The compliance framework around the whole cryptoshpere will significantly improve thus bringing down the wrong activities and chance of fraud which is currently rampant in the industry

I believe, a #Bitcoin #ETF serves the public interest via: + Increased liquidity using the ETF ecosystem+ Lower counter-party risk+ Better valuation & execution practices + Separation of duties: trading, custody, valuation+ Transparent fees+ Established compliance framework pic.twitter.com/OB0XUZeJ1O
— Gabor Gurbacs (@gaborgurbacs) February 3, 2019

While Gabor has nicely put forward the advantages of having a Bitcoin ETF, a lot of people do feel it’s a little too early for a Bitcoin ETF to give out benefits.

ETFs can lead to systemic risk via immense accumulation of liquidity.
Most ETFs benefit market makers, or authorized participants, rebalancing the NAV against ETF share price.
In a non-liquid $65B market such as Bitcoin, an ETF is too early to benefit investors.
Thoughts?
— Thib⚡ (@thibm_) February 4, 2019

Big believer of ETFs as vehicles to easily enter a market for institutional investors and fiduciaries.
Proper custody, insurance, valuation, governance, rebalancing, etc. are necessary.
Timing is critical as liquidity concentration in an ETF related to broader market is risky.
— Thib⚡ (@thibm_) February 4, 2019

While timing could be critical for a Bitcoin ETF, the advantages listed down by Gurbacks is definitely worth making note of. As ETF has been able to change the way, people invest in other commodities and securities, a lot of people including Gurbacs believe the same could happen with cryptocurrencies.
Successful or not will be secondary, but Bitcoin ETF can definitely bringing the maturity to the crypto ecosystem which in itself will be a big achievement
Will Bitcoin ETF help the crypto ecosystem to mature or will it just remain a trading tool? DO let us know your views on the same.
The post Bitcoin ETF Serves Essential Benefits for the Crypto Market, says VanECK’s Gabor Gurbacs appeared first on Coingape.
Source: CoinGape

Top Trending Cryptocurrency News of The Week: VanECK, Binance and Gemini Among Major Newsmakers

Key highlights

VanEck resubmits its Bitcoin ETF application
Binance allows buying crypto with credit and Debit cards
Merck receives US Blockchain Patent
Crypto Crimes peak again
Iran reverses its Crypto Ban
ICO regulation in Malaysia
Gemini passes SOC 2 security audit

VanEck resubmits its Bitcoin ETF application
With VanEck’s withdrawal of its application, it looked like a dead-end for Bitcoin ETF. But this week bought back all the excitement as VanEck resubmitted its application. What looked like a masterstroke, now with a new application, VanEck has just forwarded its deadline to at least few months which could be enough time for market conditions to improve and most likely Bakkt would have been launched bringing an end to all the doubts SEC has with respect to an ETF.
Binance allows buying crypto with credit and Debit cards
Binance, the world’s largest cryptocurrency exchange by market cap of $618 million as per the data provided by the Coinmarketcap has just announced that users will be now able to buy cryptocurrencies through their debit and credit cards. The exchange partnered up with the Israel-based payment processing firm Simplex to enable the purchases with Mastercard and Visa.
Merck receives US Blockchain Patent
Another large global company embraces blockchain and this time it’s the pharma giant Merck. This week, Merck received a patent relating to “crypto-objects ”  from the  United States Patent and Trademark Office (USPTO). This patent builds upon others that the company has established and combines Artificial Intelligence (AI) with blockchain technology. It this innovation goes through, it is expected to improve the integrity of physical products, in pharmaceuticals, in global supply chains.
Crypto Crimes peak again
Crypto industry is definitely maturing but the shadow of wrong activities still spreads darkness over the crypto world. According to the latest report released by CipherTrace’s new Cryptocurrency Anti-Money Laundering Report, crypto crime hit a record high. The report said that $1.7 Bn in cryptocurrency was stolen and scammed in 2018 — a dramatic rise in criminal activity, a whopping 3.6 times more than in 2017.
Iran reverses its Crypto Ban
Well as the acceptance of crypto is raising, more and more countries are moving towards regulaltion. The recent addition to this list is Iran which has taken a complete u turn from banning crypto to now regulating it. The Central bank of Iran had last year banned cryptocurrecy, but now has released an early draft of its regulations on cryptocurrencies. As reported by Aljazeera, the Apex Bank of Iran has announced the suspension of the existing ban on cryptocurrencies with limited restrictions.
ICO regulation in Malaysia
After Iran, another Asian country is regulating crypto and this time it is the island nation of Malaysia which is regulating cryptos and ICO. Accroding to the recent annocement, the Securities Commission Malaysia has shared plans to regulate the offering and trading of digital assets such as cryptocurrencies and ICOs.  The Commission has said that it will soon release guidelines that will establish the criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection.
Gemini passes SOC 2 security audit
Billionaire Bitcoin investors Tyler and Cameron Winklevoss‘s Newyork based trust reached a new milestone. They have successfully cleared the criteria that fall under SOC 2 review for Service Organization Type 1 as per the American Institute of Certified Public Accountants (AICPA) guidelines. Big 4 auditor Deloitte & Touche LLP (Deloitte) performed an independent evaluation of the security controls maintained at the trust.
 
The post Top Trending Cryptocurrency News of The Week: VanECK, Binance and Gemini Among Major Newsmakers appeared first on Coingape.
Source: CoinGape

U.S. Shutdown to Have a Long-Lasting Effect on Arrival of Crypto Institutional Products

CoinSpeaker

U.S. Shutdown to Have a Long-Lasting Effect on Arrival of Crypto Institutional Products

Analysts predict that amidst the long pending work, regulatory agencies won’t give any attention to crypto investment products in the near time.

U.S. Shutdown to Have a Long-Lasting Effect on Arrival of Crypto Institutional Products

Continue reading at Coinspeaker
Source: CoinSpeaker

Expert Opinion: Bitcoin ETF Clock Resets Itself as VanECK resubmits Application to SEC

“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro”
Key Highlights:

VanECK resubmits bitcoin ETF application
With this resubmission VanECK buys time
The decision’s new date stands somewhere in August and September

VanECK resets the countdown for Bitcoin ETF approval via a proven masterstroke
Well, the much-anticipated Bitcoin ETF, whose application was pulled out by VanECK last week, has been resubmitted bringing in fresh due dates for the application. The master move from VanECK is clearly a great way buy time and make things work in one’s favor. The first application had a hard deadline for the SEC to approve or reject it by February 27th. By starting the application process over, they’re basically buying themselves a lot more time.
If the previous process was any indication, the world could be looking at a final answer from the SEC by August or September. In the meantime, that should give plenty of time for the market to mature in the way that the SEC is looking for. By then we will likely have a running service by Bakkt, bitcoin futures on the Nasdaq, and a trading and storage platform from Fidelity.
The post Expert Opinion: Bitcoin ETF Clock Resets Itself as VanECK resubmits Application to SEC appeared first on Coingape.
Source: CoinGape

CBOE’s Revised ETF Proposal likely Enclose SEC’s Guidelines – Says US Attorney

Since CBOE has resubmitted its Bitcoin Exchange traded fund (ETF) in a joint proposal with VanEck and SolidX, it is likely that the revised proposal contains all aspects that the SEC shared them previously.
Revised Filing Might Contain SEC’s Concern
Jake Chervinsky, a lawyer and US Government Defense Counsel who shares frequent updates regarding SEC on crypto regulations, ETF and other such updates also talks about the revised proposal of CBOE. In response to a question that asked ‘if the revised submission’ contains any new or tweaked information, he says; ‘yes, it looks like’.

I haven't had time to go through the proposal in detail yet, but it looks like they incorporated a lot of updates & changes reflecting concerns that the SEC shared with them during the last cycle.
— Jake Chervinsky (@jchervinsky) January 31, 2019

However, the re-submission announcement hit the market when Gabor Gubacs, digital asset strategy head at VanEck shared a tweet on Jan 31, 2019. It is noticed that the new filing comes exactly a week after it had withdrawn the proposal following the US Govt shutdown.

The VanEck SolidX Bitcoin ETF proposed rule-change has been submitted by CBOE. Hard work by all teams involved. Public document: https://t.co/X25lOPjiFS pic.twitter.com/C9FP4adDE8
— Gabor Gurbacs (@gaborgurbacs) January 31, 2019

Will SEC Approve VanEck’s New Filing?
Moreover, if the filing is approved by SEC, it will enable Cboe BZX exchange to list shares of bitcoin ETF trust. As far as the approval is considered, there is no difference with the timeline as to when SEC will announce its decision. Because it has yet to publish the proposal in the Federal Register to proceed further. In similar regards, Jake says that;
It’s the same timeline as always. First, we have to wait for the SEC to publish the proposal in the Federal Register, and then we’ll know all the dates and deadlines from there.
When the proposal withdrew on Jan 23, 2019, the CEO, Van Eck indicates the reason behind pulling off the application is ‘Government shutdown’. However, the SEC declared February 27 as the probable date to wrap up the decision about the rule change. As per Jake, it is not possible to finalize anything before the deadline but he is quite optimistic that the VanEck ETF to be the first ETF to get approval from the SEC.

It's not impossible that the SEC could make a decision before the final deadline, but as I've said since the first VanEck ETF was proposed last July, I would be very surprised if the SEC approves the first ever bitcoin ETF without taking the maximum amount of time allowed by law.
— Jake Chervinsky (@jchervinsky) January 31, 2019

Nevertheless, Jake continued that CBOE’s decision for new filing is not a waste of time. Indeed it is quite improved. We would more likely receive final deadline in early October, he says.

The timeline for the SEC’s decision won’t be set until the proposal is published in the Federal Register, but assuming that happens soon, we’re looking at a final deadline in early October. Jake tweeted while quoting VanEk’s revised ETF tweet.

The post CBOE’s Revised ETF Proposal likely Enclose SEC’s Guidelines – Says US Attorney appeared first on Coingape.
Source: CoinGape

VanEck & Bitcoin ETF Hopefuls Refile Application To U.S. SEC

Although the crypto market’s year-long downturn has yet to reverse, this nascent ecosystem saw a fundamentally positive, likely bullish (price-wise) announcement on Thursday, as a financial services provider refiled a Bitcoin exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission (SEC).
Leading Bitcoin ETF Application Refiled
Per previous reports from NewsBTC, a mere week ago, VanEck, CBOE, and SolidX Partners suddenly pulled their collaborative Bitcoin ETF application. While little was known initially, Jan Van Eck, the incumbent chief executive at the firm that shares his surname, took to CNBC’s “ETF Edge” segment to touch on his partner’s rationale behind the sudden shift.
In the interview, led by Bob Pisani, Van Eck explained that the government shutdown, which finally ended earlier this week, disallowed his firm from discussing pertinent regulatory matters with the SEC, run with a skeleton crew at the time. And as such, the three firms deemed it logical to pull their application, specifically in a bid to disallow an automatic rejection or approval, which could have catalyzed complications.
However, according to Gabor Gurbacs, the head of VanEck’s crypto division, the application has been filed again, this time, with the American government being fully open. On Twitter, the crypto believer wrote:

The VanEck SolidX Bitcoin ETF proposed rule-change has been submitted by CBOE. Hard work by all teams involved. Public document: https://t.co/X25lOPjiFS pic.twitter.com/C9FP4adDE8
— Gabor Gurbacs (@gaborgurbacs) January 31, 2019

From a preliminary look, the document, filed by the CBOE and released in tandem with Gurbacs’ tweet, is effectively near-identical to its previous, pre-shutdown filing. And as such, it can be assumed that the reopening of the government reassured VanEck that its Bitcoin investment vehicle proposal could be approved in due time.
As it stands, the proposed investment instrument is still centered around providing Wall Street investors, high net-worth individuals, and notable crypto funds, with a proper, secure, and regulated way to gain exposure to physical, not futures-based Bitcoin.
Crypto Community Roars
As Gurbacs’ tweet propagated, echoing off the walls of the Internet, crypto’s most fervent commentators were quick to convey their thoughts on the matter.
Barry Silbert, the founder of the crypto conglomerate Digital Currency Group, quickly tweeted Gurbacs’ message on the matter, conveying the news excitedly to his followers. Mati Greenspan, Tel Aviv-based eToro’s in-house crypto researcher and trader, remarked that the refiling was “fast,” adding that the market is ready for such a product.
Others were more skeptical. Rhythm Trader, now going by Alec Ziupsnys on Twitter, noted that the “clock resets,” accentuating his belief that the refiling may have pushed the approval of such a product by months, if not a year or more. Yet, as accentuated in his previous tweets, Ziupsnys is adamant that 2019 will still mark a strong year for cryptocurrencies, specifically due to the copious amount of capital, talent, and effort that is continually allocated to this space.
Bitfinex’d, an overt skeptic of much in the Bitcoin space, noted that the refiling was made in a bid to push the institutional narrative.
This recent announcement comes just weeks after Bitwise Asset Management, a San Francisco-based crypto-centric investment group, and Wilshire Phoenix both filed independent ETF applications.
Yet, while hype has unarguably begun to mount surrounding this industry thematic development, some have been overtly skeptical of ETFs and the like. As reported by NewsBTC previously, an outspoken crypto enthusiast going by Jason Smith made it clear that this sector doesn’t need a U.S.-centric, fully regulated exchange-traded fund, nor a Wall Street-centric platform like Bakkt to spark widespread adoption, but rather, through grassroots efforts and the rise of government-sponsored capital controls
Interestingly, at the time of writing, BTC has barely moved off this news. This is cohesive with the market movement seen after the aforementioned proposal’s withdrawals, which made cryptocurrencies move lower by less than 1%.
This is breaking news, but NewsBTC will be sure to keep you in the loop moving forward. Keep on checking in.
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The post VanEck & Bitcoin ETF Hopefuls Refile Application To U.S. SEC appeared first on NewsBTC.
Source: New feedNewsBTC.com