“I will issue a risk warning to those who promote and issue STO tokens in Beijing. My advice is to only engage in such offerings when the government has legalised them,” said Huo Xuewen, chief of Beijing’s Municipal Bureau of Finance, as he talked about Security Token Offerings. STOs are a mix between regular tokens and equity of the company as organisations sell tokens as a way to raise funds, like a bond, but people who have it has rights for company profits. "Recently ICU has become abandonment, and a new concept called STO has been advertised," said Xuewen in his speech at the 2018 Global Wealth Management Forum held on December 1. "I will make a risk warning to those who are propagating it in Beijing and want to issue STO. Don't do it in Beijing. If you do it in Beijing, it will be taken away from illegal financial activities." Beijing financial watchdog warned against holding and joining security token offering as Xuewen said such activities are illegal. Previously, the People's Bank of China has been banning ICOs since its first act on September 2017. ETF's promoters saw SEC for approval Bitcoin regulation matters. The United States Securities and Exchange Commission has been reluctant to approve Bitcoin ETFs in the last year. However, it can be changed this week as ETFs promoter firms met with SEC regulators. Last week, SEC Chairman Jay Clayton said he wanted to see more control and monitoring into cryptocurrencies markets before approving a Bitcoin ETF. "What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation," Clayton said. "It is an issue that needs to be addressed before I would be comfortable." At the same time, VanEck, SolidX and the Cboe BZX Exchange met with the SEC’s Division of Corporation Finance, Division of Trading and Markets, Division of Economic and Risk Analysis and Office of General Counsel to present new arguments about the readiness of the Bitcoin market to have an ETF. The new idea goes in the cryptocurrency market itself and not on regulatory focus as it has been in the past. Also, the presentation tries to show that the Bitcoin ecosystem is less susceptible to manipulation. According to the presentation, "the linkage between the bitcoin markets and the presence of arbitrageurs in those markets means that the manipulation of the price of bitcoin on any single venue would require manipulation of the global bitcoin price in order to be effective." The note added that "Bitcoin, therefore, is no more susceptible to manipulation than other commodities, especially as compared to other approved ETP reference assets.”