No Bitcoin ETF Yet; SEC Postpones Approval Decision

No Bitcoin ETF Yet; SEC Postpones Approval Decision

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Here we go again, the United States Securities and Exchange Commission has done it again, and worldwide investors have gotten another cold foot. The SEC has postponed its decision on a VanEck-SolidX Bitcoin ETF until February, according to a press release published Thursday.

On June 20, 2018, money manager VanEck, blockchain startup SolidX and Cboe exchange filed a proposal to list a “physically-backed bitcoin ETF that will be insured against loss or theft of bitcoin.”

By that time, VanEck chief executive Jan van Eck said bitcoin was “a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios.”

The rule was published for comments on July 2, 2018, one month later. Then, On August 7, the Commission approved a more extended period whiting to approve or disapprove the proposal. Also, in the case they could not reach a decision, the commission had the ability to institute proceedings to take a decision.

According to the press release, “as of December 6, 2018, the Commission has received more than 1,600 comments on the proposed rule change.”

The commission had initially 180 days to make a decision, if not possible, then 60 days, setting the new deadline on February 27, 2019.

“The Commission finds it appropriate to designate a longer period within which to issue

an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” said the SEC announcement. “Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change.”

Big Exchanges Sued by Bitcoin Cash Hard Fork Manipulation

Miami-based Blockchain and communication company UnitedCorp sued Kraken, Bitmain, Bitcoin.com and Roger Ver among others for price manipulation on the Bitcoin Cash hard fork event.

The plaintiff alleges collusion for the hijacking of the Bitcoin Cash network and is seeking injunctive relief. The suit was launched Thursday in the United States District Court for the Southern District of Florida.

According to the document, “this action involves a scheme by a tight knit network of individuals and organizations to manipulate the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market, and violating all accepted standards, protocols and the course of conduct associated with Bitcoin since its inception.”

The suit highlights that meltdown caused by the “well-planned” scheme caused a capitalisation meltdown of more than $4 billion.

“The market manipulation is centralizing what is intended to be a decentralized transactional system enabling the corruption of the democratic and neutral principles of the Bitcoin Cash network.”

In this framework, Benoit Laliberte, President of UnitedCorp, said the company sues these four companies as they believe in the value of a democratic, distributed and decentralised blockchain networks.

They are looking “to maintain confidence in cryptocurrencies such as Bitcoin Cash, no person or entity can be allowed to control them.”

Recently Similar News

Latest Guides

Latest News

Blockchain,Changelly,Cryptocurrency,Exchange Platforms

Changelly Adds Ardor, Ignis, and NXT to Changelly PRO

Changelly, the online cryptocurrency exchanges, has added three more tradable assets to their Changelly PRO platform. Changelly, the large online crypto exchange, has recently added an additional three cryptocurrencies to their Changelly PRO platform, Ardor, Ignis, and NXT. All three tokens developed by Jelurida will be tradable against BTC as ARDR/BTC, IGNIS/BTC, and NXT/BTC. Jelurida […]

6 November, 2020
Crypto Wallets,Exchange Platforms,Kraken,Ledger

Ledger Phishing Scam is Targeting Crypto Wallet Users

Ledger, the cryptocurrency wallet company, has been massively affected by a data breach and phishing scam. Ledger, the world renowned cryptocurrency hardware wallet producer, is facing a lot of problems with a data breach that is being used to target their customers. Kraken Intelligence, the intelligence arm of the Kraken cryptocurrency exchange, analyzes this data […]

5 November, 2020
Bitcoin,Blockchain,Cryptocurrency,Ethereum

Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum, the second largest cryptocurrency by market cap, is preparing to break the $1 trillion mark in yearly processing. Ethererum, the largest cryptocurrency behind Bitcoin, is on track to be the first blockchain to process over $1 trillion in transactions in a single year. Currently, the Ethereum network is processing more than double the amount […]

4 November, 2020
Binance,Blockchain,Cryptocurrency,Exchange Platforms

Binance is Giving Away $20,000 in Fifth Learn and Earn Series

Binance, the largest online cryptocurrency exchange, is hosting its fifth learn and earn series, this time with Orion Protocol. Binance, the worlds largest cryptocurrency exchange, will be hosting their 5th Learn and Earn campaign in collaboration with the Orion Protocol. In this campaign, Binance will be giving away $20,000 worth of ORN, the native cryptocurrency […]

3 November, 2020
Bitcoin,Blockchain,Cryptocurrency,Exchange Platforms

Bitcoin Monthly Prices Finishes at Second All-Time High

At the end of October, Bitcoin has registered its second highest closing price of all time. Bitcoin bulls continue to rejoice as Bitcoin closes at its second highest monthly price in the history of the digital currency. Bitcoin closed October with a price hovering right around $13,800, the second highest monthly price finish besides the […]

2 November, 2020
Cryptocurrency,Exchange Platforms

Cryptimi Announces Launch of Additional Platform for German Speaking Users

 At Cryptimi, we have announced the launch of our newest news platform in one of the largest languages globally, German. We are very pleased to announce the release of our world class Cryptimi platform in German! Now, all german speakers will be able to access all of the traditional media and features they would receive […]

27 October, 2020
Binance,Blockchain,CoinMarketCap,Cryptocurrency

CoinMarketCap Launches Latest Earn Campaign With Helium

CoinMarketCap, the largest online market cap aggregator, has launched their latest Learn and Earn campaign with Helium. CoinMarketCap has launched their latest iteration of their Learn and Earn program in partnership with Helium. Learn and Earn is a program launched by CoinMarketCap that allows cryptocurrency users to learn about new cryptocurrencies and earn some of […]

25 October, 2020
Binance,Bitcoin,Cryptocurrency,Exchange Platforms

You Can Now Spend BNB and BUSD With All Shopify Merchants

Shopify, the all-in-one online commerce website, now allows all of its merchants to accept Binance’s tokens BNB and BUSD via Alchemy Pay. Alchemy Pay, a worldwide cryptocurrency payment solution provider has worked with Binance and Shopify to integrate BNB and BUSD for payments to all Shopify merchants. Shopify is the worlds largest e-commerce platform with […]

23 October, 2020