No Bitcoin ETF Yet; SEC Postpones Approval Decision

No Bitcoin ETF Yet; SEC Postpones Approval Decision

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.”

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