THELOGICALINDIAN - Bitcoinbacked ETFs abide a hot affair in the cryptosphere with the SEC afresh absolute that it had denied an accession of ETF proposals for the umpteenth time
The Sky Is Falling. The Sky Is Falling.
Cryptocurrency ETFs accept continued been captivated as the approaching for this beginning industry, with optimists acquainted that a US-based Bitcoin ETF could actuate prices and addition to newfound heights. But on Wednesday, proponents of a crypto-backed ETF were dealt a crippling blow, as the U.S. Securities and Exchange Commission (SEC) alone proposals from three alone firms. In all, the SEC denied nine applications from ProShares, Direxion, and GraniteShares via three afresh appear documents.
Surprisingly enough, all the above disapprovals came a day advanced of the speculated August 23rd borderline for the adjudication of the two ProShares ETFs. Proshares And Direxion were attractive for advertisement on NYSE Arca, while GraniteShares was gluttonous a atom on the CBOE’s all-encompassing agenda of publicly-tradable assets.
While the nine separate proposals aggregate differences in structure, the SEC’s acumen for abnegation remained stagnant, about as if the afterward account was archetype and pasted from document-to-document. The SEC wrote:
“The Commission is accusatory this proposed aphorism change because, as discussed below, the Exchange has not met its accountability beneath the Exchange Act and the Commission’s Rules of Practice to authenticate that its angle is constant with the requirements of the Exchange Act Section 6(b)(5), in accurate the claim that a civic balance exchange’s rules be advised to anticipate counterfeit and artful acts and practices.”
Taking this annual into account, forth with the 15 added mentions of “manipulation” in anniversary of the documents, it is bright that SEC commissioners still accept that Bitcoin markets are accountable to manipulation. Whether these fears are due to the fears of unregulated, across players manipulating BTC atom prices, or the abridgement of “significant size” markets to aback ETF offerings charcoal to be seen, however.
As a aftereffect of these verdicts, the crypto bazaar stumbled slightly, with Bitcoin bouncing about the $6,220 to $6,430 ambit in the hours afterward the announcement.
Crypto Personalities And Analysts Continue To Hold A Positive Outlook
While this move annoyed abounding investors, some industry leaders, personalities and analysts still authority a absolute angle on this industry and market.
Some acclaimed that the VanEck and SolidX ETF proposal, which adjudication was afresh delayed by the SEC to late-September, still has a angry adventitious of seeing an closing approval assimilate U.S.-regulated markets. Others drew absorption to the highly-anticipated accession of the ICE-backed Bakkt platform, which some say will be abundant added affecting than a Bitcoin ETF. Parabolic Trav, a Bitcoin backer and crypto analyst, reminded his followers that the Bakkt cryptocurrency platform, which has been aboveboard accustomed by Microsoft and Starbucks, will accompany to the table what an ETF cannot.
https://twitter.com/parabolictrav/status/1032394086198652928
Amidst connected bullish sentiment, added crypto commentators took the befalling to jokingly back-bite on the cryptosphere’s acknowledgment to the nine verdicts. Monero developer and crypto personality Ricardo Spagni likened the SEC ETF denials to China’s credible move to block cryptocurrencies afresh and again, which abounding saw as the non-sensical advancement of FUD and abrogating sentiment.
“SEC denies Bitcoin ETF” is the “China bans Bitcoin” of 2018.
— Riccardo Spagni (@fluffypony) August 22, 2018
EmptyBeerBottle, a accepted crypto influencer, took a ablaze jab at the proposals, alluding to the actuality that the nine ETF applications may accept had a low adventitious of afterwards from the get-go.
Oh my god the ETF got denied. Who could accept anytime apparent this coming? I'm absolutely shocked.
— Emptybeerbottle (@Fullbeerbottle) August 22, 2018
But as aforementioned, maybe investors can acquisition alleviation in the actuality that Bakkt, which is set to accessible its doors in November, will assuredly accept a absolute aftereffect on this industry for years to come. As CNBC banker Brian Kelly puts it, “(Bakkt) is the better crypto account of the year.”
