THELOGICALINDIAN - As covered by NewsBTCjust a few hours ago the SEC has aloof appear a 92page address highlighting above affidavit acknowledging its bounce of the revised angle of the Winklevoss Bitcoin ETF
The Community Reacts To The News
At aboriginal glance, abounding cryptocurrency association associates saw this advertisement as addition bender of acquired news, misreported by boilerplate media sources. Some alike alleged it baseless “FUD” (Fear, Uncertainty, and Doubt) that was actuality pushed from proponents of bequest markets, like CNBC.
Charlie Shrem, one of the leading Bitcoin antecedents and the architect of the Bitcoin Foundation, took to Twitter advertence that this advertisement was absolutely “old news.”
This is old news, While I anticipate Cameron and Tyler would accept run one of the bigger ETF's, The new ETF action came from the actuality that CBOE filed their own Bitcoin ETF. The SEC would rather admission an ETF to an absolute academy over a new one. https://t.co/xLHZDLo9O5
— Charlie Shrem (@CharlieShrem) July 26, 2018
However, as defined by Bitcoin broker extraordinaire DJ Thistle, the SEC’s bounce of the Winklevoss Bitcoin ETF did action on July 26, pointing out that the Winklevoss Twins refiled the angle with revisions. According to the assay of DJ Thistle, who currently has an admirers of over 28,000 individuals, the bounce of this specific ETF motion was due to the business practices of Winklevii (Winklevoss Twins) and the barter beneath their possession. Putting it nicely, Thistle, who is additionally a adolescent Canadian, wrote:
“There are abounding added ETF’s waiting. They will accept to chat things bigger (next time).”
it is NOT old news
the ETF was refiled
it was for the way they/winkel's/gemini do business
the SEC still feels bazaar abetment can aftereffect amount too abundant and that is a crisis to investors.
there are abounding added ETF's waiting. they will accept to chat things better.
— dj Thistle / Coin Street News (@DJThistle01) July 26, 2018
As the association went into a applicable acerbity apropos the outcome, SEC Commissioner Peirce appear a statement “respectfully dissenting” the decision. In a able cessation to her all-encompassing account agitation the ruling, she wrote:
“If we were to accept the ETP at affair here, investors could accept whether to buy it or abstain it. The Commission’s activity today deprives investors of this choice. I adios the role of attendant of innovation—a role actual altered from (and, indeed, inconsistent with) our mission of attention investors, adopting basic formation, and facilitating fair, orderly, and able markets. Accordingly, I dissent.”
With these declarations, it has become bright that she was the sole articulation acclaim for the ETF in the SEC boardroom, admitting three of her assembly voting adjoin the arguable proposal.
Apparently, bitcoin is not accomplished enough, admirable enough, or adapted abundant to be aces of our markets. I dissent: https://t.co/gH5zXaKtmj
— Hester Peirce (@HesterPeirce) July 26, 2018
Joseph Young, NewsBTC editor and adept cryptocurrency analyst, after doubled-down on Peirce’s affect apropos the verdict, bombastic her amorous disapproval of the adjudication in a advertisement to his 82,000 Twitter followers.
https://twitter.com/iamjosephyoung/status/1022608517100797952
Brian Kelly, CNBC’s centralized crypto analyst and CEO of the crypto-centric BKCM fund, alleged the SEC Commissioner’s affect “noteworthy.”
Noteworthy—> https://t.co/55jrtwzgbK
— Brian Kelly (@BKBrianKelly) July 26, 2018
Despite the near-universal backfire of the cryptocurrency community, @IAmNomad, as the cryptocurrency influencer is accepted on Twitter, took a U-turn as he brushed off the SEC’s denial.
https://twitter.com/IamNomad/status/1022588447507312640
This account references the acutely endless added ETF proposals which Nomad and Thistle betoken are bigger than the one pushed by the Winklevoss Twins.
As acclaimed in abounding antecedent accessories apropos institutional advance and crypto-backed ETFs, abounding see a Bitcoin ETF as the key to boundless adoption, retail and institutional alike.
However, Jameson Lopp, an abrupt cryptocurrency backer with 171k followers reminded his followers that Bitcoin doesn’t charge an ETF, and a consecutive arrival of institutional investors to succeed. Later implying that it would be in an institution’s best absorption to access Bitcoin afore they absence the crypto gravy train.
Bitcoin doesn't charge institutional investors. Institutional investors charge Bitcoin.
— Jameson Lopp (@lopp) July 26, 2018
Cryptocurrency Market Takes A 4% Tumble Following The Announcement
In the consecutive hours afterward the SEC verdict, the bazaar began a downturn, admitting barter volume figures demography a move upwards.
As of the time of writing, Bitcoin is currently at the $7,900 amount level, bottomward $500 from account highs. Despite the SEC cardinal alone applying to a Bitcoin ETF, altcoins followed “big amoroso Bitcoin” downwards, announcement agnate allotment losses.
Taking to Twitter to accurate his thoughts apropos the market’s acknowledgment to the announcement, Young issued a animated statement, cartoon access amid the contempo annihilation of Facebook’s banal and the crypto selloff. Young wrote:
“Selling bitcoin because you accepted Cboe ETF to be accustomed but Winklevoss ETF got alone is like affairs Twitter shares because Facebook plunged 22%. Those two are not the same!”
Well-known abstruse analyst and crypto influencer Parabolic Trav acclaimed that if Bitcoin can bound backlash off post-verdict levels, that “digital gold” could be set to move college in the long-awaited “bull market.”
https://twitter.com/parabolictrav/status/1022590611918995456
The Winklevoss Twins accept not accustomed up the action for a Bitcoin ETF, with Cameron Winklevoss carrying his thoughts on the result. Seeming unfazed, he noted:
“Despite today’s ruling, we attending advanced to continuing to assignment with the SEC and abide acutely committed to bringing a adapted bitcoin ETF to bazaar and architecture the approaching of money.”
