USA SEC Postpones Decision on Three Bitcoin ETFs

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Yesterday, the US Securities and Exchange Commission (SEC) announced they have decided to postpone a final decision on three bitcoin ETF applications.

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Two of the three ETF proposals were submitted earlier this year by Bitwise Asset Management in NYSE who also claimed that 95 percent of all Bitcoin trading volumes were faked in their bid to convince the SEC they would be legitimate in a sea of allegedly lies. Wash trading is also a form of displaying false volumes, large sales and purchase orders are placed in order books (by one party) that can be struck away by others.

The third has been submitted by investment companies VanEck / SolidX under the CBOE BZX Exchange.

The applications of Bitwise were submitted in February 2019 and those of VanEck and SolidX in June 2019. From that moment, the SEC has a total of 240 days to reach a final decision but there are interim deadlines where the SEC is supposed to make a decision, such as yesterday, but they are almost always postponed to reach that full 240 days.

Which is now the case. The following deadlines are on October 13, 2019, and October 18, 2019, however, these deadlines are sometimes events such as the shutdown of the US government which happened earlier this year when Trump shut the doors. 

With Exchange Trade Funds (ETF), investors do not have to buy bitcoin directly and do not have to create a wallet, but can indirectly speculate on a price movement. An ETF is a tradable security that typically represents a basket of securities, shares, bonds, commodities and/or currencies.  According to many cryptocurrency experts, accepting a bitcoin ETF can lead to more attention for bitcoin among institutional investors and a positive decision by the SEC confirms the legitimacy of bitcoin.

 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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