SEC. Bitcoin. ETF result. – Geoffrey G
The Securities and Exchange Commission continues to reject all ETF’s
Reporting October 10th. The latest Bitcoin ETF;
“Did not meet legal requirements.”
Resulting in the SEC board rejecting the proposal.
The main rejection stemming from market manipulation, fake activity and bot transactions. These proving to be the nail in the BTC ETF application. In the ETF requirements it states. Rules must be “designed to prevent fraudulent and manipulative acts and practices.”
Surveys ran by NYSE Arca suggested that 95% of activity in cryptocurrency is fake. With the real price of any cryptocurrency yet to find its true value. Thus, not meeting the above exchange ruling.
Many voiced their view that the market is not mature. And that there are not enough regulations and security. They were right.
Industry experts have been quick to share their opinion. Stating that larger markets including rare metals, have encountered similar problems. JPMorgan traders were charged earlier this year. Found guilty in manipulation of Gold, Silver and smaller metal markets. Asking the question. Is market manipulation a fair verdict to rule on rejecting cryptocurreny ETF’s?
The SEC continue to review Bitcoin but, still do not feel the transition into an ETF is possible.
Further applications will continue. As the SEC outlines the path forward for all new proposals. This latest attempt may have failed, but it is another step in the long battle for approval.
A Bitcoin ETF is the opening for new investment and easy access into the crypto markets. Don’t expect this latest setback to slow more ETF’s from submission. As Bitcoin continues to operate between 8–9k USD, news of this rejection hasn’t had an impact on price yet. But only time will tell.
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Published at Fri, 11 Oct 2019 04:40:00 +0000
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