SEC: No Rush to Approve Crypto ETFs Due to Lingering Concerns

2018-11-28 10:53

Speaking to reporters at conference yesterday, Securities and Exchange Commission Chairman Jay Clayton said he wanted to see better market surveillance and custody for digital currencies before being comfortable with a crypto ETF.

Crypto advocates, traders, and investors alike will by now be tired of being attacked by bears and are eagerly awaiting the US regulator’s approval of Bitcoin ETFs. However the man responsible for approving one still has a lot of lingering doubts according to CNBC.

Speaking at the Consensus Invest Conference in Manhattan, Clayton said;

“What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation. It’s an issue that needs to be addressed before I would be comfortable.”

His beef here was that investors may not get a fair assessment of price depending on which exchange or platform it was obtained from as they do not use the same metrics as stock exchanges for monitoring prices.

It seems that the SEC is still worried about market manipulation, a reason the regulator cited earlier this year when it rejected nine applications for ETFs including the one from Gemini, the Winklevoss brother’s exchange. The approval of one would bring on a wave of others which could affect market prices and bring about a turnaround in the bear market.

There are already a couple in the pipeline including funds from NYSE owners, ICE, and VanEck which are due for launch in January. Nasdaq have also entered the fray with hints that they too are about to launch a Bitcoin futures contract powered by market prices and surveillance from VanEck.

Further concerns that Clayton mentioned revolved around custody, or the storage of digital assets.

“We’ve seen some thefts around digital assets that make you scratch your head. We care that the assets underlying that ETF have good custody, and that they’re not going to disappear,” he added.

Crypto custody is big business with the likes of Coinbase, Fidelity and Goldman Sachs already invested in the space. But Clayton still said that they “need to be improved and hardened.”

He also issued a masked warning to ICOs telling them that they should assume that their token is already a security before applying for approval. As we have seen previously, those not adhering to SEC securities regulations get swiftly and unceremoniously rejected.

The message is still clear; this will not be an easy path for crypto and Bitcoin. But with bigger players entering the space it is just a matter of time until all the regulatory boxes are ticked and a crypto ETF hits the market.

The post SEC: No Rush to Approve Crypto ETFs Due to Lingering Concerns appeared first on Ethereum World News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0046508 (-100%)

crypto being sec concerns lingering approve due

crypto being → Результатов: 126


Фото:

John McAfee Keeps Denying That His Wallet Is Hackable, Despite It Being Hacked Again

It’s happened again, McAfee’s not-so-fortress of a wallet, BitFi has been hacked by another team of hackers who should now qualify for McAfee’s lesser not-bug-bounty of $10,000. 00. We say not bug bounty, as McAfee claims that the reward he is offering to potential hackers is not a bug bounty, because the wallet is so secure and it has no bugs to exploit.

2018-8-15 23:00


Фото:

Barclays Still Showing An Interest In Crypto Trading, Despite Previously Ruling It Out

Barclays have been awash with rumours speculating that they are planning on setting up a cryptocurrency trading desk. The rumours soon hit a dead end when a spokesperson from Barclays came out and debunked the rumours, stating that: “Cryptocurrency is a real challenge for us because, on the one hand, there is the innovative side of it and wanting to stay in the forefront of technological improvement in finance.

2018-8-9 08:00


CryptoCurrency Expo: August 12, Singapore Blockchain Event Details

What Is Crypto Currency Expo? Crypto Currency Expo is a project aimed at establishing relationships in the fast-developing crypto space. The idea behind the expo is to assist virtually anybody who desires to educate themselves in as well as being cognizant of the up-to-the-minute information regarding cryptocurency technology, related discoveries, and up-to-date fiscal and technological […]

2018-8-9 06:35


Coinbase seeks online crypto merchant adoption by the millions

Coinbase is focusing on increasing the market adoption of cryptocurrencies. After being at the top of cryptocurrency banks leaderboard in the USA, Coinbase announces the launch of a Github downloadable plugin that will let an online crypto merchant to add WooCommerce support to accept cryptocurrencies without any additional effort on merchants end. With around 27% […]

2018-8-6 18:54


Фото:

Top Crypto Exchanges Still Using Authenticator 2FA Despite Google Dropping Support

Google has had none of its 85,000+ employees successfully phished since early 2017 when it was reported they dropped the use of its own Authenticator app and switched to a U2F model.  [Note: This is a guest article submitted by Marco Paez] All Top Crypto Exchanges Currently Use Google Authenticator The move was necessary as recent data released by the APWG reported that phishing attacks have tripled since 2013, with over 246 million user attempts being made Read More The post Top Crypto Exchanges Still Using Authenticator 2FA Despite Google Dropping Support appeared first on Bitcoinist.com.

2018-8-5 23:00