The chairman of the US Securities and Exchange Commission (SEC), Jay Clayton, is in the latest cryptocurrency news centered around regulation. As Clayton recently noted, Bitcoin exchanges lack sufficient transparency and monitoring for the market to see the approved Bitcoin Exchange Traded Funds (ETFs).
According to CNBC’s reports, Clayton made the following statements at the Consensus Invest Conference in New York a couple of days ago:
“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.”
Clayton is seen as a big no-sayer when it comes to Bitcoin ETFs – but is also a person that feels that a Bitcoin ETF would be too easily manipulated and that there is no enough safeguarding in place to prevent as much.
Overall, the current Bitcoin market is too nascent to have a sort of tools that the SEC would like to see at the disposal of its exchanges in order to approve an ETF, which would be a method of investing in the entire Bitcoin market without actually holding Bitcoin.
The other issue are the safe custodians of Bitcoin which are apparently lacking as well. As Clayton noted:
“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.”
To sum things up, the Bitcoin markets according to Clayton have a ways to go before the SEC allows anyone to offer a Bitcoin ETF. Obviously, the buying and selling of Bitcoin is still legally allowed, but the prospect of trading against the whole market is a ways off.
Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter
“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”Right now, Bitcoin looks like it is retracing below $8,000. However, this may be a short correction before a new upswing. Its dominance now sits at 57% and the total market cap is $244 billion.
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Bitcoin Quarterly Gains Climb To 2nd Best: New All Time High Could Come
“Almost half of the institutional investors surveyed (47%) view digital assets as having a place in their investment portfolios, but opinions vary on how these investors would prefer to hold digital assets in the future. Across all institutional segments, when considering a custodian for digital assets, 76% of institutions surveyed placed security and safety as their most important considerations,” the report read.In the altcoin news, the Bitcoin rally triggered a lot of altcoins to mimic it and post strong gains.
Mike Novogratz Suggests Bitcoin Will Leave Its Peers In The Dust
“The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a day…is it coming?”This is when Novogratz joined the conversation responding that things are much different now since the last bull run:
“Not this time. Market getting smarter. BTC will outperform.”The dominance on the market by bitcoin is hovering around 57 percent. Back in 2017, the dominance level was nearly 10 percent lower. Mike Novogratz suggests that the crypto markets have matured since the last Bull Run. Since then, regulators cracked down on ICOs and also the freefall of the altcoin prices happened during the crypto winter which was way harsher for them than it was for Bitcoin. Some of the altcoins at that time even lost all of their value. In the meantime, the larger investors now have more options considering there are regulated crypto trading platforms and custody platforms such as Fidelity and Bakkt. Also, the tech giant Microsoft is building on the bitcoin blockchain. The bull scenario for bitcoin is here for sure but altcoins still remain the better options for some of the investors as reported in the best cryptocurrency news sites. Crypto trader ‘’DonAlt’’ posted on twitter saying that he has zero exposure to altcoins. He also noted that the dollar value of the ETH, XRP, LTC, BCH and ADA coins will be significantly higher in six months. Mike Novogratz’s company explained how the volatility around the bitcoin price will be mitigated by saying:
“Therefore, as bitcoin adoption increases (and bitcoin market cap increases given its fixed, known supply), each incremental adopter will by definition have a decreasing impact on the price of bitcoin, leading to a dampening of volatility in the long run. So, while bitcoin’s volatility is natural and quite expected during its early stage of global adoption, this volatility should not be confused with its expected volatility at mature adoption, whereas its properties make it very much a fundamentally good store of value.”
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