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Crypto Fund Manager: Bitcoin ETF Is Coming Soon

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According to John Hyland who is the global head of exchange-traded products for Bitwise Asset Management, there could soon be a cryptocurrency ETF approved by the Securities and Exchange Commission.

Hyland played a vital role in developing the first commodity and oil ETFs as a CIO at the United States Commodity Funds. He currently hopes to introduce some of the first crypto ETFs.

According to Hyland, the SEC’s concerns about a crypto ETF have been addressed – and Bitwise’s private cryptocurrency find opened last year has kept its crypto assets in a regulated custodian, which is a service that the five large ETF custodial companies are considering to offer.

As he explained, an ETF does not hold the coins. Instead, it swaps or futures them – and could therefore be custodized by an ETF custodian that manages the futures-based currency or commodity ETFs.

Still, there are some concerns for the SEC. One of them is the enhanced regulated trades. While some of the big ETF shops are establishing cryptocurrency trading desks, a cryptocurrency ETF could transact on platforms with a regulatory status that is similar to what they already do with equities.

So, the SEC is primarily concerned about how crypto ETFs will perform in real life. According to Hyland, this can be addressed by what is happening in Europe right now, where four crypto ETFs with $600 million in AUM, have existed on regulated exchanges since 2015.

SEC, as he believes, will act soon and the regulators will find it easier to approve a product connected to futures since the Bitcoin futures are regulated in the US.

 

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Altcoin News

MasterCard And VISA To Classify Crypto ICOs As ‘High-Risk’ And Adopt Monitoring Practices

One of the two most popular payment giants, MasterCard and VISA, recently decided to group cryptocurrency and Initial Coin Offering (ICO) jurisdictions in a new "high risk" category. The crypto news has spread all around the web, mainly driven by the latest fluctuation in the prices of Bitcoin and other altcoins. First reported by a financial trading news site called Finance Magnates, the news spread like wildfire, especially because MasterCard earlier this year proposed a classification which became public in May 2018. According to the registry, binary options, CFDs, forex, cryptocurrency options, and ICOs will now fall under a new category labeled as "High-Risk Securities Merchants" starting on October 12 and with the subject to additional monitoring. This grouping, according to the source, means that chargebacks could now be executed up to 540 days after the actual date of the transaction. As anonymous sources familiar with the matter confirmed, the new classification will reportedly start today - Monday, October 15th. Aside from MasterCard and its initiative to monitor cryptos, ICOs, forex, and binary options, VISA also stopped supporting crypto debit cards in a partnership with the debit card provider WaveCrest in January 2018, blocking the cards associated with products such as CryptoPay, Bitwala, TenX, Wirex, and others.  
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Altcoin News

Bitcoin’s Upside Drift Leads BTC To $6,674 – Most Of The Major Altcoins Follow

In the latest Bitcoin news, we have a new impressive surge in the price of Bitcoin against the US dollar, an upward move which also triggered most of the major altcoins to follow. The BTC/USD pair also gained traction and moved above the $6,600 and $6,700 resistance levels. Earlier before, there was a decent support base formed near the $6,150 level for Bitcoin - and a price which started an upward move above the $6,300 level and the 100 hourly simple moving average. The upside move was strong as the price broke an ascending channel with resistance at $6,300 - and there was a break above the major bearish trend line with resistance at $6,310 on the hourly chart of the pair. Right now, Bitcoin (BTC) is trading at $6,674 while Ethereum (ETH) is also stable at $213. Ripple (XRP) has also surged by 8% and is now trading at $0.455, followed by Bitcoin Cash (BCH), EOS (EOS), Stellar (XLM) and Litecoin (LTC) which also followed with surges between 4% and 8%. The only downward trend is shown in the cryptocurrency Tether (USDT) which is a dollar-pegged stablecoin that recorded a 3% decrease and is now trading at $0.95, which is a bit below its estimated $1 mark. All of the top 20 coins besides Tether (USDT) have followed the upward moves and saw impressive surges this Monday. Right now, no one knows if the bullish trend will continue and if Bitcoin will drive it by approaching the $7,000 price margin.
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Altcoin News

Bitfinex Introduces Users To A New Reporting Tools Suite

Bitfinex, which is one of the most popular exchanges out there, is in the crypto news lately - this time for launching a new suite of reporting tools that are meant to help users gain a greater control over their Bitcoin and altcoin trading activities. The suite will also provide users with useful details into their activities on the platform. First announced through a blog post on their website, Bitfinex revealed that the suite of tools is designed to help users gain unlimited insights by seeing as much of their data as they want. The suite will help many accounts and will remove the requested data limits. Bitfinex also announced that the user interface (UI) of the new suite is based on an approach known as "modern web technology" that focuses on improving the presentation of data and boosting the responsiveness across different user services. Simple and accessible, the new toolkit will allow users to easily and instantly compile an overview of the account information that may be as old as the account itself. As an excerpt from the announcement reads: “As institutions and professional traders enter the digital asset trading space, Bitfinex remains committed to creating the tools required to thoroughly meet their needs. We are of the belief that our suite of tools works to accelerate the rate of global adoption and help facilitate an increasingly mature market.” Using the Bitfinex API, the new reporting suite now offers a field wallet added to end-point 'ledgers' in order to provide information that identifies the wallet involved in the movements. There are also 'userinfo', 'accounttrades', 'orderHistory' and other modules that help in the presentation and organization of the data on the platform.
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Altcoin News

The Bank Of Zambia: Cryptocurrencies Aren’t A Legal Tender In The Country

The Bank of Zambia saying that cryptocurrencies aren’t a legal tender in the country is what is in the crypto news today. This bank that created and implemented various monetary policies for its country, explained their attitude towards using cryptocurrencies since the public interest for them is growing. They admitted that people are sending hundreds of inquiries regarding the legal status of Bitcoin in the country and this is why they as a bank have to protect the interests of members of the public and protect the integrity of the financial system according to a local news report. Bank of Zambia claims that Section 30 from their financial constitution is the main reason that keeps Bitcoin and other cryptocurrencies from having a legal status in the country. Also, they said that they don’t have any kind of constitutional power to ban the local crypto market under the current legal framework. According to Section 30:
 “Firstly, Section 30 of the Bank of Zambia Act vests the right to issue notes and coins exclusively in the BoZ. To date, BoZ has not issued any form of cryptocurrency. Cryptocurrencies are not legal tender in the Republic of Zambia; Secondly, BoZ does not oversee, supervise nor regulate the cryptocurrency landscape. Consequently, any and all activities related to the buying, trading or usage of cryptocurrencies are performed at owner’s risk.”
The constitution of Zambia doesn’t give any kind of definition on Bitcoin but there is a possibility open for lawmakers to approach this issue and regulate it under the modified provision. The crypto community in Zambia doesn’t attribute any trading activity to the global crypto volume. They also don’t have a local crypto exchange so instead they, rely on foreign ones.
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