SEC claims that the launch for the Bitcoin ETFs will happen in October or that will be the end of it as we are reading today in the coming altcoin news.
The US Securities and Exchange Commission has to approve or disapprove at least two Bitcoin ETFs by the end of October. In the filings that were released on August 12, the SEC chose to delay the final judgment on three ETFs and that it is currently considering. The offerings sponsored by Bitwise, VanEck and Wilshire Phoenix came before the regulator earlier this year. According to the filing:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.’’
An ETF is a kind of financial instrument for all of those institutional investors that want to gain exposure to the price of Bitcoin. The SEC has refused to allow an ETF to the market because of regulatory concerns while officials informally stated they will open to a Bitcoin or Ethereum-based product. The process to get an ETF to the market started even back in March 2017 and when the industry saw its first rejection from the SEC. The proposals since then have been withdrawn and reformulated multiple times with VanEck and SolidX most recently filing again in February as noted in the latest cryptocurrency news.
According to the law, the SEC has about 240 days from the date of application to give an answer as to whether it can legally operate in the United States. VanEck will soon find out whether they will finally get its product around the regulator on October 18 while Bitwise will be notified on October 13. Reacting to the SEC claims Gabor Gurbacs, the digital asset strategist and director at VanEck stated:
“A physical, liquid, insured Bitcoin ETF may serve the public interest. Onwards!”
The founder of Ethereum Vitalik Buterin was quoted saying:
“I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores.’’
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New Jersey Is Regulating Cryptocurrencies At State Level
“People see and hear about [Bitcoin] in their day-to-day lives, but most are not quite sure what it is. We must take steps to protect consumers looking to invest in cryptocurrency, while also allowing the sector to continue to develop and expand in New Jersey.”The bill apparently requires crypto companies to disclose their terms and conditions for consumer accounts. As such, they will be protected by the Federal Deposit Insurance Cooperation (FDIC) as are traditional bank account holders. The US crypto regulation news also show that anyone applying would need to provide a schedule of fees and any information regarding the risks of investing in digital assets.
“With this legislation, consumers will be better-informed of the risks involved when investing in virtual currency.”This is what is new in the US crypto regulation news. What is important now is that with the introduction of a state-level licensing scheme, New Jersey would join its neighbor New York in requiring crypto firms to obtain special permission to operate - something that has been known as the BitLicense which the regulators in New York introduced in 2014.
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Russia Decides To Outlaw Crypto As Means Of Payment
"A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment," the letter read.In the same letter, Chernyshenko said that the FSB insisted that some of the crypto-related proposals should be included in Russia's bill on digital financial assets, which is very likely to pass through the parliament this spring. If this occurs, we can see how Russia decides to ban cryptocurrencies. But before that, the FSB wants to identify all crypto owners in the country. For failure to comply with the upcoming law, the FSB is going to impose administrative and even criminal liability. While the FSB and the Bank of Russia reached an agreement on how to regulate crypto, the two departments would not concede on their intentions to independently influence the regulatory process. So far, the bank has not responded to the FSB proposals. What's also interesting in the altcoin news is that a BBC investigation from earlier this month showed that the FSB could be behind the disappearance of $450 million worth of crypto from an exchange platform. Meanwhile, the action on the market is the same and the market cap is at $280 billion while BTC's dominance is at 62.9%.
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