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Regulation

SEC Postpones Decision On Three Bitcoin ETFs, Again

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The latest cryptocurrency news show that the United States Securities and Exchange Commission (SEC) has again delayed its decision regarding the three Bitcoin exchange-traded funds (ETFs). Now that SEC postpones decision on the Bitcoin ETFs, we could expect BTC to tumble again, experts say.

According to some of the documents which were published on August 12th, the SEC has put off a formal decision on the proposed rules changes by the NYSE Arca and CBOE BZX Exchange on three Bitcoin ETFs, by the asset managers which include the names of VanEck SolidX, Bitwise Asset Management, and Wilshire Phoenix – as many best cryptocurrency news sites reported.

The news that SEC postpones decision on listing VanEck to October 18th, managers are quite angry. The Bitwise listing on NYSE Arca will be delayed for five days earlier, October 13th. The decision on the Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust, on the other hand, has been postponed until September 29th this year. As the SEC stated in each case:

“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.”

For those of you who aren’t following our Bitcoin and altcoin news, ETFs are basically a type of security that tracks a basket of assets which are proportionately represented in the fund’s shares. They are in that way seen as a step forward for the adoption of digital assets, according to many.

SEC postpones decision on the three ETFs – meanwhile – what is interesting is that all of the proposals have been filed this year. The VanEck was filed in January, Bitwise in February and the Wilshire Phoenix ETF proposal was published in the Federal Register on July 1, 2019.

Currently, securities laws are designed in a way to give the SEC the right to postpone its decision on proposed financial products in order to gather information or deliberate on a rule change which would allow the listing.

The SEC decision marks the latest in the series of delays on Bitcoin ETFs. So far, the SEC has delayed its decision on VanEck and Bitwise’s ETF applications in March, and again in May this year.

 

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Bitcoin News

Regulators Can Shut Down Bitcoin When They Want: Bloomberg Editor

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Bitcoin can be shut down anytime, according to Bloomberg Digital and the lead executive editor Joe Weisenthal. As per him, the regulators can shut down and decide to bring an end to BTC and cryptocurrency in general, putting a full stop against creating Bitcoin-based investment products.The editor at Bloomberg was in the crypto news for warning institutions against creating a Bitcoin-based investment product and stated that they could become a tool to take capital from the fiat markets. He cited a Bitcoin exchange-traded fund and said that no regulators would want to approve fiat onramps to pump money in the Bitcoin ecosystem.First, the editor believes that such a move would make fiat unattractive to investors. Second, he knows that it would increase the amount of illicit financial transactions. According to Weisenthal, regulators can shut down BTC because of its one critical use case: to facilitate trades that the governments and regulators do not want anyone to make.This is what makes the cryptocurrency an ideal tool that is designed to serve criminals - and criminals only. Creating the new markets to inject more Bitcoin, therefore, would likely increase the number of financial crimes. One way or another, the editor believes that an average law enforcement agency would attempt to get rid of Bitcoin once and for all.
“If you’re building or launching these institutionally-grade products, how sure are you that down the road regulators won’t come in and shut it all down,” questioned Weisenthal. “There is so much interest in this space, but is anyone thinking this through?”
Aside from the fact that regulators can shut down BTC, Weisenthal thinks that Bitcoin is an ecosystem run by two kinds of users: speculators and transactors.The editor at Bloomberg also noted that the Bitcoin protocol works when certain people expect more massive profits out of their so-called Bitcoin investments - or when they use BTC to conduct transactions away from the eyes of regulators. He even took it to Twitter and clarified his point.https://twitter.com/TheStalwart/status/1184786875262885890Even though there are many people who disagree with Weisenthal such as Anthony Pompliano, the editor definitely raised some eyebrows with his analysis. In response to his view, the co-founder and partner at Morgan Creek Digital Anthony Pompliano said:
“You’re claiming that non-censorship is the only value prop of Bitcoin. What about the non-seizure element? What about the disinflationary monetary supply? Or the sound money element? Or pseudonymity? Please stop writing nonsense & misinformation.”
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Regulation

Central Banks Can’t Ignore Crypto Or Digital Fiats: Report

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Cryptocurrency is the new innovation in payments and definitely one of the technologies that are shaping up the 21st century as we know it. According to new reports, central banks and financial authorities know this already and are increasingly turning their attention to cryptocurrencies and digital fiats.As Bloomberg reports, the American Federal Reserve is “dragging its feet” on digital fiat-related matters, establishing a “real-time” payment system “five to six years off.” The news agency is in the cryptocurrency regulation news today - showing a full report quoting Tobias Adrian, who is the director of the International Monetary Fund (IMF) and the monetary and capital markets department. As Adrian stated:
“In the United States, and other countries around the world, it is just a matter of time before we see massive disruption. There is at least the potential that new technology might lead to a new global payment system fairly rapidly.”
He also added that economists like “innovation and competition” which is why central banks are turning to crypto.Meanwhile, reports from Coindesk show that the Federal Reserve Bank of Dallas and its President Rob Kaplan said that the Fed “did not decide to pursue or drive to develop a digital currency, but it’s something we’re actively looking at and debating.” Kaplan also said that “the dollar may not be the world’s reserve currency forever” and explained:
“People around the world are working really hard to try to find alternatives to dollars and dollar infrastructure because the more they’re invested in that, the more susceptible they are to sanctions, tariffs and what’s going on right now.”
As we reported in the cryptonews in August, the Federal Reserve is seriously considering to develop a new and faster payments system for domestic use in the US. Meanwhile, the outspoken crypto activist and co-founder of Morgan Creek Digital, Anthony Pompliano, wrote a newsletter recently and said that the “idea of the United States creating a digital dollar is gaining steam” among the leading politicians in the country.Besides the central banks in the US, the northern neighbour of the country Canada is also mulling a digital fiat project. According to reports by The Logic, Bank of Canada already introduced a digital Canadian dollar in a report, explaining it as one that would help the financial authority “combat the ‘direct threat’ of cryptocurrencies and collect more information on how people spend their money.”
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Regulation

Grayscale Says Q3 Saw Record High Inflows, Institutional Interest Grows

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The digital asset management giant Grayscale Investments managed to register over $254 million in total investments in its products in the third quarter of 2019, the latest crypto news show.The Digital Asset Investment Report for Q3 2019 features Grayscale and its full report, in which the major asset management firm provided details on the inflows into its products from July 1, 2019 through September 30, 2019.The third quarter of the year, as the report shows, is what marked the highest demand for the company's offerings since its establishment. This resulted in a total of $254.9 million of inflows. As the figures show, this is a threefold quarter-on-quarter increase, going from $84.8 million since last quarter.On top of this, the quarterly inflows into Grayscale Bitcoin Trust amounted to a total of $171.1 million, while July was the month with the highest level of inflows in the Q3 of 2019. The Grayscale Bitcoin trust outperformed the indices in the first half of 2019 and saw an increase of up to 300% at the time.As the reports from Grayscale show, the institutional investors were the major contributors to the company's products in Q3 as well as the year-to-date increase. They accounted for 84% and 83%, respectively. Worth noting is the fact that the total investments into Grayscale products from January 1 to September 30 in 2019 amounted to $382.3 million. The figure over the past months is $412.3 million, respectively.
“You know, it’s really funny, I get asked this a lot — there’s this rhetoric in the media about when are institutional investors going to get involved, when are they going to start investing, and it’s so funny because it’s ironic. We see institutional investors invest with us all the time and that’s been the case for a long time now,” said Rayhaneh Sharif-Askary, the director of sales and business development at Grayscale.
For those of you who did not follow our cryptocurrency regulation news, on October 14 Grayscale was approved by the United States Financial Industry Regulatory Authority (FINRA) to publicly quote its Grayscale Digital Large Cap Fund on over-the-counter markets.In August this year, many sites reported about Grayscale going to move almost $3 billion worth of its digital currency holdings to the American major crypto exchange Coinbase. 
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Libra coin news

G7 Says ‘Global Stablecoins’ Are A Threat To Financial Stability

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The G7 group of nations has reportedly drafted a report which states that "global stablecoins" pose a major threat to the global financial system. As the crypto news today show, the (Group Of Seven) G7 says that there are many risks associated with digital currencies, according to reports by BBC on October 13.The report also said that even if member firms of the governing Libra Association addressed regulatory concerns, it may not get approval from the necessary regulators. The full report in which G7 says this shows the following:
"The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed. [...] Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement."
The G7 also says that global stablecoins with the potential to scale rapidly are the ones that could stir up the competition and threaten the financial stability if users lose confidence in the coin. The report will purportedly be presented to finance ministers at an annual meeting of the International Monetary Fund this week.The BBC features that G7 says that while the report does not single out Facebook's Libra stablecoin project - it could spell further trouble for the already beleaguered proposed payments system, the Libra news show.On the other hand, we have global regulators that are increasingly leaning on the project. The Bank of England (BoE) recently established provisions with which it must comply before it can be issued in the United Kingdom.The CEO of Facebook, Mark Zuckerberg, will testify before the United States House of Representatives Financial Services Committee about Libra this month. Earlier this year, the committee drafted its “Keep Big Tech out of Finance Act.”While G7 says that stablecoins like Libra are a threat to the financial system, it seems like the backers behind Libra are on the same page. If you followed our previous news, you probably know that on October 4, the major payments network PayPal withdrew from the organization - later followed by Visa, Mastercard, Stripe and eBay.Furthermore, we saw Finco Services of Delaware initiating a lawsuit against Facebook and alleging trademark infringement, unfair competition, and “false designation of origin” regarding the use of the Libra logo.
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