In the latest crypto news centered around regulation, The Securities and Exchange Commission (SEC) of the United States recently announced that it has officially begun a formal review process for the physically-backed Bitcoin ETF proposed by VanEck and SolidX.
According to the document which was published on the SEC’s website, the regulatory agency will now consider whether it should approve the fund, all in line to its federal securities guidelines.
If approved, the fund – VanEck SolidX Bitcoin Trust – will be listed on the CBOE BZX Exchange.
As SEC stated in the document listed on their website:
“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”
This order is definitely seen as a surprise by many. After CBOE first filed to list shares of the VanEck SolidX Bitcoin Trust in June, it postponed ruling on the application, setting a new deadline of September 30th. Many analysts speculated that the SEC would likely delay this review process again – which has not happened.
Even though the SEC has struck down every Bitcoin ETF application so far, the prospects for ETF approval remain bearish. The SEC Commissioner Hester Peirce, over the past few days called for regulators to be more open to cryptocurrency products, issuing a formal dissent after the commission ruled against the Winklevoss-led ETF.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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