Representatives from VanEck and SolidX met with the US Securities and Exchange Commission commissioner Elad Roisman and discussed why the SEC should approve the ETF filing of both of these companies, which is great new information that we are presenting you in today’s crypto news.
VanEck is an investment management company based in New York that successfully maintained its track record in the traditional finance sector which is why they asked the SEC to consider approving its Bitcoin ETF mainly because of five important reasons:
- Investors will get bigger protection
- Relevant markets are regulated
- Derivatives on the market for bitcoin are regulated
- Price manipulation concerns have alleviated
- CBOE’s rules are designed to keep an eye for potential Trust Shares manipulation.
The SEC has already rejected the Winklevoss Bitcoin ETF because of it mainly relies on a public crypto exchange. The SEC believes that crypto exchanges aren’t sufficiently regulated and don’t have the liquidity to handle an ETF.
VanEck and SolidX held a representation where they told the SEC that the futures market is now able to handle ETFs and their operations through the Depository Trust and Clearing Corporation. They also emphasized that the approval will bring a decline in risk for investors and will increase the stability of the market.
“As of now, no CCPs support the clearing of bitcoin Investors are left facing absolute counterparty risk. Such risks are often unacceptable to many investors An ETF provides a straightforward solution for investors seeking price exposure without facing counterparty risk, as the ETF would be cleared through DTCC Furthermore, in creations and redemptions, the Trust always requires APs and trading counterparties to settle their leg of the trade before the Trust will do so.”
According to analysts, VanEck has the biggest chance in getting the approval.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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