The United States Commission ruled against free bitcoin strong fundamentals

The United States Commission ruled against free bitcoin strong fundamentals

Beijing time on March 15th morning news, on Friday, the Commission refused to change the existing rules, making the world’s first bitcoin ETF planned, the Clay Voss brothers WinklevossBitcoinTrust stillborn. Bitcoin market therefore suffered heavy losses, many of the world’s largest virtual currency fans therefore tense up.

MarketWatch reported that the Commission will make such a ruling, because bitcoin market lack of supervision, and is largely in the United States, they worry that these factors will make the market is easy to be manipulated.

However, intends to bitcoin ETF investors not to despair, because of the possibility of Friday’s ruling is not equal to completely exclude other bitcoin ETF was born. At present, there are two other companies are competing to become the first bitcoin ETF provider, but then things will happen to the current development is difficult to predict.

Specifically, in January 25th, the New York stock exchange moved to the Commission to modify the rules, GrayscaleBitcoinTrust green light in the ETF exchange NYSEArca. The Commission ruled on the deadline of this application is Friday September 22nd. Grayscale parent company DigitalCurrencyGroup CEO Barry – Hilbert (BarrySilbert) declined to comment on the Winklevoss award.

Last July, NYSEArca has launched another application, hope to make another bitcoin ETF SolidXBitcoinTrust listed as possible, and this case will be how the current progress remains to be seen, MarketWatch is also unable to contact SolidX.

Winklevoss case and the other two proposed bitcoin ETF is one of the biggest differences between the price of bitcoin tracking mechanism. The price data Winklevoss plans to use Gemini, a digital currency exchange founded in the second half of 2015, in the bitcoin market share of less than 1%.

At the same time, Grayscale and SolidX for Dinglao TradeBlock bitcoin index.

Grayscale is more optimistic about the prospects of bitcoin within groups, this is largely because they are now in the OTC, of course, the price of bitcoin net asset value often has a certain premium.

However, there are also some people worry that the Grayscale potential conflicts of interest. In the Commission submitted comment letters, representative Geoffrey EthereumFoundation Welker (JeffreyWilcke) pointed out that the association between Grayscale and money market online news service CoinDesk, both of which belong to DigitalCurrencyGroup’s. MarketWatch failed to contact Welker, please comment on it.

Bitcoin promotion agency CoinCenter chief executive director Jerry – Brito (JerryBrito) believes that the Commission for the lack of supervision that is actually a “chicken and egg” problem.

A statement in the mail, he asked: “if the financial innovators can not be allowed to put products into the market, nature also cannot foster such bitcoin digital currency demand, so, how can we build capital and supervision are highly abundant market in the United States and Europe?”

When asked about bitcoin in the next step, ARKInvest block chain analysts and related products for people Bernice (ChrisBurniske) said, “the Commission wants to get along and bitcoin market itself, apparently still has a long way to go”.

Bitcoin market experts said, Winklevoss can modify their own motion, to ease the worries of the SFC, but everything must start from scratch, BATS market also need to modify the rules, the latter has a maximum of 240 days to consider.

At the same time, the Clay Voss brothers still have confidence in the future.

Taylor Winklevoss (TylerWinklevoss) said in an e-mail statement: “we have about four years ago launched the program, we are determined to carry out in the end. We agree with the Commission’s opinion, the market for any health and safety of all investors, supervision is very important.”

According to the CoinDesk bitcoin price index, the Commission ruled that bitcoin fell 250 dollars, fell below $1000 mark, but then rebound, rose to more than $1100.

BlockchainCapital department is responsible for Spencer Bogart (SpencerBogart) believes that the rapid rebound is that the ETF ruling case “fundamentals will not change bitcoin strong growth”.

“Today, before the rise of bitcoin demand and two months ago, as a strong heat ETF.”

Leave a Reply

Your email address will not be published. Required fields are marked *