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Bitcoin ETF by the U.S. securities and exchange Commission rejected

The decision by the US stock market has fallen Supervisory authority regarding the Bitcoin ETF. On 9. October, the Securities and Exchange Commission (SEC) publ

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Bitcoin ETF by the U.S. securities and exchange Commission rejected

The decision by the US stock market has fallen Supervisory authority regarding the Bitcoin ETF. On 9. October, the Securities and Exchange Commission (SEC) published a 112-page report and explained the reasons for their decision.

By Phillip Horch
10. October 2019BTC$8.534,17 of 4.25% part Facebook Twitter LinkedIn xing mail

The U.S. securities Commission has rejected a Bitcoin ETF from the house of Bitwise for the time being. If you look on the Bitcoin course history, however, everything seems to be in the green area. After short-term setbacks, the largest crypto-currency is recovering, according to market capitalization and is currently at around 8,500 dollars.

This shows one thing: a refusal on the part of the SEC, on the Bitwise-ETF application has no greater impact on the behavior of traders and Hodler. Because that's exactly what happened yesterday 9. October: The SEC has rejected – in spite of the overall improved opportunities – a OTC Fund (Exchange Traded Fund, ETF) for Bitcoin.

The reasons for the decision of the SEC

should The reasons for the rejection of Bitcoin Disciples hardly come as a surprise: The security of the Ecosystem, the cryptographic surrounding currencies, which is in the opinion of the authority is not sufficient. The SEC in its report:

The Commission rejects the proposed rule change, the NYSE Arca [the competent stock exchange, author's note. d. Red.], as explained below, your task [...] is not complied with, in order to demonstrate that your proposal complies with the requirements of the Exchange Act Section and, in particular, with the requirement that the rules of a national securities exchange designed to prevent fraudulent and manipulative acts and practices.

A limitation that the authority makes in its report to the Bitcoin ETF, however, is expected to call for attention. It is said:

Although the Commission rejects this proposed rule change, the Commission underlines that your rejection is based on an assessment of whether the Bitcoin or Blockchain technology in General Use or value as an Innovation or investment.

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so It is up to the applicants – in this case, Bitwise – to raise the safety precautions. Bitwise writes in a Statement, the BTC-ECHO is:

Although we were not able to satisfy the concerns of the SEC within the statutory 240-day review window, you have the need for additional data and context for the Interpretation of our main results stated, but we are pleased with the progress made by the industry, and believe that with additional research and further advances in the broader Ecosystem, the remaining concerns and challenges raised in this order, ultimately, be fulfilled.

Bitwise so stay tuned. As the company has announced further work it is now on the basis of the remarks by the SEC to improve the safety precautions, to the approval of a Bitcoin ETF through boxes.

click Here for the report of the authority.

What is a Bitcoin ETF?

An exchange-traded Fund is an investment Fund traded on a stock exchange is the first. In this case, one invests not directly in an asset class. Rather, the ETF pays a Pro rata share of ownership of a special class of assets. In other words: a Bitcoin ETF investors would leave their capital to an asset Manager. This is investing in a Bitcoin ETF. The access to crypto-currencies would thus be available to a wider audience is possible.

Therefore, the hope of many investors that a registration could have a positive impact on the Bitcoin price due to easier access and more people to invest. In addition, approval is required by the SEC to indicate more security.

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