As the President of the United States, Donald Trump is continuing his entry into federal and governmental institutions, the prospect for a Bitcoin [BTC] ETF is growing closer. The most recent nominee for the United States Securities and Exchanges Commission, Elad Roisman, may turn around the state of affairs regarding the approval of the fund.
The rejection of the Winklevoss ETF occurred in a 3-1 split ratio, with Commissioner Hester Peirce arguing strongly for the approval of the fund. Roisman is also similarly experienced as Peirce, as he is the Chief Counsel to the Senate Banking Committee and has trained under Commissioner Daniel Gallagher, who is an advocate for innovation in the FinTech field. In the past, Roisman stated:
“It is important for the SEC, if they have rules on the books, to enforce them. There is no place in our markets for bad actors.”
Moreover, in his testimony to the SEC, he stated:
“The SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain. It is essential that the SEC approach these new challenges in a fair and transparent manner. [and] provide certainty and clarity to the markets and investors.”
This draws parallels to the statements made by Hester Peirce, where she argued that the Winklevoss ETF should be approved according to the Securities and Exchanges Act of 1994.
Post the withdrawal of Commissioner Kara Stein in December, there will be only one Commissioner left on the Board at the SEC, that being Democratic candidate Robert Jackson Jr., who has not demonstrated any kind of support towards an ETF or cryptocurrencies in general.
SEC Chairman Jay Clayton, however, might side with Peirce and Roisman in the upcoming approval of the SolidX ETF. This is keeping in mind his generally “light touch” approach to regulating cryptocurrencies.
This puts the SEC in a position leading towards more aggressive actions towards the cryptocurrency space. Their movements have already begun, as seen with the action on Munchee coin late last year. The ICO was struck down for selling unlicensed securities, and asked to return money to the investors.
It is left to see how the market will move, as it has entered into a state of delicate balance. Recent market movements will stall the SEC’s decision, as they are speculated to be evidence of manipulation.
The recent drop in the price of Bitcoin at such a sharp rate, and the general state of the market being unregulated with companies such as BitMEX holding 40% of all Bitcoin trades, will further stunt regulatory clarity.
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Bitcoin’s [BTC] current performance shows that it is a great diversifying asset, says Morgan Creek’s CIO
The phenomenal rise in Bitcoin’s [BTC] price has excited the cryptocurrency market, with many speculating that the end of the prolonged bear market is near. Many proponents in the cryptocurrency space have also voiced their opinion about how positive fluctuations in the world of digital assets have actually enabled them to outperform the best of the S&P market.
In a recent interview on CNBC’s Fast Money, Mark Yusko, Chief Investment Officer at Morgan Creek Digital Capital, spoke about the rippling effects of the cryptocurrency market and the implications of Bitcoin’s current run. Brian Kelly, CNBC’s famous Bitcoin bull, further added that he hoped people would put their money on Bitcoin. To this, Yusko replied,
“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than a 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”
Morgan Creek’s CIO further opined that BTC is a great diversifying asset and that it should be in everybody’s cryptocurrency portfolio. He added that at the end of 2018, many analysts thought that 2019 would be the year when BTC would see a lot of bear bounces. However, the world’s largest cryptocurrency managed to beat expectations. Another argument that he laid out for BTC’s longevity was the predicted credit crisis in 2020, a market shift that is expected to cripple mainstream banking systems.
Despite the coin’s present performance, the ‘king coin’ was hit with some negative news recently after the latest Binance research report hinted at ‘disruption with trading pairs,’ as BTC pairs lost 38.9 percent of its market share. The research stated that out of all the trading pairs, USDT saw the largest net inflow, with a total increase slightly below $1 billion.
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