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Bitcoin ETF: SEC is calling for more market surveillance and protections in the marketplace, says Winklevoss

Priya

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Bitcoin ETF: SEC is calling for more market surveillance and protections in the marketplace, says Winklevoss
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Tyler Winklevoss and Cameron Winklevoss aka Bitcoin billionaire brothers, founders of Gemini, the leading cryptocurrency exchange in the space, spoke about the progress of their Bitcoin ETF, in an interview with Fortune Ledger. They also elucidated on the U.S Securities and Exchange Commission [SEC]’s main concerns with respect to the exchange-traded fund.

In July 2018, the commission rejected the approval of a proposed rule change made by the Winklevoss brothers under the grounds of market manipulation and lack of market surveillance. This was notably the second time the regulatory body rejected an exchange-traded fund proposed by the Winklevoss brothers.

However, the rejection of the ETF resulted in the commission facing criticism, including one from their own commissioners’, Hester Peirce. The commissioner published a dissent on the SEC ruling, stating that the proposed rule change had all the pre-requisites required for the approval of a rule change. Succeeding this, news soon broke out that Gemini will be opting for market surveillance services offered by Nasdaq, second-largest stock exchange in the world.

Cameron stated that the timeframe of when the space will see an approved Bitcoin ETF by the commission is “hard to predict”. He added that the team has been working on the ETF for over six years now and that they will continue working towards it even if it takes them six more years. He said:

“We understand the commission’s concerns. We’ve heard them loud and clear and they are basically calling for more market surveillance and protections in the marketplace to avoid, prevent against manipulative behaviour and stuff like that. So, Gemini has build a market surveillance team.”

Cameron further stated that Gemini is also working on the Virtual Commodity Association, a self-regulatory organization for the US cryptocurrency industry. He stated that they are working on this with an aim to get exchanges under the same roof and share information in order to “build integrity into the marketplace”one of the main concerns with an ETF product. He added:



“We get the commission being conservative on that, that makes a lot of sense because this will be the first of many products of its kind. So, we’ve gotta get it right. So, we’re willing to accept the fact that we gotta do out homework.”

He also spoke about the commission pointing out the lack of liquidity available in the cryptocurrency space, and the market being very vulnerable to market manipulation. Here, Cameron stated that the cryptocurrency is, in fact, “quite liquid“, adding that the main concern was the derivatives market is still very nascent and that it has to still grow for price discovery. He said:

“But it also goes back to marketplace surveillance. That’s really the key bringing the tools an the surveillance in monitoring and the equities market that the commission is very familiar with to virtual currency marketplaces and enough. Gemini can’t be doing it by ourselves. […] We’re using NASDAQ’s smart surveillance, but we can’t do it ourselves.”

This was followed by the Founder stating that Gemini needs other industry players to help out in their quest and that this is what the SRO is working towards achieving.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more
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Daily Crypto News – April 18

Craig Wright withdraws email evidence: The self-proclaimed Satoshi Nakamoto withdrew the email evidence submitted to the court with regard to Kleiman case. This news comes days after some members in the community suggested that the email evidence was “fake”. Notably, the evidence was withdrawn as Wright could not verify the timeframe of when the emails were exchanged.

To know more, click here!

US 2020 Presidential Candidate urges the need for cryptocurrency regulation: Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy, which emphasized on the need for regulating the digital asset place, and also listed the actions he would do for the cryptocurrency market as the President. On his official Twitter handle, Yang stated that, “Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks”.

To read more, click here!

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640–578645]. Moreover, Bitcoin SV’s network was unresponsive for over an hour.

To read more, click here!



Craig Wright takes on evidence and law: In a recent blog post, Wright speaks about proving to be the creator of Bitcoin, Satoshi Nakamoto. He stated that, “the important thing to understand is: law is law. Code (programs and algorithms) in any form is merely evidence… You see, ownership of the key is not proof of anything other than the possession of a key”

To read more, click here!





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