Gabor Gurbacs, Director of Digital Asset strategy at VanEck, spoke about whether there were any changes made in the VacEck Bitcoin ETF when it was refiled, during an interview with CNBC Crypto Trader. He also spoke about the firm’s stance on the exchange-traded fund.
The Director first spoke about the topic as to whether there were any changes made to the ETF or whether it was the same proposal as before. Here, he remarked that there were indeed some changes made to the recent proposal. He added that the changes were incorporated based on the regulatory feedback and the feedback from market participants. He said:
“some of those changes are related to basically analogous markets so like their gold and commodity markets and some of the shipping markets, freight shipping markets out there and and so we have presented some scenarios where the SEC approved an ETF which had […] less transparency to the market where pricing in those markets were not as built out as Bitcoin”
He went on to say that there were few changes concerning custody pricing and market manipulation. According to him, the changes made by the firm make up an additional 30 pages to their initial proposal, wherein the firm presents a “hardcore analysis” as to why Bitcoin is ready for an ETF.
He further spoke about whether withdrawing their initial proposal due to the government shut-down was a good decision as it gave them an opportunity to make the changes they wanted in the proposal.
“Yes, I believe this proposal is much stronger than sort of the previous one. We just formally incorporated the answers we spent over a year and a half two years educating the SEC and other regulators on this pricing custody and market manipulation concerns and the appropriate answers to that but now as formerly part of the proposal”
This was followed by Gurbacs claiming that VanEck is committed to bringing a Bitcoin ETF to the market and that the 240 days period laid down by the regulatory body decide on its fate is “something that is imposed by law”, even though it is considered as a very important timeline. According to him, the most important aspect is whether the exchange-traded fund addresses the problems, which the firm claims it does.
Furthermore, he also stated that institutional investors are “not comfortable” to step into the cryptocurrency space because of the hacks and uncertainty of the safety of the funds.
“All these hacks and exchange runs and things things like that and and so institutional investors do not feel comfortable engaging if there is not better vehicles and assurances in the market and today there’s just not so we’re trying to kind of bring Bitcoin into you the financial system a little bit better than most other people did”
Subscribe to AMBCrypto’s Newsletter
Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC]: General manager of BIS says Bitcoin and blockchain technology should be explored to its limits
Bitcoin [BTC]: Mati Greenspan claims ‘$200 move can easily lead to a $2,000 move’
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC and LTC bulls defend position
Dubai-based exchange BitOasis allegedly delists Monero [XMR], ZCash [ZEC] without informing users
Kraken’s Austin Alexander says cryptocurrency space is ‘moving fast’, making it difficult for staffing
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Bitcoin Cash’s [BCH] Roger Ver adds Coinbase and Binance to his ‘safe list’
Bittrex transfers 6,999,999 XRP to Upbit amid Ripple’s alleged report discrepancies
XRP: Massive amounts of cryptocurrency moved as Ripple, Nexo come into the picture
Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser
Satoshi Nakamoto is easy to get through; can be found by fools, claims John McAfee
XRP: Google Chrome extension to detect trustworthiness of select XRP addresses goes live