#CryptoCorner: #SEC Rejects Nine Different #Bitcoin #ETFs, #Crypto Crackdown on the Chinese Mainland and Japan’s FSA Wants to See Crypto ‘Grow’
#CryptoCorner: #SEC Rejects Nine Different #Bitcoin #ETFs, #Crypto
Crackdown on the Chinese Mainland and Japan’s FSA Wants to See Crypto ‘Grow’
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SEC Rejects Nine Different Bitcoin ETFs, Crypto Crackdown on the Chinese
Mainland and Japan’s FSA Wants to See Crypto ‘Grow’
The U.S. Securities and Exchange Commission (SEC)
rejected nine Bitcoin ETF proposals yesterday. These include two submitted by ProShares for listing on the NYSE Arca, five from Direxion, also for listing on NYSE Arca, and two from GraniteShares, for listing on the CBOE. For all three orders, the SEC used the same
explanation for the rejection:
“…the Commission is disapproving this proposed rule
change because, as discussed below, the Exchange has not met its burden under
the Exchange Act and the Commission’s Rules of Practice to demonstrate that its
proposal is consistent with the requirements of the Exchange Act Section
6(b)(5), in particular the requirement that a national securities exchange’s
rules be designed to prevent fraudulent and manipulative acts and practices.”
In response, most of the top 100 cryptoassets
listed on CoinMarketCap are in the red. However, with the total market capitalization down
about $8 billion USD since yesterday, ($208 billion USD at press time) it’s not
as bad as when the Winklevoss brothers’ ETF was disapproved in July and the market cap lost about $16 billion USD.
The South China Morning Post reports today that the government of China is
cracking down on crypto. Authorities intend to block 124 websites operated by
offshore cryptocurrency exchanges. Additionally, the state will ban access to
domestic websites associated with ICOs and crypto trading, and prohibit any
payment system that accepts cryptocurrencies. The article quotes Pan Gongsheng,
a deputy governor of the People’s Bank of China, from December talking about
the state’s decision to crack down on crypto:
“If things
were still the way they were at the beginning of the year, over 80 per cent of
the world’s bitcoin trading and ICO financing would take place in China – what
would things look like today? It’s really quite scary.”
The story is
different over the sea in Japan, where the country’s top financial watchdog
expressed a cautious desire to see the crypto sector develop. Toshihide Endo,
the commissioner of the Financial Services Agency (FSA) said in an interview
with Reuters:
“We have no
intention to curb (the crypto industry) excessively. We would like to see it
grow under appropriate regulation.”
Sam Mowers, Investorideas
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