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Friday, August 24, 2018

#CryptoCorner: #SEC to Review #ETF Rejection Decisions and Singapore’s Central Bank Partners with SGX and Others for #Blockchain Asset Settlement


#CryptoCorner: #SEC to Review #ETF Rejection Decisions and Singapore’s Central Bank Partners with SGX and Others for #Blockchain Asset Settlement


August 24th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD)  and #AI, #IoT, #Blockchain, #Crypto Technology Company  Gopher Protocol (OTCQB: $GOPH) and Genesis Exchange and Wallet  App



Point Roberts, WA, Delta BC  - August 24, 2018 - Investorideas.com, a leader in crypto and blockchain investing news reports on what’s driving the cryptocurrency markets with today’s edition of Crypto Corner, now available in podcast.

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August 24, 2018 Crypto Corner

SEC to Review ETF Rejection Decisions and Singapore’s Central Bank Partners with SGX and Others for Blockchain Asset Settlement

Going into the weekend the crypto market’s total market capitalization is sitting at $210 billion USD at press time according to data from CoinMarketCap, so not much change from yesterday. Bitcoin (BTC) is trading at $6533 USD and holds some 53 percent market dominance. Most of the major altcoins listed have shown very little movement in the past 24 hours.

Reuters reports that the decision to block nine exchange-traded funds by the U.S. Securities and Exchange Commission (SEC) will be reviewed. The decision to reject nine applications from three companies–two from ProShares and five from Direxion for listing on the NYSE Arca, and two from GraniteShares on the CBOE–was made by staff delegated by SEC commissioners. However, SEC commissioner Hester Peirce said in a tweet that she and her colleagues reserve the right to review decisions made by staff, as in this case.

“…the Commission (Chairman and Commissioners) delegates some tasks to its staff.  When the staff acts in such cases, it acts on behalf of the Commission.  The Commission may review the staff's action, as will now happen here.”

In a much longer statement published on the SEC’s official website from July 26, Peirce articulated her own position on Bitcoin exchange-traded products (ETPs) following the rejection of the Winklevoss brothers’.

“By precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation. Bitcoin is a new phenomenon, and its long-term viability is uncertain. It may succeed; it may fail. The Commission, however, is not well positioned to assess the likelihood of either outcome, for bitcoin or any other asset. Many investors have expressed an interest in gaining exposure to bitcoin, and a subset of these investors would prefer to gain exposure without owning bitcoin directly. An ETP based on bitcoin would offer investors indirect exposure to bitcoin through a product that trades on a regulated securities market and in a manner that eliminates some of the frictions and worries of buying and holding bitcoin directly. If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commission’s action today deprives investors of this choice. I reject the role of gatekeeper of innovation—a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.”

A press release today announced the collaboration of the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX), along with Deloitte, Anquan and Nasdaq, to deliver enhancements to ease digital asset settlements. The entities have convened specifically to develop Delivery versus Payment (DvP) capabilities for settlement of tokenized assets across different blockchain platforms, in which Deloitte, Anquan and Nasdaq will act as technology partners. The move enables financial institutions and investors to “carry out simultaneous exchange and final settlement of tokenized digital currencies and securities assets”. Tinku Gupta, Head of Technology at SGX, and Project Chair, said:

“This initiative will deploy blockchain technology to efficiently link up funds transfer and securities transfer, eliminating both buyers’ and sellers’ risk in the DvP process. This is a collaborative innovation bringing together multiple players to pursue real-world opportunities that will benefit the ecosystem.”

Sam Mowers, Investorideas

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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations.  https://www.fliptopay.com/




Gopher Protocol Inc. (OTCQB: GOPH) is a development-stage company which consider itself  a Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Gopher’s exclusive licensor filed a non-provisional patent covering a proprietary GRC Blockchain-Based Radio Generated Digital Currency on June 19, 2018 . Additionally  Gopher’s  Avant! AI  technology has been designed to supervise the Blockchain System to keep records of all data exchanges. The AI system will be embedded as an integral part of Gopher’s digital coin Blockchain system.
For more info on Gopher and its technologies visit http://gopherprotocol.com/



GBT is a powerful cryptocurrency centralized / decentralized exchange which will include a broad range of services and benefits from cryptocurrency and blockchain markets development, while avoiding complications and risks arising from crytocurrency ownership, transfer, and exchange.
The powerful GBTDesk aggregator ensuring exchange of cryptocurrencies for fiat currencies under smart contracts without intermediaries is a key element of GBT.
Download the Genesis Exchange and Wallet App at Google Play


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