SEC DELAYS: Hopes that a bitcoin exchange traded fund (ETF) would be approved before the new year were dashed Thursday when the U.S. Securities and Exchange Commission (SEC) officially postponed any decision to Feb. 27, 2019.
VanEck and SolidX teamed up with Cboe earlier this year to propose the ETF, and under the SEC’s rules, the regulator must approve or reject the rule change outright in its next notice – it cannot be delayed further.
Thursday’s announcement comes after months of uncertainty around bitcoin ETFs. The regulator previously rejected a number of proposals, including simultaneously rejecting nine in August. Those rejection were suspended the next day when the SEC announced it would review the proposals once more. Full Story
BIPARTISAN BILLS: U.S. congressmen have introduced two bipartisan bills aimed to help prevent cryptocurrency price manipulation.
Representatives Darren Soto (Dem.) and Ted Budd (Rep.) jointly announced Thursday that the proposed legislation is ultimately aimed at making the U.S. a “leader in the cryptocurrency industry.”
The bills essentially ask the Commodity Futures Trading Commission (CFTC) and other U.S. financial regulators to come up with a roadmap to better regulate cryptocurrencies in order to protect individuals and businesses.
The first bill seeks research on how crypto price manipulation takes place, its impact on investors, and how to prevent such activities through regulatory changes, and in turn, protect investors. The second asks regulators to carry out research on crypto regulations in jurisdictions across the globe and recommend legislative changes to promote the growth of adoption of cryptocurrencies in the U.S.
For instance, it asks the regulators to clarify which virtual currencies might qualify as commodities and to suggest a new, optional regulatory structure for crypto exchanges that includes federal licensing, market supervision and consumer protection.
Soto and Budd said that “Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth.” Full Story
TOKEN EXPLOSION: Crypto exchange Coinbase is looking at 31 assets to potentially list on its trading platforms, it said Friday. The list includes both independent token projects and ERC-20 tokens.