Bitcoin ETF Proposals Withdrawn Due to SEC Concern

The SEC is expressing concerns regarding the liquidity and valuation of futures contracts based on the digital asset
09 January 2018   1304

Two U.S. companies shelved proposals to launch bitcoin exchange-traded funds (ETF) due to ongoing concerns by the Securities and Exchange Commission (SEC), according to the filings published on Monday.

According to one of the filings, the SEC is expressing concerns regarding the liquidity and valuation of futures contracts based on the digital asset.

A short time ago, trusts controlled by Rafferty Asset Management LLC and Exchange Traded Concepts LLC each canceled plans to launch three bitcoin funds that could be traded by retail investors as easily as stocks.

Fund managers thought the proposals had a chance at winning approval given the launch last month of futures contracts based on bitcoin on both the CME and the CBOE exchanges.

Recently, we have reported that SEC specified the size of civil penalties it seeks from fraudulent entities operated by Renwick Haddow.

Mt. Gox CEO to be Found Guilty of Falsifying Docs

Mark Karpeles has a suspended term of four years ahead to prove his reliability and to avoid a real imprisonment
15 March 2019   120

The Tokyo District Court convicted the former CEO of the Mt.Gox bitcoin exchange, Mark Karpeles, of falsifying documents and sentenced him to two years and six months in prison. Nevertheless, Karpeles has a suspended term of four years ahead to prove his reliability and to avoid a real imprisonment. Reported by The Block.

Note that the prosecutor's office demanded 10 years in prison, however, on charges of embezzlement and violation of corporate law, Karpeles was found not guilty.

Karpeles and his lawyers intend to assess the situation and develop a strategy for action on the charges.

Earlier, the Illinois court rejected the petition of the lawyers of the former head of Mt.Gox to suspend the proceedings against him in the United States. So, American investors Gregory Green and Anthony Motto demand that Carpeles be personally responsible for the loss of their investments.

Once the largest Bitcoin exchange Mt. Gox crashed in early 2014. This happened after the information appeared about its alleged hacking and theft of 800,000 BTC ($ 480 million at that time). In December last year, Carpeles, during his closing speech at a Tokyo court, called himself innocent of the events that caused the millions of client losses and the company's collapse.