SEC May Approve CBOE's BTC-ETF

Anonymous source says that 'approvals will come, it is more a matter of Q4 2018 or Q1 2019'
06 August 2018   1571

On August 10, a meeting of the Securities and Exchange Commission (SEC) will take place, at which officials will determine the fate of VanEck SolidX Bitcoin Trust, approving or refusing to change the rules of trade at the Chicago Option Exchange (CBOE). This is reported by Bitcoin Exchange Guide.

It is noteworthy that CBOE also intends to create a bitcoin-ETF, which will trade in shares of SolidX, the estimated price of which will be 25 BTC apiece.

A source in the SEC, who asked to remain anonymous, stressed that the agency is interested in approving the application from the CBOE.

The Gemini decision was expected from those in the know and could have easily been predicted. Again, this stuff is more about timing than anything else. Approvals will come, it is more a matter of Q4 2018 or Q1 2019. And as I said before, that will open up the door to more crypto-based product submissions.
 

Source from SEC

The unnamed CBOE representative also believes that the close relationship between the exchange and the regulators will have a beneficial effect on the outcome of the meeting.

We still believe that approval of our Bitcoin ETF product is a near certainty. Just a question of timing and potential administrative delays.
 

Anonymous Source

Previously, VanEck and SolidX filed a joint application for the creation of VanEck SolidX Bitcoin Trust, which will be immune from theft and loss of access to funds.

It will also be tied to a new index from VanEck, which instead of exchanges will collect the price of bitcoin from US-based over-the-counter (OTC) platforms.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   142

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.