SEC Member to Criticize SEC

Hester Pierce said "still smothering ETFs with personalized attention as if they were infants" and showed support for Winklevoss's ETF
03 June 2019   640

Commissioner for the Securities and Exchange Commission of the United States (SEC) Hester Pierce said that her office was too cautious about the approval of exchange-traded funds (ETF) based on cryptocurrency, and called for speeding up the process. Reports about it Financial Times.

Last month, Pierce has already said that the SEC "still smothering ETFs with personalized attention as if they were infants."

At the moment, asset managers who intend to launch an ETF must apply in accordance with the Investment Company Act (1940), which, according to many experts, is quite strict regarding cryptocurrency funds.

Note that Pierce has again showed her support the Bitcoin-ETF from the Winklevoss brothers, whom the SEC refused last summer.

In May, the agency once again postponed consideration of applications for the launch of Bitcoin-ETF from Bitwise Asset Management and VanEck / SolidX.

Despite this, the NYSE Arca recently submitted to the SEC a request to change the rules for listing securities from an investment bitcoin trust managed by Wilshire Phoenix Funds.

This is not the only company that intends to launch Bitcoin-ETF on the NYSE Arca. On May 9, the SEC received an application from Crescent Crypto Index Services LLC to create an index fund, which should track not only the quotes of the first cryptocurrency, but also Ethereum.

Layer1 to Receive $50M Investments

These investment helped the startup to reach $200M market value and and will be used to enter mining market
16 October 2019   78

Layer1, backed by the Digital Currency Group (DCG) raised $ 50 million from a number of well-known venture capitalists, including PayPal co-founder Peter Thiel.

According to The Block, thanks to the successful closure of the Series A financing round, the company's market value reached $ 200 million.

Initially, the company focused on supporting the ecosystem of confidential cryptocurrency Grin. However, now the San Francisco-based firm intends to focus on bitcoin mining and plans to compete with Chinese miners over time.

We expect our chips to be competitive for at least eight years want to have your own chips in hand. We also have our own electricity substations: effectively that's as close you can get to owning your own power plan.

Alexander Liegl

CEO, Layer1

To implement this plan, the company acquired land in Texas for the construction of substations, entered into a partnership with a Beijing manufacturer of semiconductors and built its own infrastructure for cryptocurrency mining. Ligl added that Layer1 intends to become a vertically oriented company that controls every element in the mining business process chain.

The company also intends to enter the lending and crypto derivatives markets.