SEC to Reject Another BTC ETF Applications

Securities and Exchange Commission blocked another Bitcoin ETF, this time - from ProShares
23 August 2018   1221

The US Securities and Exchange Commission (SEC) rejected the application of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF - bitcoin-oriented exchange-traded funds.

At the same time, a similar fate awaited several applications for the launch of bitcoin-ETF, filed by Direxion and GraniteShares.

The application for the launch of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF was jointly with made NYSE Arca, but the SEC believes that the proposed changes of the rules of the exchange can not be accepted.

As noted in the Commission's official response, the exchange was not able to demonstrate that its offer meets the requirements of Section 6 (b) (5) of the Exchange Act, in particular with regard to the requirements for preventing manipulation on the market.

Separately, the SEC drew attention to the fact that its decision does not depend on an assessment of whether bitcoin has value as an innovation or an investment.

Almost the same arguments were brought by the Commission, justifying its decision to refuse the launch of five bitcoins-ETF, the applications for the launch of which were previously filed by Direxion, and two GraniteShares funds. The applications describe tools that are directly tied to the rate of bitcoin and other crypto-currencies.

The first application for the launch of exchange funds ProShares filed in September 2017, but later it was withdrew. The new application was filed in December of the same year, and in the spring of this year it became known that the SEC began its consideration.

According to the widely held opinion, bitcoin-ETF will significantly revive the market due to the inflow of institutional money, but recently Bitcoin-evangelist Andreas Antonopoulos expressed the opinion that such funds can provoke a wave of manipulation in the cryptocurrency market.

Lightning Network Wallet by Breez to be Out For iOs

Solution is based on the lightweight client called Neutrino and it wallet supports Submarine Swaps technology
18 June 2019   202

The Breez payment platform introduced a non-custodial wallet for iPhone that supports the Lightning Network protocol.

The basis of the new product is a lightweight client Neutrino. It is also known that the wallet supports Submarine Swaps technology, which makes it possible to conduct transactions between online addresses and the Lightning Network.

The company's blog says that immediately after installation, the application automatically connects the channel to the so-called Breez hub connected to other Lightning nodes, which allows the user to conduct transactions with any participants in the second-level network. In addition, according to the founder of the company, Ron Scheinfeld, the possibility of a refund is provided in the event of challenging purchases.

In a Lightning economy, people trade money for goods and services. Intermediaries — banks, credit cards, online payment processors, and custodians of any kind — are obsolete. All that remains are the people, trading with each other anywhere, anytime, free to do what each of them thinks is best with their own money. Scale is no longer a concern. Transactions are virtually instantaneous and practically free. The people are free too. Finally.

Roy Sheinfeld
Co-Founder and CEO, Breez

The company also noted that within only two months after the release of the version for Android, Breez benefited from "hundreds of users." Currently, the wallet is in beta.

On the eve of the release of the iOS application, the startup managed to attract $ 500,000 from Recruit Strategic Partners and Fulgur Ventures. The funds will be used to develop an application for merchants, allowing them to accept Lightning-payments.