SEC to Reject Another BTC ETF Applications

Securities and Exchange Commission blocked another Bitcoin ETF, this time - from ProShares
23 August 2018   525

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.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   96

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.