VanEck & SolidX May Launch Limited BTC ETF

WSJ states that companies intend to provide access to Bitcoin ETFs to institutional investors in the near future using the SEC 144A rule
04 September 2019   1279

VanEck and SolidX intend to launch bitcoin-based exchange-traded investment funds (ETFs) without waiting for approval by the US Securities and Exchange Commission (SEC). It is reported by The Wall Street Journal.

According to WSJ, companies intend to provide access to Bitcoin ETFs to institutional investors in the near future. For this, VanEck and SolidX intend to use the SEC 144A rule.

In particular, the norm allows for the closed placement of securities among “qualified institutional buyers” with a shorter tenure and without a separate SEC permission. At the same time, retail investors will still have to wait for the approval of the regulator to launch Bitcoin-ETF.

It is also reported that trading in a limited mode may begin this Thursday.

Recall that in August, the SEC once again postponed the decision on bitcoin ETFs from VanEck and SolidX to a later date. The final decision deadline is October 18th.

It is worth noting that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   300

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.