Bitwise Tells US SEC That 95% of Volume on Unregulated Crypto Exchanges is Suspect

95 percent of volume on unregulated exchanges appears to be fake or non-economic in nature, an analysis from cryptocurrency index fund provider Bitwise Asset Management has argued in a report dated March 20. Bitwise reported its data and claims to the United States Securities and Exchange Commission (SEC) as part of a proposed rule change for its application to launch a Bitcoin (BTC) Exchange Traded Fund (ETF). The analysis opens with the argument that while an ostensible ~$6 billion in daily traded volume for Bitcoin is reported across the spot…

Did the SEC Chairman Confirm Ethereum Isn’t a Security? Not Quite, but It’s Optimistic

Ethereum is most likely not a security under existing United States laws, as previously said by U.S. Securities and Exchange Commission (SEC) Division of Corporate Finance head William Hinman. “Based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions,” Hinman said on June 14, 2018. But, while the statement of SEC Chairman Jay Clayton released on March 12 is certainly positive for the cryptocurrency sector, it did not directly confirm that Ethereum is…

US SEC Solicits Feedback on Crypto Assets and Custody Rules

The United States Securities and Exchange Commission (SEC) is soliciting industry input as it potentially reconsiders existing custody rules in specific cases of digital asset trading and settlement. The SEC launched its information gathering initiative in an open letter to Karen Barr, president and CEO of the Investment Adviser Association, on March 12. Currently, the Custody Rule (Rule 206(4)-2) of the Investment Advisers Act of 1940 determines rules that aim to protect investors who delegate custody of their funds or securities to professional investment advisors. As the letter outlines, such…

SEC Chairman Highlights Investor Protection in Regard to Bitcoin ETF

United States Securities and Exchanges Commission (SEC) Chairman Jay Clayton is still concerned about investor protection when it comes to the commission approving a Bitcoin (BTC) Exchange-Traded Fund (ETF). The SEC chairman spoke about crypto in an interview with FOX Business on March 14. In the interview, Clayton claimed to be neutral toward digital currencies, saying that he is not a spokesperson against the asset. The SEC chairman explained that he is concerned with the potential for manipulation associated with the space, and wants to guarantee investor protection: “What I’m…

The SEC Could Approve the First Bitcoin ETF in 2019

For a long time now, mutual funds have dominated the cryptocurrency trading market by offering investors professional management, daily liquidity, broad diversification, and relatively low cost. Exchange Traded Funds (ETFs) enhance these benefits even further, and this is one of the main reasons why they are on the rise now more than ever. Most intellectual financial experts agree that the pros of ETFs certainly overshadow the cons by a huge margin. What are ETFs Exactly? In simple terms, an ETF is a basket of securities you can trade through a…

Ethereum (ETH) Price Analysis: SEC Chairman’s Stance Isn’t Helping Buyers

ETH price remained below the key $133 and $134 resistance levels against the US Dollar. SEC’s Chairman reaffirmed that Ethereum (ETH) is not a security, but it failed to boost the market. This week’s important bearish trend line is in place with resistance at $133 on the hourly chart of ETH/USD (data feed via Kraken). The pair needs to surpass the trend line and the $134 resistance for a solid upward move. Ethereum price remained below major resistance levels against the US Dollar and bitcoin. ETH failed to gain traction…

Report: Thai SEC Approves Country’s First ICO Portal

Thailand’s securities regulator has approved the first initial coin offering (ICO) portal in the country,  local daily news outlet the Bangkok Post reported on March 12. The Thai Securities and Exchange Commission’s (SEC) board of directors has reportedly authorized the first ICO portal that allows to screen ICOs, perform due diligence, confirm smart contract source codes and conduct Know Your Customer (KYC) procedures. The operator of the ICO portal is reportedly a foreign entity. Archari Suppiroj, director of the fintech department at the SEC, reportedly told the Bangkok Post, “Thailand’s…

Ethereum (ETH) Is Not a Security, SEC Chairman Hints on Official Response to Congressman

Securities and Exchange Commission Chairman Jay Clayton confirmed an existing analysis stating that Ethereum and other tokens of similar characteristics did not fall within the securities category under SEC standards. Mr. Clayton issued that statement in an official response to US House Rep. Ted Budd, who requested a formal pronouncement from the commission asking to clarify certain positions regarding cryptocurrencies. One clarification he asked for was to corroborate whether the opinions expressed by William Hinman, SEC Director of the Division of Corporate Finance, were representational or personal in nature. As previously…

Crypto News | SEC Rules ETH NOT Security; Binance Adds XRP

The cryptocurrency market is making a comeback this week, after closing out last week in the red. Crypto news was pretty slow last week, but it has picked up a bit today. This morning, CoinCenter released news that the SEC Chairman confirmed that ETH is not ruled as a security by the regulator. In addition to this big news, Binance announced it has added XRP and credit card payment support to its Trust Wallet app. Let’s get into it! Jay Clayton Rules ETH a “Non-Security” When investors began taking notice of…

US SEC Chairman Jay Clayton Confirms ETH Is Not a Security

United States Securities and Exchanges Commission (SEC) Chairman Jay Clayton confirmed that Ethereum (ETH) and cryptocurrencies like it aren’t securities under U.S. law, non-profit crypto research organization Coin Center reports on March 12. Citing a letter written by Clayton, Coin Center reports that the SEC staff has found that ETH is not a security under U.S. law. In September last year, Coin Center worked with U.S. representative Ted Budd to send a co-signed letter to Clayton asking whether he agreed with the approach to ETH of the SEC’s director of…