BT 1 and ET 1 (ETNs) Suspended by the SEC

[Suckerpunchman]

Amid all the mixed sentiments about the CBOE Proposal, this news seems to dampen confidence and does not bode well for the verdict on 30th September.

The SEC says that the decision was in "the public interest" but I fail to understand how

What do you guys make of this ? 
Here is the reference article-  https://www.coindesk.com/us-regulators-suspend-bitcoin-and-ether-investment-vehicles/

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[CryptoHaris]

Hah!

So it is another bowling pin down!

This is almost like a fun game for the SEC.

And there I was thinking they are seriously considering CBOE xD

Now, AFAIK, this is just to play with the market and test investor confidence.

[BlockchainGod]

I think they are specifically rejecting all bitcoin ETF claims to create panic and FUD in the market. They have no real reason to refuse.

[3kpk3]

Hah!

So it is another bowling pin down!

This is almost like a fun game for the SEC.

And there I was thinking they are seriously considering CBOE xD

Now, AFAIK, this is just to play with the market and test investor confidence.

Nothing surprising about this. SEC have been rejecting ETFs from quite sometime stating that it is for the greater good which is why I am pretty confident that they might end up rejecting the big proposal which is riding on huge expectations in the cryptocurrency community.

The fact of the matter is that this year has been horrible for cryptocurrencies so far and I don't think this will change for the remainder of this year unless something monumental happens(The upcoming ETF proposal actually gets approved etc).

[bitcoindusts]

It is really more of a clarification from the side of SEC. The nature of the investing instruments at hand contradicts with ETNs or Exchanged Traded Notes and somehow lines up more with ETFs or Exchange Traded Fund (of which we all know is under careful studies of SEC).

So i am guessing that the SEC is indeed for the public interest. They already had spent a considerable amount of time studying ETFs proposals just to have it bypassed by an ETN that actually falls under an ETF categorization. And somehow, i think this is a good indicator that an ETF is soon to be approved.

[Luckycoins999]

This should not come to us as a shock because we know that the SEC had rejected ETF before too, and this time seems to be no exception to it either. Whatever the reason is, the impact the market is receiving from it is pretty bad.All in all, this year has nit been the best year for crypto currencies.

[franky1]

its mor likely that they will suspend all novice institutions right up untill the date the top 2 institutions are ready..

as we all know first in wins.. so SEC is just making sure it aint the winkles'
imagine if you could control who will be the very first company to sell something. wouldnt you prefer it to be one of your buddies rather then a set of twins whos only fame is going to the same social parties as zuckerburg in their college days

even if all the i's are dotted and t's are crossed. SEC will choose their buddies first. its that obvious.. its a waiting game for their buddies to be ready. nothing to do with legal issues or problems its just in "the public" interest.
and guess who "the public" that is interested... the SEC after their workshift in a bar with their buddies

in short:
their buddies are late, but its ok the SEC have their seats reserved

by the way
Reid Muoio, Esq is a goldman sachs buddie.. hmm i wonder who's sat is all nicely warmed up and reserved.

[SummerHamster]

Pinning all the hopes on ETF seems like a lost cause. the market was operating well without it and there seems to be no reason to give so much importance to ETF that the market is coming to shambles. Also it seems to be unlikely for it to be approved again.

[franky1]

Pinning all the hopes on ETF seems like a lost cause. the market was operating well without it and there seems to be no reason to give so much importance to ETF that the market is coming to shambles. Also it seems to be unlikely for it to be approved again.

people are excited about it because
1. when blockstream completed their contract and got their contractual deadline of segwit by november 2018.. they got paid. and they wanted it in BTC. so the investors bought BTC  (look what happened from midnovember to december)

2. if you look at the markets and see the order lines and see it only takes a few thousand btc to move the price by thousands. then when an ETF wants to add another "basket" of coins to their trust to offer more shares once the ones already pre rserved and share divided have been bought guess what will happen

[2fresh]

Pinning all the hopes on ETF seems like a lost cause. the market was operating well without it and there seems to be no reason to give so much importance to ETF that the market is coming to shambles. Also it seems to be unlikely for it to be approved again.

It's not like bitcoin requires it but it would be a nice boost in these bearish times.

[cryptoVinc5599]

I honestly don't think SEC is going to approve of any Bitcoin ETF proposal anytime soon. If someone got close to getting accepted then it was Winklevoss' brothers and which is why the rejection of their ETF proposal had such bad impact on the market. Also, they have already said, as long as there's manipulation and scam in the market, they are not considering to accept any of the offers.

[BumblingBee]

I think it’s no more surprising. Because SEC have been always rejecting the projects or proposal. So, it’s quite sure that they might end up rejecting the big proposal too. Hoping that, the upcoming ETF will get the approval. As they have spent some amount of time studying the proposals of ETF.

[dothebeats]

'Public interest' is yet another excuse the SEC has come up with in order to mask their real agenda as to why they keep on rejecting and suspending ETFs and ETNs irregardless of how good and how clean the presentations are. It looks like they are having fun toying with companies and institutions, the reason to which is still unknown. Realistically though, the bitcoin economy doesn't need any of these, but knowing how eager some institutional investors are for these things to come into life, it's a great boost for the economy, I'd say. The SEC is the final gatekeeper before any of these come into fruition.

[Barrycuda007]

i believe that the SEC for the public interest. i think that ETF is soon to be approved. thank you for sharing this article. it will help to take better decision.

[AutisticKid007]

i think that the SEC for the public interest. this is also good indicator. i believe that ETF is soon to be approved. thank you for sharing this article. SEC will take good decision which are good for crypto market.

[pixie85]

I think that it's better if we prepare for the worst. If you think about the ETF proposal as rejected and it gets rejected you won't feel a thing. No depression and no disappointment. If it gets approved you'll not only feel confidence and happiness but you will also be surprised.
I think that they won't reject it in 2 weeks. They will postpone it.

[jerrison]

it is clear that the SECURITY AND EXCHANGE COMMISSION sure do have something they are looking up to with the recent dismissal of different appeal by organisations as those appeals relates to bitcoin related operations. i am still hoping they change their mind pretty soon.

[coinages]

i believe that the SEC for the public interest. this is a good indicator that an ETF is soon to be approved. thank you for sharing this article. it will help to take better decision.