2019-10-07 CNBC - ‘We’re closer than we’ve ever been’ to bitcoin ETF approval

[carlfebz2]

Rejected. However, the good news is no one might be caring anymore. Bitcoin is up regardless of this bad news hehehe. The hype behind it, approved or rejected, has clearly gone.

Already get numbed when it comes to this part when we do talk ETF matters. SEC doesnt really tend to approve any of these ETF's.Why? There's someone above that do control
when it comes on making such decisions.Government doesnt like decentralized things on the first place so why would consider out on approving anything that relates to it?
It sucks when theres rejection but people seems doesnt care anymore.

[1713886515]

1713886515

[1713886515]

1713886515

[bbc.reporter]

Rejected. However, the good news is no one might be caring anymore. Bitcoin is up regardless of this bad news hehehe. The hype behind it, approved or rejected, has clearly gone.

The U.S. Securities and Exchange Commission (SEC) has rejected the latest attempt at creating a bitcoin exchange-traded fund (ETF).

The SEC announced Wednesday that the ETF proposal, filed by Bitwise Asset Management in conjunction with NYSE Arca, did not meet legal requirements to prevent market manipulation or other illicit activities. The SEC placed the burden on NYSE Arca, rather than Bitwise’s proposal itself.

To date, the SEC has rejected all bitcoin ETF proposals, citing market manipulation and fraudulent activity concerns.

Source https://www.coindesk.com/sec-rejects-bitwises-latest-bitcoin-etf-proposal

The rejection by SEC on the Bitwise Investments ETF proposal is not surprising to me as the odds are really against it. I think that SEC for now is not inclined in any way to approve of such a platform due to the many grounds cited in the decision which had been the same reasons for the rejections of other ETF applications in the past. To the SEC commissioners, this is not the right time, the market is not really ready for ETF and there is no adequate infrastructure and parameters in placed to counteract possible manipulations and frauds. Surprisingly, there seems to be no pull on Bitcoin by this negative decision and this means that we are all past waiting for any ETF approval and in reality ETF does not matter at all as the whole industry has already moved on without it.

The reasons cited seem to be merely excuses for rejection, not the main reasons. At root I think the main reason is that it is not controlled by any governmental agencies and that alone is enough for rejection in the short term.

Agreed. Price manipulation was also mentioned. They do not want to give that privilege to the people outside the privileged. Similar to the privilege of money laundering which the cryptospace opens for everyone.

If Libra is released, I predict a Libra ETF approved before any bitcoin ETF hehehe.

[bryant.coleman]

If Libra is released, I predict a Libra ETF approved before any bitcoin ETF hehehe.

Libra is essentially a digital version of the United States Dollar. So there will be no "price manipulation" for Libra. It will be similar to investing in the US treasury bonds. On the other hand, Bitcoin has its own exchange rate, which is independent of any other asset or fiat currency. And there is enough evidence available to claim that at least some of the exchanges are rigging the order books.