ETA for the ETF? (and Gemini Exchange speculation)

[wakka622]

What would be a realistic release date in your opinion? Personally I'd be surprised with 2015.

I think it could be done within a few days after Gemini is becoming a trust company - they had more than 2 years to prepare the ETF. Not sure if that's in 2015, but it could be.

There is no way the SEC is gonna let it pass using the last S-1A

There is a 90% chance they will submit another S-1A and remove exchanges like btc-e, mtgox, etc. They will replace all the foreign bitcoin companies and resources with things like Gemini, Coinbase Exchange, itBit and other regulated infastructure.

Then the SEC will review it again.

That sounds like the smart option but are you sure they must do this because if so then it could be another year before we see the etf launched.

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[Patel]

What would be a realistic release date in your opinion? Personally I'd be surprised with 2015.

I think it could be done within a few days after Gemini is becoming a trust company - they had more than 2 years to prepare the ETF. Not sure if that's in 2015, but it could be.

There is no way the SEC is gonna let it pass using the last S-1A

There is a 90% chance they will submit another S-1A and remove exchanges like btc-e, mtgox, etc. They will replace all the foreign bitcoin companies and resources with things like Gemini, Coinbase Exchange, itBit and other regulated infastructure.

Then the SEC will review it again.

That sounds like the smart option but are you sure they must do this because if so then it could be another year before we see the etf launched.

yes I am very sure. The old S-1A has nothing in it about Gemini. They have to file a new S-1A. The reason their last S-1A was so long ago is because they are waiting to get all their ducks lined up, then submit one final S-1A with everything in it.

If I had to take a guess, it's 6-12 months away after/if their Gemini charter gets approved

note: I am not a legal expert, not giving legal advice, and I am not dealing with this ETF in any way. I am just giving my opinions.

[wakka622]

What would be a realistic release date in your opinion? Personally I'd be surprised with 2015.

I think it could be done within a few days after Gemini is becoming a trust company - they had more than 2 years to prepare the ETF. Not sure if that's in 2015, but it could be.

There is no way the SEC is gonna let it pass using the last S-1A

There is a 90% chance they will submit another S-1A and remove exchanges like btc-e, mtgox, etc. They will replace all the foreign bitcoin companies and resources with things like Gemini, Coinbase Exchange, itBit and other regulated infastructure.

Then the SEC will review it again.

That sounds like the smart option but are you sure they must do this because if so then it could be another year before we see the etf launched.

yes I am very sure. The old S-1A has nothing in it about Gemini. They have to file a new S-1A. The reason their last S-1A was so long ago is because they are waiting to get all their ducks lined up, then submit one final S-1A with everything in it.

If I had to take a guess, it's 6-12 months away after/if their Gemini charter gets approved

note: I am not a legal expert, not giving legal advice, and I am not dealing with this ETF in any way. I am just giving my opinions.

But where are you getting this information from?

[Patel]

But where are you getting this information from?

Common sense, and a bit of legal knowledge

[brg444]

What would be a realistic release date in your opinion? Personally I'd be surprised with 2015.

I think it could be done within a few days after Gemini is becoming a trust company - they had more than 2 years to prepare the ETF. Not sure if that's in 2015, but it could be.

There is no way the SEC is gonna let it pass using the last S-1A

There is a 90% chance they will submit another S-1A and remove exchanges like btc-e, mtgox, etc. They will replace all the foreign bitcoin companies and resources with things like Gemini, Coinbase Exchange, itBit and other regulated infastructure.

Then the SEC will review it again.

That sounds like the smart option but are you sure they must do this because if so then it could be another year before we see the etf launched.

yes I am very sure. The old S-1A has nothing in it about Gemini. They have to file a new S-1A. The reason their last S-1A was so long ago is because they are waiting to get all their ducks lined up, then submit one final S-1A with everything in it.

If I had to take a guess, it's 6-12 months away after/if their Gemini charter gets approved

note: I am not a legal expert, not giving legal advice, and I am not dealing with this ETF in any way. I am just giving my opinions.

This sounds sensible. I too agree that their old S-1A has no chance to get approved as it is. Hopefully the SEC is actively collaborating with them so that when the revised form is submitted the review process is shortened.

[coinableS]

They could be on their way.
From their Gemini instagram (https://instagram.com/p/7fu0naBNst/) posted on Sept 11th.

geminidotcomThanks for having us, #AIBA. We enjoyed our time discussing the future of #bitcoin compliance yesterday with fellow panelist Dana Syracuse of @K2Intelligence at one of NYC's oldest and most renowned establishments.

The AIBA is the Association of International Bank Auditors.

I work at a private lending institution in the US and when we teamed up with Wells Fargo and Bank of Internet the auditors came in after an agreement was reached, but before it was effective.

[Fakhoury]

[jbrnt]

I followed the link to Department of Financial Services:
http://www.dfs.ny.gov/reportpub/wb150925.htm

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Articles of Organization approved and filed.

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Application for exemption from the deposit insurance requirements of Section 32 of the Banking Law approved.

itBit received their Certificate of Authorisation in May and open for business around July? So Gemini should go live in about 3 months in January, the earliest.

[BldSwtTrs]

I followed the link to Department of Financial Services:
http://www.dfs.ny.gov/reportpub/wb150925.htm

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Articles of Organization approved and filed.

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Application for exemption from the deposit insurance requirements of Section 32 of the Banking Law approved.

itBit received their Certificate of Authorisation in May and open for business around July? So Gemini should go live in about 3 months in January, the earliest.

Why the Winklevoss are so slow at everyhting they do?

[Denker]

I followed the link to Department of Financial Services:
http://www.dfs.ny.gov/reportpub/wb150925.htm

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Articles of Organization approved and filed.

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Application for exemption from the deposit insurance requirements of Section 32 of the Banking Law approved.

itBit received their Certificate of Authorisation in May and open for business around July? So Gemini should go live in about 3 months in January, the earliest.

Why the Winklevoss are so slow at everyhting they do?

Being born as twins could mean they also need for everything they do the doubled amount of time.They never will be numero uno.They seem to be designated for being second at most. That's act of nature.You can not blame them.

[Kupsi]

I followed the link to Department of Financial Services:
http://www.dfs.ny.gov/reportpub/wb150925.htm

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Articles of Organization approved and filed.

September 23, 2015 (TR-CRB)
GEMINI TRUST COMPANY, LLC
30 West 24th Street, 4th Floor, New York, New York 10010
Application for exemption from the deposit insurance requirements of Section 32 of the Banking Law approved.

itBit received their Certificate of Authorisation in May and open for business around July? So Gemini should go live in about 3 months in January, the earliest.

It took 12 days until itBit got their certificate, so Gemini can get their certificate next week. I guess they will start trading pretty soon. Why should they wait?

April 24, 2015 (TR-CRB)
itBit TRUST COMPANY, LLC
140 East 45th Street, 16th Floor, New York, New York 10017

Articles of Organization approved and filed.

April 24, 2015 (TR-CRB)
itBit TRUST COMPANY, LLC
140 East 45th Street, 16th Floor, New York, New York 10017

Application for exemption from the deposit insurance requirements of Section 32 of the Banking Law approved

http://www.dfs.ny.gov/reportpub/wb150424.htm

May 6, 2015 (TR-CRB)
ITBIT TRUST COMPANY, LLC
140 East 45th Street, 16th Floor, New York, New York 10017

Authorization Certificate issued.

http://www.dfs.ny.gov/reportpub/wb150508.htm

[jbrnt]

itBit received their Certificate of Authorisation in May and open for business around July? So Gemini should go live in about 3 months in January, the earliest.

It took 12 days until itBit got their certificate, so Gemini can get their certificate next week. I guess they will start trading pretty soon. Why should they wait?

They shouldn't wait. I would like to see Gemini online trading and their ETF approved by SEC as soon as possible. Things are moving quite slow for them, I don't know how "ready" they are now.

[coinableS]

Articles of Org are filed when a corporation begins. The corporation Gemini began well before today. This is likely just an updated filing or a new filing for a state that they were previously not registered. Not big news in my opinion.

[Nami]

When do you predict the Winklevoss' ETF will be available?

What effect will this have on price? Do you think it will be priced in by then?

I assume this will happen before their Gemini exchange is open.

Yeah Gemini exchange are very manipulative and its always making sure that dollars will never leave this country,
I think it will surely affect the coin's price.

[gotmilk_]

http://www.coindesk.com/gemini-exchange-moves-toward-launch-nydfs-approvals/?utm_content=buffer947c1&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

Further, he said that restrictions on fiat lending were unlikely to apply to its bitcoin activities, suggesting that this leaves the company open to adding other financial instruments like derivatives, swaps and futures pending dialogue with the CFTC.

This!

[jertsy]

http://www.coindesk.com/gemini-exchange-moves-toward-launch-nydfs-approvals/?utm_content=buffer947c1&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

Further, he said that restrictions on fiat lending were unlikely to apply to its bitcoin activities, suggesting that this leaves the company open to adding other financial instruments like derivatives, swaps and futures pending dialogue with the CFTC.

This!

That Coindesk story says Gemini will need to pass subsequent approvals before it can serve US customers. Exactly what extra approvals will it have to pass, and how long will they be expected to take? Until they can serve US customers they won't start serving foreign customers. I thought Gemini would have been open months ago, and it's so long since the last time I heard anything about it that I'd given up looking for stories about it.

A spokesperson for the NYDFS indicated that Gemini would need to pass subsequent approvals before being able to serve US customers, adding:

"There are still additional steps for final approval of a charter."

[monsanto]

Latest instagram post:



Is there a day of the week on which something like an exchange opening would be most likely to be announced? If I recall correctly, Coinbase was launched on a Monday.  Not sure when it was announced though.

[gotmilk_]

So now is clear that Gemini will offer derivatives. Cool!

https://www.reddit.com/r/Bitcoin/comments/3n9pfp/why_gemini_bitcoin_exchange_has_institutional/

Last part of the article is in comment.

Also

They also are awaiting U.S. Securities and Exchange Commission approval of the Winklevoss Bitcoin Trust, a Bitcoin exchange-traded fund (ETF) that will trade under the ticker Nasdaq: COIN. Approval of the Winklevoss Bitcoin ETF is expected before the end of the year.

[coinableS]

So now is clear that Gemini will offer derivatives. Cool!

https://www.reddit.com/r/Bitcoin/comments/3n9pfp/why_gemini_bitcoin_exchange_has_institutional/

Last part of the article is in comment.

Also

They also are awaiting U.S. Securities and Exchange Commission approval of the Winklevoss Bitcoin Trust, a Bitcoin exchange-traded fund (ETF) that will trade under the ticker Nasdaq: COIN. Approval of the Winklevoss Bitcoin ETF is expected before the end of the year.

That's all very bullish news 
Perhaps the patience will pay off. If there is a US regulated and accepted exchange that offers not just buy/sell but also derivative trading, and then to top is off the ETF to trade on NASDAQ before the end of the year.  Gather up your coins now while you still can my friends, once the FOMO sets in the price could skyrocket.

[gotmilk_]

Here we go! 

http://www.coindesk.com/bitcoin-exchange-gemini-new-york/