[ad_1]
Crypto Twitter rallies behind a friendly watchdog at the US Securities and Exchange Commission: Shortly after Commissioner Hester Peirce's refusal to reject an exchange-traded bitcoin fund, his account of Twitter followers climbed:
Peirce's exposure on social networks was spurred by a Reddit user, lamb0x, who called on site readers to "show him a little love of the community Crypto ". Twittersphere Adoration – The Chairman of the Commodity Futures Trading Commission, J. Christopher Giancarlo, had his turn in February after giving senators an unexpected education on crypto slang during an audience
Giancarlo was nicknamed "Crypto Dad "by cryptorati; inevitably, Peirce has earned the nickname "Crypto Mom" from some Redditors.
Peirce's turn came after Cameron crypto entrepreneurs and Tyler Winklevoss's second attempt to list shares in a bitcoin ETF were shot. Bobby Cho, global encryption manager at Cumberland, said earlier this week that bitcoin prices had risen because of speculation that such a fund could be approved. However, the listing proposal of the ETF on Cboe Global Markets was rejected Thursday 3-1 by the SEC
The SEC said (pdf) that the market for bitcoins is susceptible to manipulation and does not does not have the necessary oversight to monitor traders. Among other things, regulators have pointed to academic research suggesting that the epic bitcoin bull race last year could have been driven by market manipulation. The Winklevoss twins argued in their application that the unique structure of Bitcoin made this type of exploitation less of a concern.
Still, the SEC said that its decision was not based on the merits of Bitcoin's innovation, but rather on the lack of rules to protect regular investors. At present, the majority of trade is in unregulated foreign markets.
Peirce replied that the commission was undermining investor protection by blocking greater institutional investment in the market. The increased participation of large investment firms would help balance the prices of one stock market at the other, while putting pressure on the market operators to increase their defenses against theft and to improve the market. 39 other guarantees, she said. The SEC was wrong to focus on Cboe's ability to monitor the spot bitcoin market rather than focus more closely on monitoring its own market. In addition, Peirce said the decision "sends a strong signal that innovation is undesirable in our markets, a signal that can have effects far beyond the fate of products traded in bitcoin".
Apparently, bitcoin is not mature enough, respectable enough, or regulated enough to be worthy of our markets. I disagree: https://t.co/gH5zXaKtmj
– Hester Peirce (@HesterPeirce) July 26, 2018
The chairman of the Cboe Chris Concannon also rejected. The SEC's former attorney said that if investor protection should be at the heart of any decision, US investors obviously already have access to unregistered financial products. "Investors are better served by products traded on a regulated securities market and protected by strong securities laws," he said. Concannon said the exchange was also reviewing Peirce's dissent "with interest."
For those on Twitter crypto keeping the score, Concannon does not have a Twitter account.
[ad_2]
Source link
