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The debate on cryptocurrency-related regulation continued last week, with Bitcoin taking the lead, resulting in just under 10% of the global market.
The Revised ETF of Winklevoss Twins is Shot by the SEC
On Thursday, the announcement of the latest verdict regarding the Bitcoin ETF of Twinkle Twins from Winklevoss made headlines throughout the year. 39; industry. According to a ninety-two-page SEC report, the revised proposal for a Winklevoss-backed ETF was rejected due to fraud concerns and high levels of investor risk. In addition, the SEC noted that there were high levels of manipulation in the cryptocurrency markets, which are mainly driven by "unregulated" markets that escape the prying eyes of US regulators.
Following the publication of the report, nicknamed "CryptoMom" by many, issued a passionate dissent statement filled against the decision.
Concluding her statement of disapproval, she wrote:
"The action of the Commission deprives investors of this choice today." I reject the role of guardian of innovation – a role very different from (and, in fact, incompatible with) our mission of protecting investors, promoting capital formation and facilitating fair, orderly and efficient markets, and therefore, I am not d & # 39; agreement. "
Although this dissent does not mean that the SEC will reverse their decision regarding Winklevoss ETF, many viewers see the statements given as a positive sign for the upcoming verdict for the Cboe Coinbase sees no result in a BCH survey on insider trading
Many users remember the Bitcoin Cash debacle of Coinbase in December, which saw the Bitcoin fork after a sudden rise in volume and p rices. After the listing, the exchange has been accused of using insider information for maliciously, with many speculating that Coinbase employees have bought Bitcoin Cash en masse before the official list.
These suspicions, which were held by a vast majority of the public with the CEO of Coinbase, triggered an almost immediate internal investigation into the listing. According to a Fortune report, Coinbase representatives said the multi-month survey was recently concluded by two established law firms. To the surprise of some, the internal investigation found no incriminating evidence, with investigators stating that they had found no case of insider misconduct.
Sources who knew the case noted that a lawyer from Coinbase had held a meeting at the company level. of the investigation, but did not give more details regarding the meeting.
Despite a partial resolution of the case, the crypto-centric company may still face legal problems to go forward. A lawsuit over the Bitcoin Cash case is still pending in the courts of Calfornia, which could see plaintiffs receive financial compensation for the "violation" of consumer protection laws. A lawyer representing the class of plaintiffs pointed out that the US CFTC could also play a role in this legal case, but did not inform the Fortune journalists of any other information.
Nasdaq holds closed-door meeting on the legitimacy and regulation of cryptocurrency
According to a previous NewsBTC report, the people behind the Nasdaq held a meeting earlier this year week about the emerging cryptocurrency industry. According to information from an anonymous participant of the conclave, the topics covered include regulation related to cryptocurrency, as well as the tools needed to investigate and assist this industry as it grows rapidly.
The insider noted that the meeting included leaders of legacy market companies, as well as business representatives focused on cryptocurrency like the Gemini Exchange based in New York.
It is still unclear what conclusions were drawn during the confidential event, but it was noted to be the last meeting of this nature and that there will be an ongoing dialogue between the entities present.
G20: Crypto-assets are not currently a risk of global financial stability
Before the last G20 summit, the Financial Stability Board (FSB) released a report highlighting crypto-currencies or "crypto -assets ", as called the G20 financial advisory body. A primary sentiment that emerged in the report was that the board does not see cryptocurrencies as an immediate financial threat. The FSB wrote:
"Although the FSB believes that crypto-assets do not pose a significant risk to global financial stability, it recognizes the need for vigilant oversight in light of the current situation. evolution of market."
The G20 communiqué, recently issued at the Bueno Aires summit, echoed the FSB's sentiment on cryptocurrencies. make an almost identical comment. According to the collection of the world's 19 major economies, crypto-assets are not free from worry, as this form of investment still raises concerns about consumer risks, market integrity, Tax evasion and money laundering.
G20 noted that it will continue to advise the FSB and similar organizations to regularly monitor the industry over time.
Volume Returns That Bitcoin Catches Investors With Their Pants Down
Bitcoin has seen an amazing week, rising from $ 7,400 to a high of $ 8,400 in just 48 hours. Since it's hit the high of the week Tuesday night, Bitcoin has stood at around $ 8,200, except for the $ 400 dive that Bitcoin did after the SEC's verdict. Many major investors cited reasons for bullish techniques and fundamentals that pushed Bitcoin up this week. With positive fundamentals taking the form of speculation on Bitcoin ETFs, global trade / currency disputes and various less influential stimuli that could allow Bitcoin bulls to return.
Similarly, some investors and industry leaders, such as Blockchain Capital's Spencer Bogart and Peter Smith of Blockchain, believe that Bitcoin has really found a bottom at $ 5,800 and that Bitcoin can only get back up from 39; here.
Not even 24 hours after Bitcoin's reaction to ETF news, the price of cryptocurrency rebounded quickly. at the $ 8,200 level mentioned above, he is used to. Many attributed this rebound to a return in volume and to investor interest, and investors became aware that the ETF Cboe Bitcoin still has a chance to defend itself.
It's important to note that not sharing a Bitcoin-like spell this week, with a majority of this variety of cryptocurrencies displaying a mix of slight losses or wins, except for Stellar Lumens, VeChain, Monero and Binance Coin. This slowing down of the move resulted in Bitcoin's dominance reaching nearly 48% at the peak of this week
With this series of news, it is important to note that regulatory sentiment in this industry is starting to change, with this change in market surveillance potentially indicating that Bitcoin could be set for another uptrend.
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