[2019-02-27]SEC Chair Needs Basic Changes Before Crypto ETF Approval

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: btyco on March 06, 2019, 03:45:55 AM

When bitcoin prices were stable around $6000-$7000 there wasn't an etf application in progress. Sadly they take place during volatile times which reduces the chances of success

There was, and more than just one. If the SEC was looking for stability, they would have noticed that already, but they don't care about stability. In all cases, the legacy platforms offering products based on Bitcoin have volatility triggers that halt trading the moment the market becomes too shaky. In other words, not a problem at all.

To add; I have seen large US stocks show more volatility than Bitcoin in the last six or so months, and more volatility is still to be expected.

btyco

copper member

Activity: 364

Merit: 4

When bitcoin prices were stable around $6000-$7000 there wasn't an etf application in progress. Sadly they take place during volatile times which reduces the chances of success

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: 1Referee on March 04, 2019, 04:37:42 PM

Do you remember the stability between $6000-$7000 last year? Was pleasing right? Look at the current price. Roll Eyes

People should understand that stability in crypto isn't a good thing with how everything is focused on speculation, and not on use. As long as that doesn't change, you need volatility to attract liquidity.

The more stability there is, the more likely it is for the price to break out lower, especially in an already bearish market. All this market has to offer is an insane roller coaster ride, and that's what people are here for.

Overall, be happy that an ETF won't likely be approved in the coming 2-3 years. People initially said they don't like the idea of institutions owning tons of coins, and now suddenly an ETF is welcome?

People are so desperate to see their bags pump that they welcome something they initially were against. Makes sense. Roll Eyes

hugeblack

legendary

Activity: 2506

Merit: 3645

Buy/Sell crypto at BestChange

I do not think that Bitcoin ETF will be approved unless a large percentage "80% and above" of all mined coins are controlled by centralized platforms and thus can identify and track most of the transactions made using Bitcoin.
There is no relation to price stability, manipulation or other arguments.
It has been referring to this indirectly in one of the delays, I will include the link when I remember.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: btyco on March 04, 2019, 12:46:11 PM

The stable price of around 3900 dollars must be quite pleasing for the sec, shame about the flash dump which adds weight to the price manipulation argument.

Do you remember the stability between $6000-$7000 last year? Was pleasing right? Look at the current price. Roll Eyes

In the end, it's not the SEC that needs to change, but this incompetent and crippled ecosystem. It's too scummy and too immature to be awarded an ETF.

The same applies to ICO's people think the SEC needs to change for. It's utter bs. ICO's are securities by nature the way they are sold in this market. I strongly hope that the SEC will up its manpower and punish unlicensed exchanges for having them listed. Enough people have lost their money. Shit needs to be stopped where possible.

btyco

copper member

Activity: 364

Merit: 4

The stable price of around 3900 dollars must be quite pleasing for the sec, shame about the flash dump which adds weight to the price manipulation argument.

Kakmakr

legendary

Activity: 3472

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

The SEC wants more control and protection for the investors. We already see large exchanges like Coinbase gearing themselves for mass surveillance with the acquisition of Neutrino.

The KYC/AML regulations are simply not enough control and they need better control mechanisms to determine who are manipulating the global price. We will soon see more partnerships between companies with improved surveillance and public exchanges, before ETFs would be approved. Roll Eyes

Vladdirescu87

sr. member

Activity: 966

Merit: 264

Regardless of the unswerving rejections of Exchange-Traded Fund (ETF) applications set forth up to the present time, optimism is still high amongst some cryptocurrency users, that the imminent ETF decision may eventually be the one that is approved. That was until Jay Clayton, the U.S. Securities and Exchange Commission (SEC) chairman reassured those hopes again when he presented in a speech at Coindesk’s Consensus Invest Conference in New York.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/sec-needs-changes/

Topic: [2019-02-27]SEC Chair Needs Basic Changes Before Crypto ETF Approval (Read 174 times)