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[Breaking] Bitcoin ETF Hopefuls CBOE, VanEck and SolidX Met with SEC Commissioner Elad Roisman

SEC Commissioner Elad Roisman Meets Representatives From CBOE, VanEC, SolidX; ETF Approval Likely On October 9, 2018, Commissioner Roisman and his counsels Dean Conway, Matthew Estabrook, and Christina Thomas met with the following representatives of SolidX, VanEck, and CBOE. The participants considered an application to list an exchange-traded fund that is currently pending with the Commission. Distinctly, Roisman is the first commissioner to publicly meet with representatives of the three groups. The previous presentation was made to SEC staff, specifically the Office of Market Supervision and Division of Trading and Markets. Reps from the CBOE, Van Eck, and SolidX met with the new SEC Commissioner (Elad Roisman) on Oct 9th. Current wisdom says Roisman is a supporter (remains to be seen until he officially votes). Regardless it is positive that he is taking this seriously.https://t.co/aGqLZGFxKs — Crypto Quantamental (@CryptoQF) October 22, 2018 In the meeting with Commissioner, Roisman arguments were made that the Bitcoin ETF should be approved as previous issues identified by the SEC are now resolved. There now exists a significant regulated derivatives market for bitcoin. Relevant markets – Cboe, bitcoin futures, OTC desks – are regulated. Concerns around price manipulation have been mitigated, consistent with approval of prior commodity-based ETPs. Cboe’s rules are designed to surveil for potential manipulation of Trust shares. Promotes investor protection. Just last month, Republican Elad Roisman was confirmed for a seat on the SEC Commission. Prior to his appointment, the commission had only 4 of the possible 5 seats filled. The good news for the crypto community is that Roisman is rumored to be friendly to crypto and free markets, similar to Commissioner Hester Pierce. Given Pierce was the only “yes” vote, approval would still require defectors. What’s interesting is that a current “no” vote in Commissioner Kara Stein will disappear in December as her term expiration requires her to leave the Commission. Democrat Allison Lee is rumored to be her replacement, but the gap between Stein’s departure and Lee’s appointment could be a potential opening for the ETF approval. Sources at the CBOE have been consistent in believing that the Van Eck product has been and is the most likely candidate to make it to the finish line. Earlier they had said the following: “The VanEck ETF is perfectly approvable if you have been reading the tea leaves in the rejection language at the SEC connected to previous submissions. It checks every box, as I’ve said before, and I’d be shocked, SHOCKED, if it didn’t win approval. Now that approval will probably come with a bunch of dissenting language amongst the respective approving members – but it will still get approved. Not backing down in any way, in fact, I’d double down on it at the moment.” A Bitcoin ETF should closely follow the Bakkt launch, the continued maturity of Bitcoin futures markets, Fidelity’s crypto initiative and Nasdaq’s push into the crypto ecosystem. If nothing too drastic happens we can expect a Bitcoin ETF approval in the first quarter of 2019.
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VanEck SolidX Bitcoin ETF Decision Day Is Coming As New SEC Commissioner Elad Roisman Gets Selected

Is a Bitcoin ETF Closer With the New SEC Appointment of Commissioner Elad Roisman? September 30 is getting closer day after day, and a decision should be taken about the VanEck SolidX Bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) decided to appoint a new commissioner called Elad Roisman. Is the space one step closer of a Bitcoin ETF approval? Is a Bitcoin ETF Approval Closer? Elad Roisman has been confirmed by the US Senate to the SEC. The decision has been taken in order to replace the outgoing commissioner Michael S. Piwowar. Roisman’s appointment may be very important for the cryptocurrency world. The community considers that he has a positive outlook on cryptocurrencies and that this could led to the approval of a crypto ETF in the near future. There are currently five commissioners at the SEC. Two of them are against cryptocurrencies, two are in favor and one is yet undecided (which could be key to define whether a Bitcoin ETF is approved or not). Hester Peirce is the other commissioner that has a positive stance towards virtual currencies. At a hearing, the new appointee commented: “The U.S. capital markets are the envy of the world, and the importance of the SEC’s role in this cannot be overstated… To continue this, the SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission.” He then said that this responsibility of the SEC is now manifested in areas such as cybersecurity, initial coin offerings (ICOs) and blockchain technology. The SEC should approach to these new challenges in a fair and transparent way in order to provide clarity and certainty to the market and investors. One of the anti-crypto commissioners will be replaced after December 2018. The VanEck SolidX proposal of a Bitcoin ETF could be approved in February 2019. If a new commissioner positive towards virtual currencies is appointed, we could see the approval of this investment tool by February 2019.
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U.S Senate Confirms New Pro-Crypto SEC Commissioner (Elad Roisman)

The United States Senate confirmed Elad Roisman as a member of the Securities and Exchange Commission during the session of September 5, 2018. This decision completes the five required members to complete all seats within the Commision. Mr. Roisman, 37 years old, was confirmed as commissioner after serving for several years as chief counsel at the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Roisman, a Republican candidate was nominated to the Senate by White House during the month of June. Subsequently, on August 23, 2018, the Senate Banking Committee approved the nomination and yesterday, he was confirmed to take the position effectively. Roisman replaces Michael S. Piwowar, a Republican commissioner who resigned his position within the SEC early this summer to take a job at the Milken Institute as executive director of its center for financial markets. Comm. Elad Roisman: A Breath of Fresh Air In The S.E.C? Roisman has several important challenges ahead of him. 2 of the most critical decisions in which he will play an important role are those related to a new set of rules and regulations governing the relationship between stockbrokers and their clients, as well as that of “renewing” the SEC’s vision regarding cryptocurrencies and the possibility of approving cryptocurrency ETFs. Elad Roisman has been associated with having a pro-crypto stance. His role within the SEC is expected to support Comm Hester Peirce’s earlier initiative to open financial markets to the world of cryptocurrencies. Speaking at a Senate Banking Committee hearing in July, Mr. Roisman expressed his way of thinking regarding ICO and blockchain technologies (minute 14:00). For the financial expert, the SEC should “approach these new challenges in a fair and transparent manner,” with a clear need to “examine and re-examine its rules, regulations, and guidelines” in order to adapt to the new standards of a market that has “evolved:” “The U.S. capital markets are the envy of the world, and the importance of the SEC’s role in this cannot be overstated. Throughout its history, the dedicated commissioners and staff of the SEC have worked to preserve confidence as our markets grew and evolved. To continue this, the SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain. It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.” Elad Roisman A Nice Panorama For Crypto Traders With the confirmation of Elad Roisman, the SEC would have five members, 3 of whom see the cryptocurrency markets with favorable eyes. The configuration of the commission would be: Jay Clayton (anti), Robert Jackson, Jr. (pro), Hester Peirce (pro) and Elad Roisman (pro). The fifth one, Ms. Kara Stein can’t serve past December. According to Bloomberg, her successor could be Ms. Allison Herren Lee, her former aide. With Mr. Roisman’s approval, a Bitcoin ETF is very much possible. So far the markets have not had a significant reaction, however, for those who are enthusiastic about the fundamental analysis this news could be of particular importance for future investments. The post U.S Senate Confirms New Pro-Crypto SEC Commissioner (Elad Roisman) appeared first on Ethereum World News.
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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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