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VanEck Bitcoin ETF

VanEck Bitcoin ETF | SEC Postpones Decision for Another 90 Days

The United States Securities Exchange Commission has postponed its decision regarding VanEck Bitcoin ETF proposal for 90 days moving the deadline to August 19th, 2019.

VanEck Bitcoin ETF 

The SEC gave a 35 day period for collecting information as well as more insight on the proposal that was initially filed last year by the Chicago Board Options Exchange. Early this year when the US government shutdown reduced the operational abilities of the SEC, CBOE withdrew its request for a rule change. However, on January 31st it subsequently reapplied following the resolution of the government shutdown.

The news of VanEck Bitcoin ETF did not shock the cryptocurrency community although the bitcoin price has modestly retreated since Sunday’s 2019 new high. Even with this pullback in the price of bitcoin the market has witnessed several catalysts this year that are expected to continue fueling the bull market. Equally, the securities exchange will not focus on Bitcoin forever.

In the SEC filing, there are 14 questions posed to the public regarding the proposal from which its responses and arguments will help in reaching a decision. The issues raised generally concern the protection of public interest and investors from any form of fraud or exploitation.

Bitcoin ETF Issued by Bitwise Delayed

Another bitcoin ETF that is issued by Bitwise was delayed last week by the SEC. the decision not to say anything about VanEck at the time left many speculating the fate of this high profile ETF as the May 21 deadline approaches.  In a tweet attorney Jake Chervinsky indicated that the SEC may have needed more time to make a decision on the VanEck ETF because of semantics.

Although the SEC chose to put on hold both bitcoin ETFs, they nonetheless did not reject them altogether. It is likely that they are buying time until there is a necessary regulatory framework to govern the crypto industry.

Featured Image: Depositphotos / nevarpp

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crypto regulations

France’s Crypto Regulations | Finance Minister Wants Whole EU Adoption

This week, some are focusing on the recent fire that broke out in Notre-Dame cathedral, while others are looking at Bruno Le Maire, the French Finance Minister. According to Le Maire, EU member states should implement the same crypto regulations the French parliament approved last week.

Here’s what we know.

French Crypto Regulations are Key, According to Le Maire

Last week, France’s parliament approved a law called the Pacte (Action Plan for Business Change) law, which pertains to cryptocurrencies. The law also deals with other business plans. According to Reuters, the new law will attract crypto traders to the Western European country. It will do so by giving these traders recognition and taxing their profits in return. The goal of this new law is to create a market in Paris, says Reuters.

Other sources say that at a blockchain event in Paris, Le Maire told those who attended that he plans to “propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience.” He also reportedly said that the French model “is the right one.”

Will EU Member States Bite?

It will be interesting to see if EU member states decide to listen to Le Maire and adopt French crypto regulations. After all, cryptocurrencies are either banned or unregulated in most parts of the world.

>> SBI Delists Bitcoin Cash: Keeps Support for Bitcoin Sv

If Le Maire were to propose this (like he said he would), the relationship countries have with cryptocurrencies may change.

Takeaway

While there are places in the world that are regulating digital currencies in their own ways—Malaysia just regulated them back in January—it will be interesting to see if the European Union develops one stance on cryptocurrencies, based on French crypto regulations.

As we approach the month of May, be sure to keep updated with this story, as it will likely impact a handful of crypto traders.

Featured image: DepositPhotos © PromesaStudio

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