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Malta Will See Two New Blockchain-Based Bills Launch on November 1st

The “Blockchain Island” of Malta has announced the date for the launch of its two new blockchain-based bills, which will take place November 1st.

Blockchain Summit
The two bills going into force are the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS).
The gist of the two bills that are going into effect is as follows: The Virtual Financial Assets Act (VFA) concerns itself with the procedures and requirements that ICOs will have to follow. An important feature of this law is that companies launching ICOs will have to disclose their financial history. The Innovative Technology Arrangement and Services Act (ITAS) provides the legislative foundation for the regulation of the cryptocurrency and blockchain industry.
According to an announcement from the Malta Blockchain Wire, the launch coincides with the start date of the Malta Blockchain Summit. Eman Pulis, CEO of the Malta Blockchain Summit, said:
We’ve always said that we’re here to support the conscious efforts being made at the national level to make Malta the primary jurisdiction for blockchain and DLT.
He added that the summit will be a chance to demonstrate the steps the country has made to make it attractive on the “legislative front.”
Some of the speakers include Miko Matsumura, founder of the Evercoin exchange; Loretta Joseph, a fintech and regulatory advisor; Marco Streng, CEO and founder of Genesis Group; and Eva Kaili, a member of the European Parliament.
With an anticipated 5,000 delegates attending, it’s set to be a great opportunity for Malta to showcase why it has become the Blockchain Island.
Notably, crypto exchange Binance is one company that has opened an office in the country. Due to regulatory constraints in China and Japan, the exchange turned its attention to crypto haven Malta as the answer. Additionally, earlier this month, Bittrex, another exchange, became the latest to make a move to the European nation.

Institutional-Grade Security Token Exchange
As the country continues to be an attractive force, others are looking to it as a possible new home.
The latest addition is the founder of Paritech and OpenMarkets, a digital trading platform. Rick Klink is, reportedly, going to lead the Malta Digital Exchange (MDX). According to the Independent, he will bring his technology to the digital asset space.
MDX is aiming to become the number one security token exchange. It will focus on “virtual financial assets (VFA) and security tokens.” It has chosen the European nation because of its “innovative regulatory framework.”
Klink said:
It’s a very exciting time in the digital assets space with the rapid emergence of security tokens.
Additionally, the exchange will be “at the forefront of the current Capital Markets 2.0 wave,” he said. Interestingly, the move comes at a time when Binance is working with the Maltese Stock Exchange to launch a digital exchange for security token trading.
Do you think this will attract more companies to the country? Let us know in the comments below.

Images courtesy of Shutterstock.
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Former UBS Bankers Head Funding For Swiss-Based Cryptocurrency Bank

SEBA Crypto AG, a startup based in Switzerland, has raised 100 million Swiss Francs (around $103 million) to launch a bank which offers services related to cryptocurrencies.

Facilitating Institutional Investors
Headed by former UBS bankers Guido Buehler and Andreas Amschwand, the Swiss startup, SEBA Crypto AG, has successfully raised $103 million to establish a bank which offers cryptocurrency-related services.
As Reuters reports, the group will be seeking a banking and securities dealer license by FINMA in order to be able to manage cryptocurrency trading as well as investments on behalf of banks and qualified investors.
Speaking on the manner, Buehler, who is the acting CEO of the company, said:
SEBA wants to bridge the gap between traditional banking and the new world of crypto. […] With safety, transparency and performance as core values, our ambition is to become a market leader in the convergence of traditional finance with the crypto economy.
Reportedly, investors include the Hong Kong-based Summer Capital, Swiss-based BlackRiver Asset management, and others from Malaysia, China, Singapore, Switzerland, and Hong Kong.

Switzerland: A Cryptocurrency Hotspot
This is far from being the only recent development in the country, which has quickly turned itself into a hotspot for cryptocurrency-related projects.
Earlier in February, FINMA issued ICO regulations which provide certain legislative clarity on the matter without being too loose or invasive.
Shortly after, one of the largest cryptocurrency exchanges in the world by means of traded volumes, Bitfinex, revealed that it considers Switzerland to be its new home.
In July, the owner and operator of the country’s stock exchange, SIX Group, announced that it will be launching a DLT-based infrastructure, further facilitating the access to cryptocurrencies, in general.
What do you think of the move by SEBA Crypto AG? Let us know in the comments below!

Images courtesy of Shutterstock.
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SEC, CFTC File Charges Against 1Broker, Domain Seized By FBI

Acting in tandem, both the US Security and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) filed charges today against 1pool Ltd. a/k/a 1Broker.com and its CEO, Patrick Brunner. The charges include money laundering, wire fraud, and operating an unregistered securities exchange. 

Violating Federal Security Laws
1Broker.com allowed users to invest in real-world markets directly using Bitcoin. The platform offered dozens of commodity, stock, and index markets that users could participate in. To register for an account, users merely needed to provide an email address and username. No other KYC/AML checks that have become standard across the rest of the cryptocurrency space.
According to an SEC press release, 1pool Ltd, also known as 1Broker.com, “solicited investors from the United States and around the world to buy and sell security-based swaps.”
 
Federal agents, acting undercover, were able to buy several security-based swaps on the 1Broker platform from the United States. 1Broker failed to meet the discretionary investment thresholds mandated by federal security laws. Additionally, 1Broker did not transact the swaps on a registered national exchange and was not registered as a security-based swaps dealer.
Along with the SEC charges, the Commodity Futures Trading Commission (CFTC) filed their own set of charges against 1Broker.com that stemmed from the same misconduct that got the SEC involved.

After the charges were filed, the 1Broker.com domain was seized by the FBI according to an announcement on the FBI website. Some of the charges mentioned along with the warrant were money laundering, wire fraud, operating as an unregistered broker of securities, and operating as an unregistered futures commission merchant.
Interestingly, at press time, 1Broker.com appears to still be online in the US, although account creation functionality is disabled.
Crypto-Securities
Lots of talk in the cryptocurrency space over the past several months have been regarding the legality of digital assets. The Securities and Exchange Commission made their stance much more clear in June, stating that Ethereum was not a security despite the possibility of staking in the future.
 
According to the SEC, a token or coin that has a sufficient level of decentralization (to the point where no one party is in charge) will not be classified as a security. Bigger name coins such as Bitcoin, Bitcoin Cash, and Ethereum fit the requirement for decentralization while ICO tokens used to fund specific companies may be looked at as securities in the future.
Coinbase has been actively looking to add additional assets to their platform and has even received SEC approval to operate as a securities exchange. This gives them the green light to list almost any coin that meets the rest of their requirements.
What do you think about the current landscape of identity verification in the cryptocurrency space? Is regulation going to be a good or bad thing? Let us know in the comments below!

Images courtesy of FBI, Shutterstock
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2018 Cryptocurrency Market Decline May Have Severe Tax Implications for US Taxpayers

The 2018 cryptocurrency price declines may push US-based investors into problems with the internal revenue service (IRS). Considering reports that indicate a low volume of virtual currency tax reportage among Americans, losses incurred this year could see previously unreported cryptocurrency holdings come to light.

Triggering Tax Losses May Come with Negative Consequences
According to CNBC, people who failed to indicate ownership of digital currency assets in previous tax filings could be in for a complicated ride in 2019. The virtual currency market has plummeted by more than 60 percent. Prices of cryptocurrency assets have fallen massively from their late 2017 highs.
With this massive price decline, many may trigger tax losses by offloading their cryptocurrency holdings. However, reporting such losses in their tax filings could bring issues from the IRS come tax season in 2019. Commenting on this possibility, Sarah-Jane Morin, a San Francisco-based attorney said:
If I were in those shoes, I’d think about my past transactions and whether there were gains. If I had gains, and I was not willing to go back and amend my return, I might not do anything that would trigger a loss. But you should just be reporting it correctly, so you’re not playing audit lottery.
Most Folks Aren’t Tracking Market Value and Cost Basis
Considering the nonstop volatility of cryptocurrency assets, it can be a chore to monitor the price changes that occur over every period. The IRS classifies cryptocurrencies as property. Thus, investors need to keep an eye on the difference between the cost price and the price at which they sold or traded it.

For many investors, the above can constitute a lot of work. Most folks aren’t exactly tracking that kind of information, says Morin. Thus, it is unsurprising to see many retail investors, not including virtual coin transactions in their tax filings.
IRS Urged to Create a Simpler Cryptocurrency Tax Framework
The IRS for their part also needs to simplify the virtual currency tax reporting paradigm. The only available published tax framework from the agency relating to virtual currencies came in 2014. However, at the start of the year, the IRS sounded several warnings about the consequences of not fully reporting cryptocurrency ownership.
For one thing, many stakeholders would prefer a more detailed set of guidelines for filing cryptocurrency taxes. According to Morin, investors would do well to see a bit of compliance rather than not reporting any cryptocurrency holdings whatsoever.
Do you agree that the cryptocurrency tax provisions in the United States are confusing? Let us know your thoughts in the comment section below.

Image courtesy of Leaprate and ShutterStock

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The Largest European Bitcoin Conference ‘Baltic Honeybadger 2018’ was Held in Riga

Compared with the previous year, the organicers of the conference, the international investment holding SDVentures, Hodl Hodl, a crypto exchange, and coworking OraculeTang Space in fact, doubled the audience. If 300 people took part in the first event that was held a year ago, this time more than 600 bitcoin enthusiasts from all over the world participated in a panel discussion about the topics related to crypto business.
During the conference the speakers raised to a new level the most important topics of the bitcoin industry, including trust, scalability, and directions in security models, the current state of the market and institutional investors, already existing and potential challenges of the bitcoin world, as well as the use of crypto currency in real estate markets.
It is worth highlighting the composition of the speakers of the event.
Experts of worldwide standing – technical experts and professionals in the field of cybersecurity, founders of the largest crypto business, and authors of the world best selling books on the subject of cryptocurrency – including Dr. Adam Beck, President of Blockstream, one of the world’s largest blockchain companies, Elizabeth Stark, CEO and a co-owner of Lightning Labs, a Lightning technology development company, Giacomo Zucco, director of BHB NETWORK, bitcoin transaction and the blockchain projects’ accelerator, Peter Todd, one of the most famous bitcoin developers, Francis Puglia (Francis Pouliot), the head of the research department at Catallaxy and CEO of Satoshi Portal, as well as many others appeared before the audience.
According to the conference organizer, the head of the SDVentures real estate department, the CEO of SDV coworking “OraculeTang Space” Natalia Krylova, all event objectives were achieved:
“We are very pleased with the result. The geography of speakers and participants has expanded, and today practically all countries in the world are represented. The list of raised topics has also expanded this time, and the audience listens to the speakers very enthusiastically and is engaging in discussion.”
The main speakers of the conference also expressed their satisfaction with the organization of the conference, calling it “extremely successful.”
The head of the research department at Catallaxy and CEO of Satoshi Portal, Francis Pouliot, noting that the organizers of Baltic Honeybadger 2018 managed to gather the strongest team, focused on the development of these bitcoin projects. He said:
“This is one of the best bitcoin conferences I’ve ever visited. I’ve been to many, but, to be honest, now, I’m trying to attend them less and less because of the huge number of crypto scammers that have flooded them.”
Puglia said:
“This is really important that the best people have gathered here. At the conferences of such a serious level the real work gets done, partnerships are being strengthened, and the new ones are being created that may be useful in the future for a mutual support. The organisers have worked really hard, and I will certainly attend the Baltic Honeybadger next year, again.”
The founder and CEO of BHB NETWORK, Giacomo Zucco, also emphasized the importance of the Baltic bitcoin conference:
“Bitcoin enthusiasts have long needed an event of such a high level. Organisers were able to pull together a “critical mass,” and the rest did not even had to be asked, they joined the list of speakers with great pleasure. Bitcoin veterans also appreciated the ideological focus of the event – the bitcoin philosophy and all the accompanying topics were presented in the best possible way, and, in most cases, it is not possible to say the same about the other conferences.”
The first event held in Riga last year showed how much the topic is interesting to both beginners and industry professionals – the conference brought together over 300 participants from the United States, Australia, Russia, Canada, Britain, Germany, Finland, Belgium, Slovakia, Italy, the Czech Republic, Estonia, Lithuania, Ukraine, Latvia and other countries.
About the Organizers
The international investment holding SDVentures is a partner of the world’s leading venture capital funds in the high tech area and one of the first investors in blockchain technology. The Holding is a serious player in the market and unites technology companies and software developers in New York (USA), Hong Kong (China), Minsk (Belarus) and Moscow (Russia).
Hodl Hodl is a P2P cryptocurrency exchange that allows users to trade directly with each other and it doesn’t hold user funds, locking it in multisig escrow instead.
Coworking OraculeTang Space is a popular venue for conferences, meetups, business events and the work of leading startup teams (Riga).
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CoTrader: A Revolutionary Blockchain Finance Marketplace

For many, the crypto investment industry has definitely been a bankable space. For those who are aware of the right channels, there is just no end to minting money. Even with the newest generation of assets, cryptos and ICOs that have generated 1000x returns, investors are not very comfortable in investing. The reason being, it requires a fair amount of time and understanding.
Enter CoTrader, an innovative digital platform that ensures its investors maximum returns in minimum time.  CoTrader is the first trustless marketplace in the world for investment funds. It’s a $3M hard capICO, and the platform is already live on the Ethereum testnet.cotrader.com and mainnet at mainnet.cotrader.com.
CoTrader solves the problem of investing, which in itself is so time-consuming and easy to mess up with the plethora of cryptos and ICOs around. Its target is to become the largest marketplace for market funds by democratizing the global funds’ industry of $85 trillion.
For the first time in the history, CoTrader brings the blockchain transparency of fund fees which enables them to withdraw their assets from any fund at any point of time with a valid proof of each fund’s past ROI.
Being a decentralized domain, it eliminates the middleman and offers a smooth peer to peer transaction where the investor is in complete authority of his own assets and can deposit or withdraw at any time from his funds.Now, anyone can be a CoTrader fund manager, and anyone can invest in any trader’s fund.
The fund managers can make a profit from their percentage of funds managed for their investors. CoTrader will use its patent-pending algorithm to preserve the fund manager’s privacy while still ensuring withdraws and providing returns.
The fund managers on the platform can invest in resale pools or ICOs, whereas, the investors can trade share of their funds before their tokens unlock or sending out their ICOs. CoTrader platform will provide trade secrecy for fund managers. It may be the world’s first platform to enable trading future ICO tokens via smart contracts.
The CoTrader platform itself will take minimal or even 0% fees. The value is in the tokens that will get automatically converted and held, or staked, at 10% the value of every fund on the platform. Upon withdrawing from the fund, investors get their stake back.
The entire trading process gets done on the superDEX infrastructure of the CoTrader platform which will combine power and liquidity from numerous decentralized exchanges such as 0x, Kyber, Bancor, and many more. The roadmap of CoTrader platform consists of smart escrow exchange infrastructure which will help provide liquidity along with many centralized exchanges.
CoTrader is a blockchain platform which aims to solve the complexity of the investment management problems and has a roadmap planned to become the most significant investment fund marketplace in the world. It is a great use of blockchain that offers immutable history and transparency of exactly what you funds have earned.
CoTrader is an exciting ground-breaking technology that is built to last forever. Its sale is still ongoing, at https://cotrader.com.
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Google And Goldman Invest in Bitcoin Based Payments Start-up

Google and Goldman Sachs are among the firms that have invested in the enterprise-payments start-up Veem in its latest fund-raising round. Veem is leveraging Bitcoin to connect its clients’ bank accounts with the suppliers.

Banking giant Goldman Sachs along with technology giant Google has invested in Veem, a global payments solution provider, in its recent effort to raise funds. Google participated in the funding through GV (formally Google Ventures), the venture capital arm of Alphabet Inc. Alphabet Inc. is the parent holding company of Google. The other firms that participated in the funding round include Kleiner Perkins, Silicon Valley Bank, Trend Forward Capital, and Pantera Capital. A fund of $ 25 Million has been raised in the current series by Veem.
About Veem
The San Francisco based firm was founded in 2014 by Marwan Forzley. The company has grown exponentially and from serving 590 customers in May 2015, the firm today has more than 80,000 customers in 96 countries.
Veem uses the Bitcoin blockchain to move the money for its customers around different geographies, eliminating the intermediary banks. The solution does not require the sender or receiver to hold the cryptocurrency. An algorithm routes the money through the most efficient payment rail.
“What’s important about this round is the acknowledgement of the size of the opportunity, the size of the market, the size of the pain point that we’re solving for,” said Forzley. “And it’s an endorsement of the growth that we’re experiencing.”
The firm had raised its first round of venture capital in May 2015 and $24 Million series B in March 2017. Veem intends to utilize the funds raised for new partner integration. Forzley’s earlier venture eBillme was acquired by Western Union in October 2011.

Growing Remittances Market
According to the World Bank, the global remittances market is steadily increasing having clocked $ 613 Billion in 2017. The market is expected to grow by 4.6% in 2018. The average fee for sending $ 200 in the first quarter of 2018 was 7.1% and 9.4% for remittances to the sub-Saharan African countries. With blockchain technology providing faster, cheaper and reliable means of money transfer, start-up firms like Veem and BitPesa have been quick to leverage the technology. This has been achieved by coming up with solutions that have considerably brought down the fee paid by customers while reducing the average time for settlements from days to minutes.
Capitalizing the Opportunity Through Blockchain Start-Ups
Big banking institutions like Goldman do not want to be left behind. The company through its Principal Strategic Investment Group has been backing blockchain companies that can help the bank provide better services to its customers. In addition to Veem, it has also invested in enterprise software developer Digital Asset Holdings, payments start-up Circle and infrastructure provider Axoni.
GV’s investments, other than Veem include distributed cloud start-up Storj, commodities trader LedgerX and central bank alternative Basis. Veem could be the first Bitcoin start-up to go public, as per Karim Faris, GV general partner. Google’s growing interest in blockchain start-ups could be the reason for its recent decision to reverse its earlier cryptocurrency and ICO related ad ban.
With the maturing of blockchain technology over the last couple of years, start-ups like Veem and BitPesa are mushrooming across the globe to compete for the growing remittances market. Not to be left behind, technology and banking giants are betting on the ever-increasing sector through strategic investments like in the case of Veem.
Do you think with giants like Google and Goldman Sachs backing an enterprise payments start-up will result in more banks and tech companies jumping in the fray? Let us know in the comments below.

Images courtesy of ShutterStock
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The Malta Blockchain Summit Edging Closer

From the 1 st to 2 nd November, over 5000 delegates, hundreds of investors, 100 speakers and 300 sponsors and exhibitors will converge on the Blockchain Island for premier networking opportunities and of-the-minute conferences.
With a sold out floor plan, global influencers in the block sphere will be in their element. The opportunity to debate the potential applications of blockchain and forge lasting connections reflects the pivotal role this island has established as the first regulated jurisdiction for crypto exchanges and blockchain application developers.
The summit will host four topical conferences covering the field’s regulation and investment, marketing and affiliation, fintech, tokenomics and cryptocurrencies, and blockchain for developers.
Delegates can also expect a line up of high-profile speakers, with blockchain Co-Inventor W. Scott Stornetta and the innovative John McAfee leading the pack. Also lending prestige to the event is the Prime Minister of Malta, Joseph Muscat, who will inaugurate the regulatory conference.
The summit promises excitement for developers – an enticing €50k Hackathon prize is up for grabsand has already lured more than 250 registered teams, and individual developers to the Blockchain Island event.
An ICO Pitch is also on the books and has generated excitement amongst start-ups looking to gain a foothold in the industry.
Blockchain developers and affiliates gain free entry to the Malta Blockchain Summit, whilst those needing tickets still have a window of opportunity before ticket prices triple on October 1st.
With just weeks to go, the Malta Blockchain Summit is already on its way to filling its promise to becoming a landmark event in the global blockchain calendar.
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CVE-2018-17144: The Aftermath of a Catastrophic Bitcoin Bug

Last Monday, a bug was discovered in the Bitcoin Core software that would allow a miner to take down large parts of the network and even create bitcoins out of thin air. It was responsibly disclosed to the Core developers, who quickly published a patch for the bug. Now that the dust is settling, what have we learned?

The Discovery
The bug was discovered by Bitcoin Unlimited (BU) developer Awemany. He was working on the code for a few new OP codes and how the BU and Bitcoin ABC implementations verify things differently.
In the code for ABC, he noticed a small optimization that removed a verification step when receiving a block. This optimization shaved 600ms off validation time. By creating transactions with duplicate inputs, Awemany was able to crash ABC nodes at will.
Immediately, he started the process of disclosing the bug to Bitcoin ABC devs. He timestamped his find and started digging deeper. Hoping that the bug had been introduced in a patch that hadn’t yet been released, Awemany looked for the original pull request that introduced it.
Bitcoin ABC was forked from Core in July 2017, meaning up to that point they have an identical codebase. The bug was merged into Core all the way back in 2016.
He talks about his discovery of the bug and his perspective as the developer who discovered it in a fantastic article posted on his Medium page that you can find here if you’d like to read the full article.

Disclosure
At the time, Awemany created a new pseudonym “beardnboobies” to disclose his findings. He sent an encrypted email to several Core and ABC developers explaining the exploit and providing patched-to-attack versions of both implementations.
The problem was quickly patched on Core’s Github. Top mining pools and exchanges were alerted, with most mining nodes patched within hours of the email. Three days after the discovery, on September 20th, Core released their Full Disclosure report
The bug originally was only suspected to be a crash bug. But as researchers looked closer, it was found this bug was much worse.
What Exactly Did the Bug Do?
The obvious worst part of this bug was the inflation exploit. An attack could create new bitcoins at will, exceeding the 21 million hard cap limit that is currently in place. This would absolutely destroy confidence in not only Bitcoin, but every cryptocurrency.
In addition, a miner could crash every single node they are connected to by producing a block with an invalid transaction in it. Miners are will go out of their way to connect to as many other mining nodes as possible, so they receive notifications of blocks faster.
Imagine you’re a miner, hashing away at block #1000. Another miner, Jim, finds block #1001 and starts propagating it around the network. However, you’re not connected to Jim, so it takes an extra few seconds for you to receive the block. During those few seconds, the network has moved on and you’re wasting hashpower and in turn money. You need to receive the new block before you get started on the next one.
All the miners are highly connected, so if one is producing client-crashing blocks, many of the larger miners would be hit.
Core Developers Downplaying Severity of Bug
During the first few days after the bug was disclosed, all the announcements trying to get people to upgrade only talked about the crash aspect of the bug. No mention of the inflation vulnerability, except for a single forum post that was quickly deleted.
While this seems weird, it was done with a very specific purpose. From the Disclosure report on the Bitcoin Core website
In order to encourage rapid upgrades, the decision was made to immediately patch and disclose the less serious Denial of Service vulnerability, concurrently with reaching out to miners, businesses, and other affected systems while delaying publication of the full issue to give times for systems to upgrade. On September 20th a post in a public forum reported the full impact and although it was quickly retracted the claim was further circulated.
Lessons Learned
This bug was one of the most catastrophic Bitcoin bugs found in recent times, possibly ever. What can we take away from this event going forward?
We take the security of our code for granite. Bitcoin Core was looked at as the gold standard of security, and there was an inflation bug sitting there for nearly two years. Are there more bugs in the code to find?
At the time of writing, only 28.9% of nodes have upgraded to the patched version. While this sounds terrible, the network hasn’t gone up in flames and most likely won’t. The only nodes that really matter on the network are the mining nodes and nodes servicing large businesses or exchanges, and a large majority of those type nodes have already upgraded. Small user nodes don’t help network security and only helps users that are dealing with dozens or even hundreds of transactions per day.
Hopefully, this is the last bug of this scale we see in Bitcoin, and if there is a next one that it is handled as responsibly and quickly as CVE-2018-17144.
How do you think this bug was handled? Are you worried about more bugs possibly getting found in the future? Let us know in the comments below!

Images courtesy of ShutterStock
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VanEck and SolidX Were Prepared For the Latest CBOE Bitcoin ETF Delay by the SEC

Last Thursday, on September, the U.S Securities and Exchange Commission (SEC) further delayed its ruling on CBOE Bitcoin ETF. The securities watchdog sought for more public input and comments. The next deadline for this decision is now moved to December 29, 2018.
This is the second delay since the CBOE filed for Bitcoin ETF with the SEC on June 20, 2018. The CBOE Bitcoin ETF proposal was put forward by Vaneck Solidx Bitcoin Trust (“the Trust”) – a partnership between financial services company SolidX and investment firm VanEck.
According to a particular section called “proceedings to determine whether registration should be denied” of the U.S law governing the SEC, the agency can take its final decision from 180 days of the proposal. The VanEck-SolidX Bitcoin ETF proposal was first published in the Federal Register on the 2nd of July, 2018.
In a recent word with CoinDesk, Gabor Gurbacs – the director of digital asset strategy for VanEck – said that he very much “expected” the latest delay coming from the SEC. Gurbacs further reiterated that the company is firm in its decision to get “a liquid, insured and appropriately regulated physical bitcoin ETF” in the market.
SolidX CEO Dan Gallancy reaffirmed his stand saying the latest delay in the decision has not caused any change in the outlook of the proposal. Eric Balchunas, a senior ETF analyst for Bloomberg Intelligence, told that the order looked “like more of the same in terms of seeking comment and asking questions regarding some of their major concerns.”
There are high-hopes pinned on the arrival of CBOE Bitcoin ETF. Not only crypto enthusiasts but big players from the global financial market are eagerly looking towards it. In August, the SEC, in one shot, rejected a total of nine Bitcoin ETFs from Direxion, GraniteShares and ProShares, saying that they were not competitive enough to handle market manipulation. The decision was later taken into reconsideration by SEC Commissioner Hester Peirce.
However, the VanEck-SolidX proposal is fundamentally different considering that it is “physically-backed” by Bitcoin tokens which will be held in the repository by the Trust. After the SEC raised come “core questions” over the past rejections, Gurbacs said that those are already “appropriately answered” in the VanEck-SolidX proposal.
He stated: “[The SEC] just needs time to understand the markets better … We have answered pretty much every question that was asked and especially the 18 questions … around liquidity, pricing, market manipulation, it’s all part of our application how we address that.”
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