Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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The fact that the supposed solution is broken does not make the sales pitch.
The fact that the supposed solution is broken does not make the sales pitch.
I hear ya.
https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html
wtf etf?
https://twitter.com/CNBC/status/1022586017734426624
wtf etf?
https://twitter.com/CNBC/status/1022586017734426624
Zuck might have called SEC to do it today just to lift his spirits
Sidenote: twins cannot get a f-g brake.
W0w, only 3%? I'd call that Bullish.
Hah, gawd I love that movie.
Well, it appears the dumping has cooled off a little, for now. A 5% drop doesn't appear too bad considering that some trader's ETF dreams are looking less probable than ever. Hopefully the CBOE has indeed put together a better argument than the twins. I noticed that today's ruling is 3 to 1. So at least there is one dissenter among the group.
https://twitter.com/HesterPeirce/status/1022601549309198337Trump's pick.
Quote
IV. Conclusion
By precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation. Bitcoin is a new phenomenon, and its long-term viability is uncertain. It may succeed; it may fail. The Commission, however, is not well positioned to assess the likelihood of either outcome, for bitcoin or any other asset. Many investors have expressed an interest in gaining exposure to bitcoin, and a subset of these investors would prefer to gain exposure without owning bitcoin directly. An ETP based on bitcoin would offer investors indirect exposure to bitcoin through a product that trades on a regulated securities market and in a manner that eliminates some of the frictions and worries of buying and holding bitcoin directly. If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commissions action today deprives investors of this choice. I reject the role of gatekeeper of innovationa role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.
Hester M. Peirce, Commissioner
By precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation. Bitcoin is a new phenomenon, and its long-term viability is uncertain. It may succeed; it may fail. The Commission, however, is not well positioned to assess the likelihood of either outcome, for bitcoin or any other asset. Many investors have expressed an interest in gaining exposure to bitcoin, and a subset of these investors would prefer to gain exposure without owning bitcoin directly. An ETP based on bitcoin would offer investors indirect exposure to bitcoin through a product that trades on a regulated securities market and in a manner that eliminates some of the frictions and worries of buying and holding bitcoin directly. If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commissions action today deprives investors of this choice. I reject the role of gatekeeper of innovationa role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.
Hester M. Peirce, Commissioner
I think we can agree on the bolded.