The discussion on cryptocurrency regulations continued last week as Bitcoin took the lead and boosted the market overall by just under 10%.
Winklevoss Twins & # 39; revamped ETF is shot down by the SEC
On On Thursday, the announcement of the recent Bitcoin ETF decision of the Winklevoss Twins posted headlines across the industry. According to a SEC's ninety-two-page report, the revised proposal for an ETF backed by Winklevoss was rejected because of allegations of fraud and high-risk investors. In addition, the SEC noted that there was a high level of manipulation in the cryptocurrency markets, mainly by "unregulated" markets that exist outside the curious eyes of US regulators.
Following the publication of the report, SEC Commissioner Pierce, dubbed by many as "CryptoMom", issued a passionate statement of dissenting opinion against the verdict.
Concluding her refusal, she wrote:
"The Commission's action today deprives investors of this election I reject the role of the gatekeeper of innovation ̵1; a role quite different from our mission to protect investors, capital formation Accordingly, I disagree. "
While this act of refusing does not mean that the SEC will reverse its decision regarding Winklevoss ETF, many observers see the statements as a positive sign for the upcoming ruling for the Cboe-backed ETF
Coinbase sees zero results in BCH Insider Trading Inquiry
Many users recall Coinbase's Bitcoin cash debacle in December, when the stock market bills the Bitcoin Fork listed after a suspicious rise in volume and prices. Following the listing, the stock market was accused of using insider information for Malinent, with many speculating that Coinbase employees would have bought Bitcoin Cash prior to official listing.
These assumptions, which were held by a large majority of the public with Coinbase CEO, sparked an almost immediate internal investigation regarding the listing. According to a Fortune report, Coinbase representatives said the month-long investigation was recently completed by two well-established law firms. To some of their surprise, the internal investigation found no incriminating evidence and the investigators said they found zero cases of insider misconduct.
Sources familiar with matter noted that a Coinbase attorney held a company-wide session after graduation, but gave no further details regarding the meeting.
Despite a partial resolution of the case, the cryptocentric firm may still be confronted with legal issues that are moving forward. An action is still pending in the courts of Calfornia concerning the Bitcoin Cash case where the plaintiffs may receive financial compensation for the company's "breach" of consumer protection laws. A lawyer representing the claimant class pointed out that the US CFTC could also play a role in this legal issue, but did not provide Fortune journalists with any further information.
Nasdaq Closes Closed Session on Cryptocurrency, Legitimacy and Regulation
According to a previous NewsBTC report, people behind Nasdaq held a meeting earlier this week on the emerging cryptocurrency industry. According to information from an unnamed participant of the conclave, the topics that have been discussed include cryptocurrency-related regulation, along with the tools needed to oversee and support this industry as it develops rapidly.
The insider noted that the meeting included executives from legacy market companies as well as representatives of cryptocurrency focused companies such as the Gemini Exchange in New York.
It is still unclear what conclusions were reached at the confidential event, but it was noted that this is not the case The last meeting of this kind will take place and there will be a permanent dialogue between the companies present.
G20: Crypto Assets Are Not a Global Financial Stability Risk
Prior to the recent G20 summit, the Financial Stability Board (FSB) released a report highlighting cryptocurrencies or "crypto-assets", as the G20 Financial Advisory Panel said likes to call. One of the moods highlighted in the report was that the board did not see cryptocurrencies as an immediate financial threat. The FSB wrote:
"Although the FSB believes that crypto assets are not currently a major threat to global financial stability, it recognizes the need for close monitoring given the speed of market developments."
A The recent G20 communiqué from the Buenos Aires summit accurately reflected the sentiment of the FSB on cryptocurrencies. Output of a nearly identical comment. Crypto assets are not free from all worries, according to the 19-part collection of the world's leading economies, as this form of investment still raises concerns about consumer risk, market integrity, tax evasion and money laundering.
G20 noted that it would continue to recommend to the FSB and similar organizations to monitor the industry regularly over time.
Volume returns as Bitcoin pulls investors down with their pants
Bitcoin saw an amazing week, moving from $ 7,400 to a high of $ 8,400 in just 48 hours. Since reaching the weekly high on Tuesday night, Bitcoin has held steady at around $ 8,200, apart from the $ 400 cliff dive Bitcoin has undertaken following the aforementioned SEC verdict. Many prominent investors cited reasons for bullish technical and fundamental factors that drove Bitcoin up this week. With positive fundamentals in the form of Bitcoin ETF speculation, global trade / currency conflicts, and a myriad of less influential stimuli that could return Bitcoin bulls.
Also, some investors and industry leaders, such as Blockchain Capital's Spencer Bogart and Blockchain's Peter Smith, believe that Bitcoin has actually bottomed out at $ 5,800 and that Bitcoin can only go up from here. Not even 24 hours after Bitcoin responded to the ETF news, the price of the cryptocurrency recovered and recovered quickly to the $ 8,200 level it has become accustomed to. Many attributed this bounce to a return of volume and investor interest, along with investors' awareness that the Cboe Bitcoin ETF still has a chance.
It is important to know that Altcoins did not share a similar fate to Bitcoin this week, with much of this multitude of cryptocurrencies a mixture of light losses or profits, except Stellar Lumens, VeChain , Monero and refinancing coin. This slowdown in the Altcoin movement caused Bitcoin dominance to rise to nearly 48% at the week's peak.
With this news round it is important to note that the regulatory mood in this industry is beginning to shift. With this change in market supervision, it may be possible to point out that Bitcoin could be recruited for another bull run ,
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