SEC seeks comments from public on Bitcoin ETF
The US Securities and Exchange Commission seeks comments on a potential Bitcoin exchange traded fund (ETF).
The securities regulator called for comments on a proposal by the CBOE to list and trade the SolidX Bitcoin ETF, which was in turn proposed by VanEck SolidX Bitcoin Trust.
The CBOE’s filings indicate that the Trust will invest solely in Bitcoin and shares in the vehicle will subsequently reflect the world’s largest cryptocurrency’s price. While its operators will buy or sell Bitcoin as needed, “the Trust is not actively managed.”
SEC is asking for comments on this proposed rule change from “interested persons.”
Crypto exchange Uphold plans to become SEC regulated broker-dealer
Uphold, a crypto and global currency exchange, just made a major move toward becoming a licensed securities trader.
Uphold announced its plans to acquire JNK Securities Corp., a registered broker-dealer which has the licenses necessary to trade any cryptocurrencies which may be regulated as securities by the Securities and Exchange Commission.
Uphold General Counsel Ben Sherwin said “We’re trying to stay at the forefront, and we believe that this is the direction that things are moving.”
Lightning Network grows and implementations enter beta
The week of June 25th marked new firsts for Bitcoin’s Lightning Network, with acceptance rising and all three of its implementations entering beta.
C-lightning, Lightning Network Daemon (LND) and Eclair formally entered beta release Monday.
Commenting on the milestone, C-lightning developer Blockstream said the technology would now become more straightforward for end users – a key aspect in driving acceptance.
Blockstream’s beta includes a “full-fledged” wallet for c-lightning, as well as compatibility for connecting to nodes running over the TOR network.
The Lightning Network has grown considerably in the seven months the technology’s Bitcoin MAINNET implementation has been live.
Since Blockstream launched its Lightning enabled webstore in January, the network has seen over 16,000% growth, now handling 25 BTC worth of payments using over 2560 nodes and 7600 channels. Furthermore, thousands of channels are private and are not visible in online statistics.
Users choosing to use the technology when paying can benefit from near-instant confirmation times, along with fees which have already run below a single Satoshi, Bitcoin’s smallest unit currently worth $0.00006220.
Crypto Startup Uphold becomes a licensed US broker-dealer
The digital money platform Uphold wants to become a broker-dealer in the US, after it had acquired a registered company called JNK Securities, it said on Wednesday.
The company has now applied to the Financial Industry Regulatory Authority (FINRA) to approve the change of ownership to become a registered broker-dealer.
Ultimately, Uphold hopes to be able to offer fractional and other stock options under its new securities platform, under the supervision of the Securities and Exchange Commission (SEC) and the FINRA Security Tile.
Uphold boss Ben Sherwin explained the move to CoinDesk: “We have acquired a New York-based broker-dealer to expand our product base and offer more digital assets to our users.”
If the acquisition is approved, Uphold may start offering regulated products to its customers.
“You’re joining FINRA to become a broker-dealer, and this broker-dealer status allows us to do activities that we would not be able to do without this license. It is also in line with our mission of transparency and trust because we submit to regulation that is appropriate and responsive to what the regulators say. »
Uphold later plans to file to become an alternative trading system (ATS) with the SEC, he added.
While JNK and Uphold will operate as two distinct companies until the merger is complete, Uphold intends to bring JNK’s employees in to help with Uphold’s expansion plans.
The flow of expertise will go the other way too, as Uphold intends to help JNK start offering cryptocurrency research products, on top of the reports it already offers looking at a variety of industries.
«From a process standpoint, they have license and we’re hoping to expand their license,» Sherwin said. «So we benefit from their institutional reach and they benefit from our consumer reach.»
«This reduces our regulatory overhand and shows how serious we are about regulatory oversight [because] Uphold is based upon transparency and trust,» he concluded.
Kraken Daily Market Report for 26.06.2018
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