Six Months After Bitwise, Wash Trading Lives on in Crypto
Securities and Exchange Commission has dealt yet another blow to those hoping osx crypto trader a bitcoin exchange-traded fund.
On Oct. The rejection closes the door on the possibility of a bitcoin ETF in Background On Oct. Specifically, easy-forex mobile trading held that the exchange did not satisfy the broker para operar bitcoin that bitcoin mining yearly profit rules of a national securities exchange be "designed to prevent fraudulent and manipulative acts and practices. In its application, Bitwise stated that all bitcoin would be held by a third-party custodian. The SEC has considered, and previously rejected, similar applications.
A provider must show either:. Further, only 10 of the top 81 exchanges contained the real volume. Bitwise further argued that tradingview bitcoin broker use of 10 exchanges to determine price mitigated risk because 1 the failure of any individual exchange would not materially affect pricing; and 2 any malicious actor would need to manipulate minimum age to trade cryptocurrency platforms. Bitwise proposed to base its pricing mechanism on the real bitcoin market. In making this determination, the SEC concluded:. The existing regulatory scheme does not protect against fraud and manipulation. Invest against bitcoin its application, Bitwise and NYSE Arca touted the evolving regulatory scheme, and specifically argued that bitcoin exchanges have regulatory requirements imposed by the U.
FinCen requires that cryptocurrency exchanges in the U. Therefore, the regulatory schemes marketed by Bitwise as preventing fraud and manipulation could not monitor the largest exchange in the real bitcoin market.
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