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SEC WILL REVIEW WEDNESDAY DECISION TO REJECT BTC-ETF PROPOSALS

The SEC has decided to review yesterday’s orders denying approval of numerous Bitcoin exchange traded funds.

IS THERE A LIGHT AT THE END OF THE TUNNEL?

In what is sure to be surprising news for all, the U.S. Securities and Exchange Commission (SEC) has decided to place a stay on three orders that rejected Bitcoin exchange-traded funds (ETFs) seeking to be listed on the NYSE Arca and other regulated exchanges. Initially, the SEC denied each of the derivative backed Bitcoin ETFs over genuine concerns of manipulation, as well as Bitcoins availability on numerous unregulated exchanges. In fact, some have gone as far as suggesting that Bitcoin’s recent 1 minute $300 dollar leap that coincided with BitMEX going offline for ‘maintenance’ is a validation of the SEC’s apprehension to approve a Bitcoin-based ETF.

Surprisingly, after making yesterday’s denial announcement ahead of schedule, the SEC has now decided to review these orders, which were originally drafted by staff members on behalf of agency leadership.

In fact, SEC Commissioner Hester Peirce tweeted, “Yesterday’s staff orders disapproving SRO rules related to a number of bitcoin ETFs are stayed pending Commission review.” and She then followed with an additional tweet explaining the previous one in plain English.

Commissioner Peirce went on to explain that the SEC frequently delegates similar rulings to staff members, and reserves the right to review and amend decisions even after official statements have been made.

In the past, Commissioner Peirce has voiced her dissenting opinion regarding SEC’s denial of the Winklevoss twins’ Bitcoin-ETF by arguing:

If we were to approve the ETF at issue here, investors could choose whether to buy it or avoid it. The Commission’s action today deprives investors of this choice. I reject the role of gatekeeper of innovation –a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation and facilitating fair, orderly and efficient markets.

Commissioner Peirce also provided a copy of a letter addressed to the NYSE, which explains that SEC Chairman Jay Clayton and associated commissioners will carefully review each application to identify whether or not SEC staff ruled fairly. While the letter does not provide a date for sharing this review decision, it is nonetheless exciting for those who follow cryptocurrencies.

EUSTACE CRYPTUS | AUG 24, 2018 | 00:00

David

Cryptocurrency Trading Helps Make Traditional Wall Street Traders Millionaires

Wall Street’s traders Mike Komaransky and Chase Lochmiller have achieved greater financial success by trading cryptocurrencies like Bitcoin and Ethereum. They’re the only ones withdrawing their funds from stocks. In fact, CNBC reports that many stock traders are pulling out their billions from the stock market.

One of the traders, Komaransky, has reportedly done so well that he already announced his retirement at the age of 38 in the summer of 2017.

On June 30, 2017, Komaransky tweets:

After 16 years of trading, today is my last day at @Cumberland_BTC and @DRWTrading. Good luck to the crew, I wish you the best.

12:46 PM – Jun 30, 2017

How Komaransky discovered Bitcoin

Komaransky became interested in Bitcoin after reading George Mason University economist Tyler Cowen’s blog about the digital currency in 2010. Komaransky was working in London, England during that time.

In late 2013, the price of Bitcoin started its upward mobility following the collapse of the biggest Bitcoin exchange, Mt. Gox.

Due to the continuous rise of Bitcoin’s price, high-frequency trading company DRW Holdings founder and chief executive officer (CEO), Don Wilson, has ordered Komaransky to establish cryptocurrency trading currency subsidiary Cumberland Mining in 2014.

Cumberland Mining was able to exploit the volatile era of Bitcoin trading as it was successful in making notable trades such as gaining the bulk of tokens auctioned by the US Marshals Service. The coins were seized by the service from dark market operator Ross Ulbricht and the illegal online black market he established, Silk Road.

Cumberland Mining has sustained its success and is now one of the biggest digital currency market makers. The company currently has 12 employees, who are mainly involved in trading cryptocurrencies such Bitcoin and Ethereum.

Lochmiller’s story

For the past 10 years, Lochmiller has worked for the largest high-frequency trading companies on Wall Street such as Jump Trading and Getco. In July 2017, however, he resigned at Jump Trading to join hedge fund Polychain Capital, which is mainly involved in trading virtual currencies like Tezos and Ethereum.

By Lisa Froelings

Posted By Daving Ogden Entrepreneur

David ogden cryptocurrency entrepreneur

David