Crypto Rises; SEC Deferred Bitcoin ETF Decision

Crypto Rises ; SEC Deferred Bitcoin ETF Decision

Crypto Rises; SEC Deferred Bitcoin ETF Decision. On Monday, Bitcoin rose to push past the level of $4,100, while other major digital coins also advanced. The U.S. on the weekend Securities and Exchange Commission (SEC) said it would not announce its decision until next month on whether to amend the Securities Act to allow exchange-traded funds to Bitcoin.

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Crypto Rises; SEC Deferred Bitcoin ETF Decision

Last Friday, the SEC announced it would delay its decision on two applications for Bitcoin ETF to May 16 and May 19. Crypto index fund platform Bitwise Asset Management with NYSE Arca submitted the first application. The second one was filed in partnership with Cboe BZX Exchange by investment management company VanEck and blockchain startupSolidX.

“The Commission finds it appropriate to specify a longer period for taking action on the proposed change in the rule so that it has sufficient time to consider the proposed change in the rule,” the SEC said in a statement. Virtually applied in January 2019 for a physically held Bitcoin ETF. This was done by VanEck and SolidX in the same month.

ETFs are securities that track asset baskets that are proportionately represented in the shares of the fund. Many see them as a potential step towards wider cryptocurrencies adoption. Bitcoin increased by 11:41 PM ET (03:41 AM GMT) from 0.97 percent to $4,126.6. Ethereum has gained 0.99% to $142.99, and Litecoin has added 0.89% to $60.967. XRP dropped to $0.31021 by 0.19 percent.

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The bullish feeling sent a $143 billion higher crypto market cap. Otherwise, the Securities and Futures Commission of Hong Kong issued official guidance on offering security tokens (STO) to clarify the legal and regulatory requirements for parties engaging in related activities.

Under the Securities and Futures Ordinance of Hong Kong, security tokens are “probably” securities. “Any Hong Kong-based STO or targeting Hong Kong investors will require a license and securities trading register under the ordinance’s provisions.

Source: Ahsan Mughal

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