Today’s News is Brought to You By
To receive daily news, research, analysis, education, and more directly to your inbox everyday for FREE, subscribe here.
October 26th Deadline Set for Review of Nine Denied Bitcoin ETF Applications
A look back at the ETF applications
In late August, the Securities and Exchange Commission denied the application of nine Bitcoin ETFs. These nine applications were filed by ProShares, Direxion, and Granite Shares.
The SEC’s decisions on these nine ETFs came just weeks after the Commission denied the widely publicized Winklevoss Twin’s ETF.
But wait, maybe we should double check
Just a day after denying the applications, the SEC sent letters to the three companies informing them that their applications will be reviewed once again.
The SEC said that staff members made the decisions for the denials on behalf of the SEC and the Commission (Chairman and Commissioners) retain the right to review decisions made by SEC staff.
An excerpt of the letters sent to the companies said:
“This letter is to notify you that, pursuant to Rule 43 I of the Commission’s Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise.”
Decision coming this month
The SEC has finally set a deadline for the conclusion of the review of the denied Bitcoin ETFs. A decision from the SEC will come no later than October 26th.
Although the SEC is reviewing the denials, it is far from a sure thing that the ETFs will be accepted this go around. The SEC wants to make sure that a Bitcoin ETF is properly vetted and compliant before allowing it to be listed.
Ethereum Founder Vitalik Buterin Preparing to ‘Detach’ from the Project
A short rewind to Ethereum’s birth
Ethereum was first described in a whitepaper written by Vitalik Buterin in 2013 after Buterin had failed to gain agreement that Bitcoin’s code needed more scripting language for application development.
Following the written whitepaper, development progressed, and in July 2014, Ethereum held the first intitial coin offering (ICO) and raised approximately 3,700 Bitcoins within 12 hours of launch.
Though Ethereum uses a PoW consensus method, meaning miners play a part in validating transactions, about 12% of the total Ether (ETH) circulating supply was premined.
Raising a brow at decentralization
Due to this premine, critics have accused Ethereum of being centralized and claim that Buterin has too much influence on the platform.
This accusation has sparked a long-standing debate that argues whether the actions of Buterin and the Ethereum Foundation have a significant effect on Ethereum, making the platform centralized.
Now, in a Twitter thread, Buterin explained that Ethereum could last without him:
I think ethereum can absolutely survive me spontaneously combusting tomorrow at this point.”
In addition, he told followers that his detachment from Ethereum is already in progress since Ethereum is now being researched by a handful of developers rather than Buterin.
Still, regardless of what critics say, in June, a U.S. Securities and Exchange Commission Official stated that Ether (ETH) is not a security.