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U.S Senate Confirms New Pro-Crypto SEC Commissioner (Elad Roisman)

The United States Senate confirmed Elad Roisman as a member of the Securities and Exchange Commission during the session of September 5, 2018. This decision completes the five required members to complete all seats within the Commision.

Funds that Hold Cryptocurrencies Raises Questions, Says SECMr. Roisman, 37 years old, was confirmed as commissioner after serving for several years as chief counsel at the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

Roisman, a Republican candidate was nominated to the Senate by White House during the month of June. Subsequently, on August 23, 2018, the Senate Banking Committee approved the nomination and yesterday, he was confirmed to take the position effectively.

Roisman replaces Michael S. Piwowar, a Republican commissioner who resigned his position within the SEC early this summer to take a job at the Milken Institute as executive director of its center for financial markets.

Comm. Elad Roisman: A Breath of Fresh Air In The S.E.C?

Roisman has several important challenges ahead of him. 2 of the most critical decisions in which he will play an important role are those related to a new set of rules and regulations governing the relationship between stockbrokers and their clients, as well as that of “renewing” the SEC’s vision regarding cryptocurrencies and the possibility of approving cryptocurrency ETFs.

Elad Roisman has been associated with having a pro-crypto stance. His role within the SEC is expected to support Comm Hester Peirce’s earlier initiative to open financial markets to the world of cryptocurrencies.

Speaking at a Senate Banking Committee hearing in July, Mr. Roisman expressed his way of thinking regarding ICO and blockchain technologies (minute 14:00). For the financial expert, the SEC should “approach these new challenges in a fair and transparent manner,” with a clear need to “examine and re-examine its rules, regulations, and guidelines” in order to adapt to the new standards of a market that has “evolved:”

“The U.S. capital markets are the envy of the world, and the importance of the SEC’s role in this cannot be overstated. Throughout its history, the dedicated commissioners and staff of the SEC have worked to preserve confidence as our markets grew and evolved.

To continue this, the SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission.

This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.

It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.”

Elad Roisman

A Nice Panorama For Crypto Traders

With the confirmation of Elad Roisman, the SEC would have five members, 3 of whom see the cryptocurrency markets with favorable eyes. The configuration of the commission would be: Jay Clayton (anti), Robert Jackson, Jr. (pro), Hester Peirce (pro) and Elad Roisman (pro). The fifth one, Ms. Kara Stein can’t serve past December. According to Bloomberg, her successor could be Ms. Allison Herren Lee, her former aide.

With Mr. Roisman’s approval, a Bitcoin ETF is very much possible. So far the markets have not had a significant reaction, however, for those who are enthusiastic about the fundamental analysis this news could be of particular importance for future investments.

The post U.S Senate Confirms New Pro-Crypto SEC Commissioner (Elad Roisman) appeared first on Ethereum World News.

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Breaking: SEC Is Reviewing The Nine Bitcoin-Backed ETF Denials

The Bitcoin and crypto-backed ETF saga has continued, with the SEC recently revealing that it would be reconsidering nine proposals that were denied on August 23rd. As reported by Ethereum World News, nine ETF applications from ProShares, Direxion, and GraniteShares were rejected yesterday in a triple-blow to the stomachs of crypto investors, with the SEC citing concerns of manipulation and a lack of “significant size” markets to back up BTC’s spot price.

However, with a recent development pointed out by CoinDesk, the U.S. Securities and Exchange Commission will be “reviewing” the disapproval orders, in a so-called “staying” process.

SEC Commissioner Hester Peirce, crypto’s ‘inside woman’ in legacy systems, announced that yesterday’s orders would be reviewed in accordance with Rule 431 of the Commission’s Rules of Practice.

Simplifying the explanation of the rule, Pierce, who has been dubbed ‘CryptoMom’ by the community, noted that the Commision may often review actions taken by its staff. Elaborating, the SEC Commissioner wrote:

In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here.

With this move, Hester Peirce has cemented herself as somewhat of a crypto proponent, as she vehemently spoke out against the SEC’s recent decision to disapprove the Winklevoss Twins-backed ETF for the second time.

Crypto Market Surges On SEC Update

As a result of this new development, the crypto market saw a quick surge to the upside, with Bitcoin quickly seeing a $150 gain, from $6,400 to $6,500 within a matter of minutes.

Altcoins followed Bitcoin, and are currently gains that are near-identical to the market leader. As it stands, Bitcoin has found a place to stand at $6,510 and is up by approximately 3% in the past 24 hours. While this bout of positive price action is welcome, some fear that this will not be enough of a move to bring the crypto market back into a state of “FOMO.”

This is a developing story, so Ethereum World News will be sure to keep you updated.

Photo by Joakim Honkasalo on Unsplash

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Donald Trump Sets His Eyes On Crypto

The President of the United States, Donald Trump, has ordered the creation of a new task force to investigate crimes related to the use of cryptocurrencies, especially “cyber fraud and digital currency fraud.”

The details appear in an executive order from the U.S. President and his administration seeking to tackle this problem with higher efficiency and severity.

Read Also: U.N. Chief Of Cybercrime To Crypto-Hackers: “We Will Track You Down, And We Will Bring You To Justice”

According to information provided by Bloomberg, the White House is now more concerned than ever about the growing number of frauds that have been committed through the use of cryptocurrencies and ICO funding.

This wave of “cybercrime” has led them to take the issue more seriously, including this type of actions in the same spectrum of traditional crimes. With this approach, a more thorough investigation of these cases is expected.

Also, in addition to research, one of the positive results expected is the reduction of bureaucracy and conflicting competences. Through the creation of a task force by executive order, the various bodies involved should establish a coordinated policy rather than act independently of each other.

First, the executive order calls for the creation of this new Task Force by The Justice Department (DOJ), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB).

SEC Logo Hanging on its Headquarters

The two most active agencies within crypto verse (SEC and CTFC) now have the possibility of establishing more robust and more effective policies by including agencies that have a level of research that goes beyond the purely administrative.

The commission will initiate investigations into various frauds involving cryptocurrency. Some scams (especially some exit scams and Ponzi schemes) will be in Mr. Trump’s sights:

“Fraud committed by companies and their employees has a devastating impact on American citizens in the financial markets, the healthcare sector, and elsewhere,” Deputy Attorney General Rod Rosenstein said at a press briefing in Washington.

Thanks to this new commission, the controversial president of the United States has the possibility of exercising a higher level of influence on the actions taken by the state agencies regarding cryptocurrencies

A Hidden Purpose Behind a “Good Cause”

Bloomberg also points out that Mr. Trump’s move has a political component and is not a simple, selfless action by the president:

“The creation of the task force comes as the Trump administration is moving to overhaul the CFPB, an agency formed after the financial crisis to better protect people from predatory mortgage lending and abusive credit card contracts. The CFPB has become one of the most politically divisive agencies in Washington, hailed as a regulatory crown jewel of consumer protection by Democrats while maligned by Republicans as a bastion of government overreach.”

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You Can Now Have a Say in The CBOE Bitcoin ETF Filing On the SEC Website

Every government authority is mandated to hear the opinion of its citizens on any and all matters that will affect the country. This is usually done through representation in parliament or the senate or congress. There is also the option of getting the opinion directly from the people.

The United States SEC (Securities and Exchange Commission) has just done that and with regards to the recent filing by the CBOE requesting that Bitcoin ETFs be regarded as securities by the regulatory body. Right now, there are a little over 20 comments on the website since the authority opened a section for comments with regards to the filing.

As a member of the crypto-community, Ethereum World News saw it fit to inform crypto-enthusiasts and traders, that they can play a part in determining the future of the crypto-markets.

A vast majority of crypto traders believe that the Bitcoin ETFs will be a gateway for the high net individuals and institutional investors to get into crypto investing. Once the SEC classify BTC ETFs as securities, then it is all systems go for Wallstreet firms and high net individuals to buy crypto. The two categories of investors in the US, have remained on the sidelines of crypto investing waiting for some regulatory direction from the American SEC. The exchange known as Coinbase, has anticipated this event and has recently launched a storage service for digital assets for the said investors. This service has been dubbed Coinbase Custody and is raking in new clients by the day.

So how do you comment on the matter?

There are 3 methods of doing so. Please note that the file number for the BTC ETFs on the SEC website is SR-CboeBZX-2018-040.

  • Online form
  • Comments can be submitted via this online form.
  • Email
  • Send comments to [email protected].
  • The subject line of your message must include the File Number for the rule. This is the number that begins “S7-” or “SR-”.
  • If you attach a document, indicate the format or software used (e.g., PDF, Word Perfect, MS Word, ASCII text, etc.) to create the attachment. Please note that we now accept comment letters in PDF format. DO NOT submit attachments as HTML, GIF, TIFF, PIF, ZIP, or EXE
  • Using the traditional ‘Snail Mail’

    Send 3 copies of your paper comment letter to:

    Brent Fields, Secretary
    Securities and Exchange Commission
    100 F Street, NE
    Washington, DC 20549-0609

    Each copy must list the “File Number” for the rule. This is the number that begins “S7-” or “SR-”.

You can also express your opinion in the comments section of this article.

Thank you in advance.

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