Updated Crypocurrency Regulations May Help Recent Bitcoin ETF Application Pass

  • CBOE Global Markets recently filed an application for a Bitcoin ETF, and it now seems likely that this request will be approved because decentralized cryptocurrencies aren’t securities.
  • CBOE’s Bitcoin ETF is the most recent application, and before it, a similar Bitcoin ETF application by the Winklevoss twins was rejected because the regulator determined that crypto markets were mostly “unregulated.”

CBOE Global Markets recently filed another application for a Bitcoin ETF. This was sent after several similar requests by other firms were denied, due mainly to regulatory concerns related to cryptocurrency markets.

CBOE’s application comes after the US Securities and Exchange Commission (SEC) announced that Bitcoin (BTC) and Ethereum (ETH) will not be classified as securities. This means it may have a better chance of being approved, thus potentially drawing more institutional investors to the digital currency ecosystem.

CBOE Global Markets launched Bitcoin futures contracts in the United States on December 10, 2017. Its current Bitcoin ETF application was posted online by the SEC, and the federal regulator asked traders and investors to provide feedback regarding CBOE’s request.

Reportedly, the proposed ETF will limit trading to SolidX Bitcoin Shares, with one share’s value being 25 Bitcoins. Should the application be approved, trading is scheduled to start by Q1 2019.

Past Attempts

In the past, the SEC has rejected several Bitcoin ETF applications, one of them from the Winklevoss twins, whose exchange recently hired a former NYSE CIO, in March, 2017. Lack of adequate regulations was the main reason cited by the American regulator for rejecting it.

Last year, the SEC issued a statement that read:

[The] significant markets for Bitcoin are unregulated. Therefore … the Commission does not find the proposed rule change to be consistent with the Exchange Act.

SEC

Despite the SEC’s active involvement in monitoring and regulating cryptocurrency markets, there still seems to be a lack of clarity among US citizens as to exactly how crypto assets are regulated and which government bodies are responsible for regulating them.

While decentralized cryptocurrencies are likely not securities, there’s still confusion surrounding initial coin offerings (ICOs). Whether or not regulators see ICOs as securities is unclear, although previous announcements pointed in that direction.


 

Opera Browser Adds Direct Bitcoin Payment to Its Built-in Cryptocurrency Wallet

The popular Opera web browser has added bitcoin e-commerce support and integrated TRON into its built-in cryptocurrency wallet on Android devices.

According to the company’s press release, the built-in crypto wallet on Opera for Android, which was launched last year, now supports bitcoin payments directly, and allows users to interact with decentralized applications on the TRON blockchain using TRX.

The browser claims to have a total of 350 million users, which can now have access to these two cryptocurrencies. The company’s crypto wallet started off with Ethereum support in a bid to offer users access to “web 3.0.”

Charles Hamel, the head of crypto at Opera, was quoted as saying:

We believe that opening our browser to more blockchains, including Bitcoin, is the logical next step to making our solution more relevant to anyone who has a Bitcoin crypto wallet and would like to do things with their cryptocurrencies beyond just keeping them in an account.

As CryptoGlobe reported the browser firm has partnered with HTC – which recently announced a new budget smartphone with bitcoin node features – to add its app to it. It has also revealed it was looking to add “multiple blockchains” in the near future.

The company added in its press releases that by adding TRON its exposes TRX and its decentralized applications to “millions of daily active users across 120 countries,” as TRX’s ecosystem includes BitTorrent as well.

Featured image by Panos Sakalakis on Unsplash.