📌 [SEC/Regulation] The Securities and Exchange Commission prohibits Bitcoin Tracker One (ETN) trading in the US
The American SEC considers ETN (exchange-traded note) Bitcoins as confusing investors, so the trade of this asset is suspended until September 20
Remember some of the Bitcoin ETN news? Well, they come back, but now in the form of an announcement of prohibitive measures by the US SEC. An exchange-traded note (ETN) as an example of a debt security is the good opportunity for some group of investors, and many media compared ETF and ETN as generally alternative products to each other (although this is not quite true).
The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the securities Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) commencing at 5:30 p.m. EDT on September 9, 2018, and terminating at 11:59 p.m. EDT on September 20, 2018.
Quote: sec.gov
At the same time, it is why the Securities and Exchange Commission decided to suspend the trading for Bitcoin Tracker One ETN, in order to possibly take some additional measures. Bitcoin Tracker One (CXBTF) и Ether Tracker One (CETHF) by the XBT Provider AB company can't be traded until September 20.
Know more: XBT Provider AB belongs to the CoinShares Holdings parent company and started to trade crypto ETNs 3 years ago (2015). American investors will be able to get an access to ETN tradings via NASDAQ Nordic.
📌 [Rumors/Market] Citigroup is probably about to offer the new crypto product for institutional investors
One of the largest international financial conglomerates with Citibank as a core can offer to buy cryptocurrencies without physical ownership
It is worth to clarify that this information came from the Business Insider, which had previously provided unconfirmed rumours. At the same time, the news that one of the largest financial conglomerates has created something new for the crypto market should be considered at least from the position of realizability.
- Anonymous sources say that Citigroup creates Digital Asset Receipt (DAR);
- There is currently no any of the SEC opinions considering such an instrument;
Digital Asset Receipt (DAR) is an opportunity to invest your fiat funds in cryptocurrency, without direct (physical) ownership of a digital asset, would it be Bitcoin or Dogecoin on your wallet, and so on. DAR is a reverse name of the American Depository Receipt (ADR), which can be used to purchase shares that aren't presented on the US exchanges (foreign assets).
According to sources, Citibank will be the cryptocurrency holder, and DAR will be issued by Citigroup themselves. Technically, this saves users from the additional risks associated with currency storing or moving it between addresses.
But, given the conservative opinion of the company about cryptocurrencies (for example, the ban on buying crypto by using Citi cards), this model may not be accepted by the conglomerate from the inside. Another factor is the SEC Commission, that is watching all the cryptocurrency products. Time will tell.
📌 [Market] Gemini exchange announces USD-tied stablecoin
New crypto-dollar backed by Winklevoss name could be the new competitor to USDT. Know more about $GUSD
Stablecoin as one of the cryptocurrency market phenomena helps investors save their savings on the digital basis without suffering a high volatility. USDT, or Tether, seems to be leading there, with $2,287,208,363 as 24h volume at the moment. Here is also several other alternatives, including TrueUSD ($10,440,851,24 24h) Digix Gold Token (supposed to be gold-tied) and some others.
This time, Winklevoss twins offer a new coin to be released, which will be called the "Gemini dollar", or $GUSD, implemented by using the ERC20 standard.
Starting today, September 10, 2018 at 10am ET, you will be able to convert U.S. dollars in your Gemini account into Gemini dollars and withdraw them to an Ethereum address you specify. You will also be able to automatically convert Gemini dollars into U.S. dollars by depositing them into your Gemini account.
Source: Gemini medium
Whether there is a potential for a new asset to become a replacement for the USDT is not yet clear. At the same time, a significant part of crypto users and holders who have access to the exchange will be able to convert their funds at any time.
It almost seems that stable crypto-currencies are not an essential possibility or threat of markets overall. Moreover, with high adoption, digital dollars could be the first to find application in the goods purchase or public deals. But, as you know, the controversial history of Tether (USDT now occupies the 8th place by market capitalization), still brings actual or moral doubts for investors.
Note: there is no released Whitepaper for this token yet.
📌 [Market] Yet another USD stablecoin will be regulated by the New York Department of Financial Services (NYDFS)
Paxos startup launches Paxos Standart, brand new U.S. Dollar-tied cryptocurrency which is already approved by the NYDFS and SEC
Paxos company reported the release of a new coin of this type, tied to the US dollar as 1:1. Moreover, it is stated that the asset has already been approved by the New York State Department of Financial Services. The new "Paxos Standart" is also an ERC-20 token, and will be regulated with increased security for investors, as we may imagine. The fact is that Paxos activity is already under the SEC control.
"We believe that Paxos Standard represents a significant advancement in digital assets, leveraging the oversight and stability of the traditional financial system and enabling a frictionless global economy."
Charles Cascarilla, CEO and co-founder of Paxos
The ability to choose is probably the most important for the cryptocurrency market today. By getting several solutions backed up, at least by the faith of investors, or by partial regulation, over time, more and more people will be able to abandon unnecessary volatility towards more practical solutions.
However, such assets cannot be a way of earning, they only increase the overall coverage of all digital asset holders.
💰Market Cap: $194 403 445 443
💵24h Vol: $10 849 580 291
📊 Prices TOP 10.09.2018
↗️↘️Bitcoin: $6 331,23
↗️↘️ETH: $191,41
↗️↘️XRP: $0,265455
↗️↘️BCH: $471,58
↗️↘️EOS: $4,96
↗️↘️XLM: $0,190423
↗️↘️LTC: $53,77
↗️↘️USDT: $1,01
↗️↘️ADA: $0,072985
↗️↘️MONERO: $105,35
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