Bitcoin ETF was voted against by 84%, what did the opponents say?

5 years ago
This article is approximately 640 words,and reading the entire article takes about 1 minutes
The SEC chairman expressed serious concerns about crypto market manipulation.

Editors Note: This article comes fromCCN,author:Samantha Chang, Translator: Cha Liang

Editor: Lu Xiaoming

Bitcoin ETF was voted against by 84%, what did the opponents say?

Editors Note: This article comes from


, Translator: Cha Liang

Editor: Lu Xiaoming

On March 18, according to CCN reports, the U.S. Securities Commission issued a consultation on the application of Bitcoin ETF in February 2019. Recently, the Commission received seven responses, six of which urgently hope that the Commission will cancel the application of Bitcoin ETF. , the negative rate reached 84%, and the negatives mostly revolved around the problems of excessive volatility and market manipulation. The discussion on whether to apply a Bitcoin ETF may have been delayed until the fourth quarter of 2019.

Lets take a look at the reasons why several of these commentators reject/support the launch of a Bitcoin ETF.

Opponent Dina Pinto: Bitcoin is more dynamic and its price is easy to be manipulated

Dina Pinto wrote in response, In my opinion, Bitcoin has so far not had a solid foundation to support the launch of an ETF. It is unstable, manipulated by a very small number of people, and has no real use scenarios in real life.

He said: I think there will be a lot of people in the future who will be hurt financially and otherwise because of the SEC launching a bitcoin ETF. So I think this proposal should be rejected.

Opponent D. Darnwell: Reject Bitcoin ETF without hesitation

Here, I especially want to express my dissatisfaction with the Bitcoin ETF, and ask the SEC to take a longer time to watch the Bitcoin ETF, and take into account all the positive and negative effects of Bitcoin. See if Bitcoin is worth becoming a financial product.

D. Darnwell finally said that what is really valuable is expected to become a game changer. It is the blockchain technology that breaks the existing pattern, not cryptocurrency. D. Darnwell believes that the development of blockchain technology does not need a Cryptocurrencies similar to financial instruments to promote.

So I would reject a Bitcoin ETF without hesitation.

Supporter Sami dos Santos: Bitcoin itself is transformative

Sami dos Santos believes that the SECs argument that it has not yet approved a Bitcoin ETF due to the vulnerability of Bitcoin price manipulation, and claims that this is a protection for investors, I think this argument is contradictory, because there is no investment fund. Investors will turn to those digital currency exchanges that are still outside the supervision to buy Bitcoin, so that investors will not be protected by law, and their funds (virtual currency) on the exchange will become unsafe .”

VanEck has insured against possible losses on such investments, and it can be seen that investors will show great interest in investing in ETF funds. Therefore, I see no reason not to approve a VanEck ETF and a Bitcoin ETF.

Odaily Note: VanEck is a New York-based investment management company with decades of experience in traditional finance.

In September 2018, the VanEck SolidX bitcoin Trusts Bitcoin ETF proposal received over 1,400 comment letters, 99% of which were positive. But that enthusiasm has since faded, presumably as a result of the current crypto winter.

According to a report by CCN on October 25, representatives of SolidX, VanEck and the Chicago Board Options Exchange (CBOE) met with US Securities and Exchange Commission (SEC) Commissioner Elad L. Roisman and mentioned that the SEC should approve VanEck SolidX Bitcoin in 2019. 5 reasons to apply for an ETF.

In addition to VanEck, SolidX and CBOE have also jointly proposed Bitcoin ETFs. The company has proposed more than 100 ETFs. During the meeting, the firm raised the points that the SEC should consider for its Bitcoin ETF approval:

1. Currently, the bitcoin derivatives market is strictly regulated. 2. Relevant markets, such as CBOE, Bitcoin futures, and over-the-counter trading desks are also regulated. 3. Concerns about price manipulation have eased. 4. CBOEs rule setting is designed to monitor potential trust stock manipulation 5. Promote investor protection

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ODAILY reminds readers to establish correct monetary and investment concepts, rationally view blockchain, and effectively improve risk awareness; We can actively report and report any illegal or criminal clues discovered to relevant departments.

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