As the week came to a close, the SEC further delayed the VanEck-SolidX ETF, gave further regulatory guidance against crypto market manipulation, and issued a cease and desist. Also, Coinbase looked at thirty-one potential crypto asset listings while bitcoin dropped below $3,400. Here are today's headlines.
SEC Delays VanEck SolidX Bitcoin ETF Until February
Announced yesterday, the SEC has further delayed their decision for a bitcoin ETF approval.
Back in June, the Chicago Board Options Exchange, in partnership with companies VanEck and SolidX, requested a rule change allowing VanEck-SolidX bitcoin shares to trade on CBOE's BZX exchange.
The decision has seen delay several times so far since June. As per the last delay in September, the SEC said it needed to look into market manipulation, among other things.
This time around, the SEC simply stated they need more time to evaluate the situation. The next approval/denial date is set for February 27, 2019.
US Lawmakers Present New Legislation To Prevent Crypto Market Manipulation
Yesterday also brought news of additional legal guidelines to prevent cryptocurrency market manipulation, as well as help the U.S. become a significant force in the crypto space.
The two bills were labeled as the "Virtual Currency Consumer Protection Act of 2018," and the “Virtual Currency Market and Regulatory Competitiveness Act of 2018."
The two acts require insight from the Commodities Futures and Trading Commission (CFTC), as well as a few others, in order to upgrade areas of regulation.
"The stated aim for both bills is to enhance consumer protection and promote business development," explained Crypto Insider today.
Coinbase Is Exploring These 31 Coins For Possible Future Listing
Coinbase aims to continue its crypto asset listing activities, looking into thirty-one additional assets for listing.
Coinbase evaluates "prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world,” according to their press release today.
Among the list of thirty-one are assets like Cardano (ADA), EOS (EOS), and NEO (NEO), as well as many others.
Bitcoin Drops Below $3.4K To Set A New 2018 Low
Bitcoin continued its downward spiral as it recently plummeted below the $3,400 mark. December 7 saw bitcoin fall over 11 percent, sitting around $3,306 at the time of writing.
The total market cap for bitcoin has slid more than $4.8 billion in just 24 hours.
"Bitcoin has now erased the largest portion of its October, November and December 2017 bull run gains and is effectively down 84.28 percent from its all time highs of $19,781," reported CoinDesk today.
SEC Fines Crypto Fund $50K And Issues Cease-and-Desist
CoinAlpha Advisors LLC got slapped with a $50,000 penalty from the SEC today for selling unregistered securities.
CoinAlpha digital asset fund management started in late 2017, gathering over $600,000 in investments. The fund applied for a securities exemption, but ultimately was not deemed exempt by the SEC. CoinAlpha did not proceed with SEC registration after denial of exemption.
CoinAlpha also did not conduct proper know-your-customer (KYC) measures.
The fund has reportedly returned capital to its investors, and has "cooperated with the SEC," reported CoinDesk today.
Originally posted on Crypto Insider : https://cryptoinsider.com/daily-crypto-roundup-12-7-2018/