Bitcoin ETF

2022-01-11 区块链达人

Bitcoin, as “digital gold”, could also be in the focus of banks as it has been developed as an alternative to sovereign currencies. The statements of the IMF and the Bank for International Settlements (BIS) should also be seen in this context. Both institutions have put Bitcoin in a bad light several times in the past. Another famous example is Jamie Dimon (CEO of banking giant JP Morgan Chase), who called Bitcoin a “fraud” last year. He also threatened to fire all the bank giant’s dealers if they traded Bitcoin.

Although there is another Bitcoin ETF proposal from Wilshire Phoenix, which the SEC has postponed in September until December 28, 2019. Nevertheless, very few experts expect an approval, as the SEC once again has the option of extending the deadline by 60 days. Bitwise had previously made numerous efforts to prove to the SEC that the Bitcoin market is mature and now offers a well-regulated trading environment.

The Sponsor asserts that 95% of the spot bitcoin market consists of fake and non-economic activity, but has not established that the “real” Bitcoin market is isolated from that fraudulent and manipulative activity.

Another key issue identified by the SEC was the lack of joint market surveillance agreements between the major crypto exchanges and the exchanges where an ETF product is traded:The Commission also notes that the NYSE Arca has not stated that it has or will enter into monitoring arrangements with these “real” spot platforms using monitoring tools. Even if the NYSE Arca were to enter into such agreements, it is not clear what ability the NYSE Arca would have to force exchanges to collect monitoring data.

Financial services is already the least trusted sector among seven others worldwide, according to the 2019 Edelman Trust Barometer. News of the coordinated forex rigging—which follows other high-profile scandals such as the Libor scandal, Wells Fargo fake account scandal, gold fixing scandal (which I’ll get to later), among many more—is unlikely to improve public sentiment.

In particular, the manipulation of the gold price is a well-documented phenomenon. In 2014, Barclays was fined nearly $44 million. At the end of 2018, a former JP Morgan trader pleaded guilty to manipulating US metal markets.

Chris Powell, treasurer of the Gold Anti-Trust Action Committee (GATA), a nonprofit and civil law organization that monitors the gold price, stated in 2018 that gold ETFs are largely “paper gold”. According to Powell, this gives the banks “a tool to keep prices under control in cooperation with the central banks”.

Author : Jake Simmons