#CryptoCorner: '#Ether Not a Security', the EOS #Blockchain is Officially Live and Fundstrat Co-Founder Attributes Bitcoin Drop to Futures Trading
Point Roberts, WA and Delta, BC - June 15, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - June 15, 2018
SEC Official: 'Ether Not a Security', the EOS Blockchain is Officially Live and Fundstrat Co-Founder Attributes Bitcoin Drop to Futures Trading
The U.S. Securities and Exchange Commission's (SEC) director of corporate finance, William Hinman, says that Ether is not a security. In a pre-written speech at the Yahoo Finance All Markets Summit in San Francisco yesterday, Hinman affirmed that other cryptocurrencies may still be considered securities while Ether is sufficiently decentralized not to be subject to the same SEC regulations.
"...based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value."
The EOS blockchain is now live, having received more than the required 15 percent of votes for "Block Producer candidates". One billion votes for "Block Producers" (analogous to Bitcoin miners) are required, but once the 15 percent threshold has been reached, the chain is considered valid. At press time nearly 22 percent of votes have been registered. EOS is already the fifth-largest cryptocurrency by market cap according to data from CoinMarketCap.
According to CNBC, Fundstrat Global Advisors' co-founder Thomas Lee attributes Bitcoin's (BTC) gut-wrenching drop to futures traders.
"Bitcoin sees dramatic price changes around CBOE futures expirations. This was something flagged by Justin Saslaw at Raptor Group. We compiled some of the data and this indeed seems to be true," Lee wrote Thursday. "Overall, bitcoin has fallen 18 percent in the 10 days prior to CBOE contract expiration."
However in an email to CNBC, the COO of Cboe Global Markets Chris Concannon wrote:
"While we are excited about our recently launched Bitcoin futures, the notion that they have materially affected the bitcoin price overstates their influence and ignores other critical facts. Our strict position limits and the limited open interest in our May and June settlements, suggest that the fall of Bitcoin can be more easily explained by other factors such as the recent regulatory scrutiny around the globe, steps by government tax collectors, the rise of other cryptocurrencies, and declining media interest in the asset."
Sam Mowers, Investorideas
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