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#CryptoCorner: #SEC Rejects Nine Different #Bitcoin #ETFs, Crypto Crackdown on the Chinese Mainland and Japan's FSA Wants to See Crypto 'Grow'

August 23rd #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and #AI, #IoT, #Blockchain, #Crypto Technology Company Gopher Protocol (OTCQB: $GOPH) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - August 23, 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, now available in podcast.

Listen to today's Crypto Corner Podcast:

http://www.investorideas.com/Audio/Podcasts/2018/082318-CryptoMarket.mp3

#CryptoCorner: #SEC Rejects Nine Different #Bitcoin #ETFs, Crypto Crackdown on the Chinese Mainland and Japan's FSA Wants to See Crypto 'Grow'

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Crypto Corner

SEC Rejects Nine Different Bitcoin ETFs, Crypto Crackdown on the Chinese Mainland and Japan's FSA Wants to See Crypto 'Grow'

The U.S. Securities and Exchange Commission (SEC) rejected nine Bitcoin ETF proposals yesterday. These include two submitted by ProShares for listing on the NYSE Arca, five from Direxion, also for listing on NYSE Arca, and two from GraniteShares, for listing on the CBOE. For all three orders, the SEC used the same explanation for the rejection:

“…the Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”

In response, most of the top 100 cryptoassets listed on CoinMarketCap are in the red. However, with the total market capitalization down about $8 billion USD since yesterday, ($208 billion USD at press time) it’s not as bad as when the Winklevoss brothers’ ETF was disapproved in July and the market cap lost about $16 billion USD.

The South China Morning Post reports today that the government of China is cracking down on crypto. Authorities intend to block 124 websites operated by offshore cryptocurrency exchanges. Additionally, the state will ban access to domestic websites associated with ICOs and crypto trading, and prohibit any payment system that accepts cryptocurrencies. The article quotes Pan Gongsheng, a deputy governor of the People’s Bank of China, from December talking about the state’s decision to crack down on crypto:

“If things were still the way they were at the beginning of the year, over 80 per cent of the world’s bitcoin trading and ICO financing would take place in China – what would things look like today? It’s really quite scary.”

The story is different over the sea in Japan, where the country’s top financial watchdog expressed a cautious desire to see the crypto sector develop. Toshihide Endo, the commissioner of the Financial Services Agency (FSA) said in an interview with Reuters:

“We have no intention to curb (the crypto industry) excessively. We would like to see it grow under appropriate regulation.”

Sam Mowers, Investorideas

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Crypto Corner Sponsors:

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