Investment management firm VanEck has filed with the U.S. Securities and Exchange Commission to launch a Bitcoin exchange-traded fund. VanEck is clearly hoping that the departure of SEC chairman Jay Clayton will give its latest ETF application a chance.
The SEC gets a new chairman… for now
While it comes at a critical time, the appointment of crypto-friendly Commissioner Elad Roisman to replace Chairman Jay Clayton at the Securities and Exchange Commission will likely last no more than a month or two
That means Roisman is unlikely to make any big, precedent-setting decisions, like approving a Bitcoin exchange traded fund (ETF). Clayton was a strong opponent of crypto ETFs, arguing that price manipulation and fraud remains rampant.
Ripple, Garlinghouse come out swinging at SEC’s XRP lawsuit
Saying it is fighting for the entire crypto industry, Ripple and its CEO responded aggressively to the Securities and Exchange Commission’s claim that XRP is an unregistered security they sold illegally
Rather than the accommodating tone most companies take when sued by the SEC, Ripple, Garlinghouse, and Larsen have come out the door swinging, accusing the agency of legislating by litigation and promising to fight the charges vigorously on behalf of both themselves and the larger cryptocurrency industry.
Congressmen call for crypto clarity in letters to the SEC and Treasury
Reps. Tom Emmer and Warren Davidson warn that a lack of regulatory clarity, and rumors of a clampdown on self-hosted wallets, are stymying innovation in the U.S.
Rep. Tom Emmer (R-MN) penned the missive to the SEC, urging the regulator to provide the clarity needed for banks to provide custody services for digital securities. Meanwhile, Rep. Warren Davidson said he had sent a letter to Mnuchin “strongly encouraging him to consult with Congress before issuing new regulations that govern the use of digital self-hosted wallets.”