SEC Says No to Winklevoss Bitcoin Trust
Investorideas.com – February 28, 2017 – Investorideas.com, a global news source covering leading sectors including bitcoin and blockchain reports on the recent SEC decision on the proposed listing of the Winklevoss Bitcoin Trust. On Friday March 10, the SEC released the following decision:
“The Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”
"Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market—the Commission does not find the proposed rule change to be consistent with the Exchange Act."- SEC
Full report: SECURITIES AND EXCHANGE COMMISSION (Release No. 34-80206; File No. SR-BatsBZX-2016-30)
Digital Asset Services, LLC, the sponsor of the Winklevoss Bitcoin Trust filed a preliminary registration statement for the Trust with the U.S. Securities and Exchange Commission (SEC) to offer its Winklevoss Bitcoin Shares to investors after the Trust’s registration statement is declared effective by the SEC.
Bitcoin prices had a major sell-off following the decision dropping up to 18% but has since started to recover and gain ground as avid bitcoin investors return to support the market.
Get a live Bitcoin price here- http://www.coindesk.com/price/
On July 12, 2016 SolidX Partners Inc., a blockchain technology company, announced that it had filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed launch of the SolidX Bitcoin Trust, which will seek to provide shareholders with exposure to the daily change in the U.S. dollar price of bitcoin, before expenses and liabilities of the Trust, as measured by the TradeBlock XBX Index. The Trust will not be actively managed, and will list on the New York Stock Exchange under the ticker symbol “XBTC” if approved. The outcome is expected in March.
Read this release in full at http://www.investorideas.com/news/2017/bitcoin/03131Winklevoss.asp
Investorideas.com currently offers a directory of publicly traded bitcoin and blockchain stocks for investors following the sector.
Bitcoin Investment Trust (OTC:GBTC) is designed for sophisticated investors looking for exposure to bitcoin in a simple investment vehicle. The Bitcoin Investment Trust addresses the confusing and cumbersome experience of buying, storing and safekeeping large quantities of bitcoins as an investment. Launched in 2013, the Bitcoin Investment Trust is sponsored by Grayscale Investments LLC (Grayscale), a wholly-owned subsidiary of Digital Currency Group and an affiliate of SecondMarket, Inc. (marketing and distribution partner and authorized participant). Grayscale has engaged leading service providers Ernst & Young LLP (independent auditor), Orrick, Herrington & Sutcliffe LLP (legal counsel), Continental Stock Transfer & Trust (transfer and administrative agent), and Corporation Service Company (trustee).
Bitcoin Shop Inc. (OTC:BTCS) is a blockchain technology company that provides transaction verification services for digital currency. BTCS is building a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. BTCS continues to actively partner and integrate with strategic digital currency technology companies who provide products or services that are complementary to its business strategy. BTCS operates its public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 250,000 items.
BTL Group Ltd. (TSX:BTL.V) Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries. As per its recently announced project (see BTL's September 1, 2016 press release), BTL has built a prototype that showcases the capabilities of a blockchain based interbank payment network, built on BTL's core settlement and asset trading solution, Interbit. Interbit is an open, multi-chain, asset settlement platform with a suite of APIs and smart contracts that allow entrepreneurs from across the world to participate and innovate to provide global access to fast, secure, and auditable financial and asset trading services. With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the blockchain ecosystem, providing advice and knowledge to industry leaders.
Digital X Ltd. (ASX:DCC.AX) is an innovative software solutions company focused on the global digital payments industry developing fintech products and services in mobile bill payments and remittance space. DigitalX leverages Blockchain technology and the secure ledger system to create new and innovative software. The Company is disrupting the global digital bill pay and remittance market with its unique mobile product AirPocket, designed to provide consumers the ability to securely and cost-effectively make cross border payments and send remittances in any currency, from anywhere, anytime, regardless of transaction size.
First Bitcoin Capital Corp (OTC:BITCF) is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new type of digital assets. "Being first publicly-traded cryptocurrency and blockchain-centered company we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time Company owns and operates the following digital assets: www.BITCoinCapitalcorp.com -company website; www.CoinQX.com - Company operated Cryptocurrency Exchange, registered with FINCEN; www.iCoiNEWS.com - real time cryptocurrency and bitcoin news site; www.BITminer.cc - company provides mining pool management services; www.2016coin.org -online daily election coverage and home page for $PRES,$HILL and $GARY coins.
Global Arena Holding Inc. (OTC:GAHC) has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc., GAHI Acquisition Corp and Blockchain Technologies Corporation Inc. The Company focuses on acquiring technologies, patents and companies having the ability to leverage the blockchain crypto technology.
GoldMoney Inc. (TSX:XAU.V) formerly BitGold Inc. - is a global, full-reserve and gold-based financial services and technology group, offering precious metals custody and wealth services, trading and execution, and independent research to individual investors and institutions. GoldMoney Inc.is a mission-driven financial technology company traded on the Toronto Stock Exchange that operates the world’s largest 100%-reserved gold-based savings and payments network. Goldmoney® provides financial services as a trusted third-party, combining the unique attributes of gold with technology-driven innovation. Through Goldmoney Personal and Goldmoney Business, anyone with Internet access can buy, sell, transfer, earn, or redeem physical allocated gold on the network. Goldmoney Wealth offers bespoke precious metals custody and wealth services, trading and execution, card services, tax-free retirement accounts and independent research to high net worth individual investors and institutions. Goldmoney Inc. has over 1,200,000 user signups from more than 150 countries and $1.8 billion in client assets under administration.
Greenbank Capital (CSE:GBC; OTC: GRNBF) is a merchant banking business investing in Canadian small cap companies. Its 80% subsidiary GreenCoinX Inc. is a software company that has developed the world's first identifiable crypto currency. Its 100% subsidiary GreenBank Financial Inc. is an investment bank focusing on small cap companies.
NetCents Technology Inc. (CSE: NC) is an electronic payments technology company offering consumers and merchants online services for managing electronic payments by a variety of payments methods through its processing platform. NetCents works with its financial partners, mobile operators, exchanges, etc. to streamline the process and user experience of transacting online. The NetCents platform is integrated into the Automated Clearing House (“ACH”) through the Royal Bank of Canada (“RBC”, “Royal Bank”). NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way.
Newnote Financial Corp. (CNSX: NEU; OTCQB: NWWTF; Frankfurt:1W4.F) is pioneering innovative crypto-currency and Bitcoin related software products and services geared at the growing business segment of this bourgeoning market. The Company owns and operates the Cointrader.net Bitcoin Exchange, PayIvy.com Online Store Builder, CoinExchange Android App, BitVisits.com Paid-to-Surf Advertising Platform, Bitcoin ATM Machines in London, Tokyo and Vancouver in addition to several other crypto-currency related assets. Newnote has positioned itself to be a leading contender in delivering opportunities to startup businesses world-wide and continues to create new opportunities for its clients and its shareholders. Newnote has a clear vision on the direction in which this new and unique business is headed and is continually adjusting and adopting new business practices in both technology and the policies & procedures required by banks and securities regulators.
Overstock.com (NasdaqGM:OSTK) is an online shopping retailer based in Salt Lake City, Utah that sells a broad range of products at low prices including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com is a fair trade department dedicated to selling artisan-crafted products from around the world whereas Main Street Revolution supports small businesses across the U.S. by providing them a national customer base. Overstock has additional community-focused initiatives such as a Farmers Market and pet adoption service. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co. As part of Overstock.com, Inc.'s effort to encourage mainstream adoption of digital currencies like Bitcoin, the online retailer installed a Bitcoin ATM at its corporate headquarters in Salt Lake City. The ATM is accessible 24 hours a day and allows the public to convert U.S. dollars to Bitcoin, and Bitcoin to U.S. dollars. Overstock.com began accepting Bitcoin as a purchase payment option in January 2014.
Vogogo Inc. (TSX:VGO.V) is a publicly traded payment services company with integrated risk management and compliance. Founded in 2008, Vogogo designed, built and launched its web-based payment processing technology while growing its expertise in software development, payments, risk management, compliance and related financial services. Vogogo is now executing on its plan to serve global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its positioning and technology
WPCS International Incorporated (NasdaqCM:WPCS) provides contracting services to the public services, healthcare, energy and corporate enterprise markets in the United States and China. In December 2013 the company acquired BTX Trader LLC. he acquired firm is now a wholly-owned subsidiary of WPCS International. TX Trader is touted as the first trading platform to allow users to execute orders on five of the most popular bitcoin exchanges. The software also lets users place stop-loss orders on trades, monitor real-time price feeds and use various charting tools.
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