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.
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.
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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