VanEck/SolidX Bitcoin ETF May Be In Danger | BTC Cryptocurrency News
Channel: BTC Cryptocurrency News
Date: 2018-12-11

VanEck/SolidX Bitcoin ETF May Be In Danger says Crypto-lawyer Jake Chervinsky
For the most part of 2018 Bitcoin ETF was considered the component that would trigger the next bull run in cryptos as it was believed to open floodgates of institutional monies into cryptocurrencies. But the way SEC has dealt with the various ETF applications, chances of Bitcoin ETF to be approved anytime soon looked meek. With few applications already rejected, all eyes were now on VanEck and SolidX Bitcoin ETF application but according to renowned Crypto Lawyer Jake Chervinsky, even that looks in danger considering the current crypto scenario.

Chevinsky says manipulation issue could hand another Bitcoin ETF rejection

Jake Chevinsky, a renowned lawyer and cryptocurrency commentator, send out a series of tweets where he has believed the market scenarios for cryptocurrencies are still not well in place for a Bitcoin ETF to go through. These tweets from Chevinsky comes in the backdrop, where SEC has pushed the decision to February 27, 2019.

According to Jake’s 20-tweet thread, whose central thesis, revolves around the major concern of the SEC: the manipulation of the bitcoin prices on unregulated exchanges. Chervinsky sees the most important of the questions raised by the SEC in its comments on the ongoing VanEck decision as being related to whether the exchange proposing to host the ETF, the Chicago-based CBoE, has “a surveillance-sharing agreement with a regulated market of significant size.”  But doesn’t seem to be in place yet and the manipulation query still remains unsolved.

Jake’s comments cannot be ignored as he is a renowned name in US legal corridors as he represents individual and corporate clients in high-stakes government enforcement actions and financial services disputes. He focuses on litigation involving securities, commodities, futures, and other derivatives. He has particular experience handling investigations by the U.S. Department of Justice, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission regarding allegations of fraud, market manipulation, and other regulatory violations. Recently, He is a leading commentator on legal issues related to the blockchain industry and is frequently quoted by prominent media outlets on developments in the cryptocurrency space.

While all eyes will be on the February 27, Jake’s points are pretty critical and definitely could put curtains to the much-awaited Bitcoin ETF. Although its negative impact may not be very drastic now as it could have been a few months back but definitely there will a knee-jerk sell-off if ETF doesn’t go through.
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