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Steve W. @paracurve
, 4 tweets, 2 min read Read on Twitter
Wow. Order denying (CBOE) of proposed Bitcoin ETFs. Others identical. In short:

-Doesn't meet burden under the Exchange Act where its designed to prevent fraudulent and manipulative acts and practices
-No evidence demonstrating futures markets are "markets of significant size"
2) LOTS of goodies in this. Specifically the idea of blatant price manipulation in the Bitcoin market. Unnatural trading activity. Pump and dump schemes. Bitcoin manipulators operating with impunity. Lack of ability for surveillance.
3) End of the day, SEC seeking to protect retail investors from something they fear is manipulated/abusive trading (discussed top to bottom) and illiquid. Even Bitconnect got a shout out sec.gov/rules/sro/cboe…
This is all for GraniteShares, btw. As mentioned other docs nearly identical
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Related threads

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0/ Last week, the SEC delayed its decision on the VanEck/SolidX bitcoin ETF for the last time. With a *final* deadline set for February 27, let's discuss:

- key updates from the past few months
- how to interpret this delay
- my prediction on what the SEC will decide

Thread. 👇
1/ I'll say this upfront: I think the ETF is in trouble.

I'll explain why below, but first I want to stress that VanEck & SolidX have done great work this year. Unfortunately, some things are out of their control, and it's possible the markets just aren't ready for an ETF yet.
2/ When we last discussed the ETF on September 20, the SEC had just stated its "grounds for disapproval under consideration."

The goal of that step is for the SEC to explain all the reasons why it might deny the ETF so the sponsors & the public can respond to them all.
Read 21 tweets
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0.0/ ETF FAQ.

My answers to some common questions about the SEC & the approval process for #bitcoin & #crypto ETFs. If you have a question I didn't address, feel free to ask here & I'll add on.

Thread.
1.0/ Q: "Who decides whether to approve or deny an ETF?"

The initial decision is made by SEC staff in the Division of Trading & Markets. If the staff denies an ETF proposal, the ETF sponsor can file an appeal, which will be decided by all of the SEC Commissioners.
2.0/ Q: "What's the process & timeline for the SEC to decide on an ETF?"

When a proposal is filed, the SEC publishes it in the Federal Register (the government's official journal) & solicits comments from the public. It then has 45 days to approve, deny, or delay a decision.
Read 30 tweets
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0/ The SEC killed *all* of the pending derivative-backed #bitcoin ETFs today. Why did they do it, and what does it mean?

Thread.

1/ All eyes were on the SEC this week, as the final deadline to approve or reject the two ProShares bitcoin ETFs was tomorrow, August 23.

Most of us on #cryptotwitter were expecting the ETFs to be rejected.

2/ But we weren't expecting the SEC to also reject *seven* other derivative-backed ETFs proposed by GraniteShares & Direxion. Those ETFs weren't due for final decisions until September 15 and 21 respectively.

The only ETF left now is the VanEck/SolidX commodity-backed offering.
Read 11 tweets
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Spending #Bitcoin today is senseless. But if we manage to make it a good store of value, then it will naturally be used as a medium of exchange in the future.

Thread 👇
1/ Instead of focusing on the act of "spending", we need people want to "earn BTC", to "be paid in BTC". We need more hodlers.

The economic and technical consequences of stressing one viewpoint (to spend) over the other (to earn) are profound and irreconcilable.
2/ Money's essence is being used as a medium of exchange (MoE). But for something to become money, or a universally accepted MoE, it must first follow evolutionary stages. First, comes store of value (SoV), second, MoE, and third, unit of account (UoA).
Read 57 tweets
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1/ Bitcoin ETF filing/proposal: details & criticism

Fund: SolidX Bitcoin Shares
Filer: Cboe BZX Exchange
Trust/BTC Custody: VanEck SolidX Bitcoin Trust
Sponsor/Manager: SolidX Management
Marketing: Foreside Fund Services & Van Eck Securities Corp
Admin/Cash Custody: BNY Mellon
2/ Investment objective.
3/ Fund will track a bitcoin index from VanEck's subsidiary MVIS that uses prices from over-the-counter trades rather than cryptocurrency exchanges.
Read 20 tweets
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1/ In 2017 the SEC rejected two bitcoin ETFs, while in early 2018 multiple firms withdrew ETF filings, upon the SEC questioning whether the proposed ETFs could comply with various rules. What is the SEC looking for to approve a #bitcoin ETF?
2-a/ The Winklevoss ETF. The SEC determined the ETF proposal was not consistent with Section 6(b)(5) of Exchange Act, requiring rules of a national securities exchange designed to prevent fraudulent and manipulative practices and to protect investors. sec.gov/rules/sro/bats…
2-b/ To meet this standard, a) an exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity, and b) those markets must be regulated.
Read 16 tweets

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