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Bitwise Reacts to SEC's Bitcoin ETF Decision

  • Alex Dovbnya
    📰 News

    Bitwise expresses its gratitude to the SEC for reviewing its Bitcoin ETF proposal, says that it will re-file another one

Bitwise Reacts to SEC's Bitcoin ETF Decision
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The U.S. Securities and Exchange Commission (SEC) has definitively crushed the hopes for a Bitcoin ETF by rejecting Bitwise's rule change proposal. The company has already commented on the regulator's decision by calling this "a productive step in their journey."

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SEC Keeps Crypto Community in Suspense with Another Bitcoin ETF Postponement

Bitwise plans to file another proposal

On Oct. 10, the SEC released a 112-page order where it makes a case for rejecting Bitwise's ETF proposal that was filed together with NYSE Arca. The order states that NYSE Arca failed to satisfy the necessary requirements for preventing "fraudulent and manipulative acts."

SEC Chairman Jay Clayton earlier made it clear that he was particularly concerned about rampant market manipulations when it comes to green-lighting a Bitcoin ETF.    

In its recently released press release, Bitwise states that "it deeply appreciates" the regulator's feedback. Furthermore, the company has announced that it plans to refile its proposal "as soon as appropriate."

"We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate."       

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SEC Is Expected to Voice Its Final Verdict on Two Bitcoin ETFs in October

SEC Is Expected to Voice Its Final Verdict on Two Bitcoin ETFs in October

No Bitcoin ETF in 2019?  

Bitwise was the last man standing in this year's Bitcoin ETF race after its competitor VanEck pulled its joint proposal with the SEC back in September.

Earlier this week, Bitwise's Matt Hougan said that they were "closer than ever" to a Bitcoin ETF. However, cryptocurrency lawyer Jake Chervinsky says that it's very likely that Clayton will never approve it given that his term already ends on June 5, 2021. He expects Bitwise to file another proposal, but that not necessarily should be the case. 

Bitwise says that it takes "multiple years" to approve a novel exchange-traded product.  

"Historically, the approval of novel exchange-traded products that open up new asset classes has required multiple years of regulatory engagement. What matters is continued progress and the investment of time from regulators, and that's what we see here."

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
Contents

According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future

It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future

Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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