FFCON21 Breaking Barriers May 11-13, 2021

Category Archives: Blockchain, Crypto, Digital Assets Regulations

Series of Essays: Regulation in the Era of Fintech

The Regulatory Review | April 26, 2021

Regulations - Series of Essays:  Regulation in the Era of Fintech

Technological innovation is changing the financial sector. Cryptocurrency markets have surged to all-time highs, culminating in the historic initial public offering of Coinbase, the first major cryptocurrency company to go public on a U.S. stock exchange. Retail investors have used Reddit and various commission-free trading platforms to spark unprecedented market volatility in “meme stocks,” such as GameStop. And at the same time, the Internal Revenue Service has struggled to distribute stimulus checks to millions of Americans, highlighting the need for better technological and regulatory solutions to facilitate faster payments in the United States.

New financial technology, or “fintech,” promises to make the financial system faster, better informed, and more global. Once a budding sector of finance, fintech is now a constant presence in every corner of the industry. Fintech products have opened the door to many new opportunities for consumers, investors, and businesses. But with these opportunities, come new challenges. Regulators and policymakers face key choices as they adapt to meet the needs of this constantly changing landscape while keeping investors and consumers safe.

See:  SEC Commissioner Peirce speak at FFCON21 May 11-13 - Register Here

The Regulatory Review has invited policymakers, scholars, and practitioners from across the financial sector to discuss the pressing issues fintech poses for the industry and to offer their insights about how fintech will continue to impact financial institutions, markets, and regulators in the future.

 


More Data, More Problems

April 26, 2021 | Rick A. Fleming and Alexandra M. Ledbetter, U.S. Securities and Exchange Commission

Investors in capital markets have access to more information than ever before, but it is challenging for even sophisticated market participants to sort through all of the data. The U.S. Securities and Exchange Commission should adopt data standardization practices for corporate reporting to make accessing reported information easier and less costly for the investing public.


Did Reddit Break the U.S. Securities Markets?

April 27, 2021 | Marlon Paz, Mayer Brown LLP

Recent market volatility in GameStop and other “meme stocks” has put a national spotlight on the evolving role of technology in regulating U.S. capital markets. The U.S. Securities and Exchange Commission should improve the antiquated plumbing of the U.S. securities trading infrastructure to speed up the clearing and settling process. 


DeFi Is the Next Frontier for Fintech Regulation

April 28, 2021 | Kevin Werbach, The Wharton School of the University of Pennsylvania

Decentralized finance promises significant benefits, including democratized access to financial products, improved market efficiency, easier access to liquidity, enhanced financial privacy, and faster innovation. DeFi, however, also poses serious and multifaceted risks.

Continue to the full article --> here


NCFA Jan 2018 resize - Series of Essays:  Regulation in the Era of Fintech The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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SEC enforcement chief resigns over role in Indonesian torture case

Politico | Kellie Mejdrich and Zachary Warmbrodt | Apr 28, 2021

Alex Oh - SEC enforcement chief resigns over role in Indonesian torture caseAlex Oh said in a resignation letter that she was leaving because of a "development" in a case on which she worked as a corporate lawyer.

SEC Chair Gary Gensler's pick to serve as the agency's enforcement director resigned unexpectedly on Wednesday amid mounting criticism from progressives over her work as a corporate defense lawyer.

Alex Oh, who was in private practice for two decades before Gensler announced her new role last week, resigned after a federal judge reprimanded her and others defending oil giant ExxonMobil in a class action lawsuit brought by Indonesian villagers. It was a stunning reversal for the SEC less than two weeks into Gensler's tenure at the helm of the agency.

"In light of the time and attention it will take from me, I have reached the conclusion that I cannot address this development without it becoming an unwelcome distraction to the important work of the division," Oh said in a resignation letter.

Oh walked away from the job as Gensler faced growing concern from progressives on Capitol Hill and in the activism community about his decision to hire a long-time corporate lawyer for one of the government's most powerful posts for overseeing the finance industry.

The episode marked a surprising political backlash from progressives who had cheered Biden's nomination of Gensler, after the former Goldman Sachs partner emerged as a tough banking regulator when he chaired the Commodity Futures Trading Commission during the Obama administration.

See:  SEC Commissioner Peirce Pitches Token Safe Harbor Proposal Version 2.0

Before it was announced last week that she would join the SEC, Oh worked for two decades at the law firm Paul, Weiss, Rifkind, Wharton & Garrison, where she represented Fortune 100 companies facing government investigations, with clients including Bank of America and ExxonMobil.

Oh was part of a legal team defending ExxonMobil in a lawsuit seeking to hold the company liable for murder and torture by the Indonesian military during civil unrest between 1999 and 2001. Villagers said ExxonMobil should face liability because it hired soldiers to guard natural gas facilities in the country.

Following complaints about the conduct of ExxonMobil's lawyers, U.S. District Judge Royce Lamberth on Monday admonished Oh and others defending the company. The lawyers for the villagers had told the court that ExxonMobil's defense team had characterized them as "agitated, disrespectful and unhinged."

The SEC did not respond to a request for comment about when they were aware of the issues involving Oh and ExxonMobil. Paul Weiss Chairman Brad Karp defended Oh in a statement: “Alex is a person of the utmost integrity and a consummate professional, with a strong ethical code.”

Continue to the full article --> here


NCFA Jan 2018 resize - SEC enforcement chief resigns over role in Indonesian torture case The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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FCA Speech: Levelling the playing field – innovation in the service of consumers and the market

FCA | Nikhil Rathi | Apr 20, 2021

Nikhil Rathi CEO FCA - FCA Speech: Levelling the playing field – innovation in the service of consumers and the marketHighlights

  • Success in financial innovation has been enabled by regulatory open-mindedness.
  • Support for innovation has been matched by action to protect consumers and markets.
  • The FCA will be taking forward the Kalifa Review’s recommendation for a Scalebox, including the creation of a regulatory nursery.
  • Online search and social media firms need to take greater responsibility for their role in connecting consumers with these investment offers.
  • We also need to make sure that our internal processes allow for quick action, which is why we are currently reviewing how our Regulatory Decisions Committee functions.

Thanks to many of you participating in this conference, UK fintech has grown successfully in recent years, at the forefront of global innovation.

Its revenue rose to £11bn in 2019 – almost doubling in only four years and accounting for almost 10% of the global total. Already this year, we have seen over $1bn worth of investment into UK fintech.

This revenue growth and investment has been supported by and, in turn encouraged, changes in consumer behaviour.

Seven in ten of us now use the services of at least one fintech company.

More consumers are adopting innovative ways of accessing financial services in the UK than in equivalent markets, for example using finance aggregator services to make it easier to save and manage outgoings.

This success in financial innovation has been enabled by regulatory open-mindedness; a trait not always associated with regulators.

So, why has the FCA taken this lead?

First, Parliament has given us a duty to promote competition.

The challenge for us is the balancing act required by the rider within our competition objective – in the interests of consumers.

The choice created by competitive markets is, in itself, not a social or economic good. It only becomes one when it delivers better or cheaper products, an improved or more tailored service, and pushes incumbents to fight harder to attract and keep their customers. Crucially, consumers must be armed with information they can readily understand to help them make the right choice for them.

See:  FCA and City of London’s Digital Sandbox Pilot – Presentations and Use Cases

In supporting innovation to deliver more competitive markets, another of our objectives is held in balance – that of consumer protection.

Innovation comes with risk. New products and new firms fail. They can take consumers’ money with them. As a result, we, as regulator, need to understand new ideas and stay close to innovative firms.

That is why, less than a year after the FCA was founded, we set up Project Innovate. This recognised that the financial services industry has high costs of entry, and so those wishing to join – with genuinely new ideas that support markets and provide choice to consumers – require additional regulatory support.

We have now supported over 500 highly innovative firms, around a third of those that applied.

137 firms have now also passed through the Sandbox, in which new innovative ideas are safely tested before reaching the market. Of those, over half successfully completed their test. And those tests that did not go as planned provided intelligence about what works and what doesn’t, without risk to consumers or markets.

As a result, there are products now on the market offering new ways to pay, insure and access advice. And to support the wider market, we have tested regtech solutions, for example how to manage the compliance in the issuance of digital assets or deal with anti-money laundering requirements.

See:  Culture: Why regulators should care about diversity and inclusion

This support for innovation has been matched by action to protect consumers and markets, where we believe the consumer or market benefits are few or unclear.

For example, while we can see how useful distributed ledger technology can be - indeed a number of products drawing on it have been through the sandbox - we have made clear our concerns about certain investments in cryptoassets, which rely on DLT.

Last year, we banned the sale of crypto derivatives to retail consumers because the majority lost money, despite significant price increases in the underlying assets.

We also warned that direct investment in cryptoassets is high risk, with few regulatory protections.

We have been blunt. If you invest, you should be able to afford to lose it all.

Continued support for innovation

In last month’s letter of recommendations for the FCA from the Chancellor, the FCA was asked to

“secure the right balance between a financial sector that is globally competitive, works for consumers, and is secure over the long-term.”

As part of this careful balancing act, the Chancellor announced the FCA will be taking forward the Kalifa Review’s recommendation for a Scalebox.

Here, we are drawing on lessons from Project Innovate, which has shown that once authorised, firms continue to need higher levels of support from the regulator and, often, enhanced oversight.

See:  FCA: Regulating innovation: a global enterprise

By autumn, we will develop plans to create a regulatory ‘nursery’.

This will create a period of enhanced oversight as those newly authorised firms develop and grow used to their regulatory status.

Currently, firms gain regulatory status and are treated in the same way as a firm with a long track record. The regulatory nursery will keep us in close contact with firms immediately post-authorisation so we can provide support and, where we need to, intervene earlier to steer firms in the right direction.

Continue to the full article --> here


NCFA Jan 2018 resize - FCA Speech: Levelling the playing field – innovation in the service of consumers and the market The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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SEC Commissioner Peirce Pitches Token Safe Harbor Proposal Version 2.0

CrowdfundInsider | JD Alois | Apr 14, 2021

Commissioner Peirce candid shot - SEC Commissioner Peirce Pitches Token Safe Harbor Proposal Version 2.0SEC Commissioner Hester Peirce has posted an update to her Token Safe Habor proposal.

Back in February 2020, Commissioner Peirce revealed her proposal in an effort to create a regulatory environment that supported Fintech innovation while acknowledging the unique characteristics of digital assets. Since the emergence of crypto-assets, the SEC has struggled to manage the new asset class that may have characteristics of a security while also having a utility quality. In the end, the Commission has defaulted to the decades-old Howey Test to regulate crypto and, at times, regulation by enforcement. Commissioner Peirce’s first version of a safe harbor for token offerings sought to accommodate the ability for a digital asset to morph into a utility over a period of time while creators worked on the network that used a native token.

See:  Hester Peirce on personal liberty, crypto regs and retail investor particiation

From the beginning, Commissioner Peirce has stated the safe harbor is a work in process, accepting feedback from industry insiders. In recent conversations, the Commissioner hinted that an update would be forthcoming and yesterday she posted version 2.0 on Github. The Commissioner has invited further comments and an open debate on the Token Safe Harbor version 2.0.

In a public statement, the new version seeks to “provide network developers with a three-year grace period within which, under certain conditions, they can facilitate participation in and the development of a functional or decentralized network, exempted from the registration provisions of the federal securities laws.” Commissioner Peirce agrees that there is a need for regulatory clarity in the space – something regularly demanded by industry participants.

Commissioner Peirce stated:

“Three significant changes mark the updated version. First, to enhance token purchaser protections, the safe harbor proposal now requires semi-annual updates to the plan of development disclosure and a block explorer. Second, in response to concerns about the lack of clarity at what happens at the end of the three-year grace period, the safe harbor proposal now includes an exit report requirement.

Get Tickets:  See Commissioner Peirce Keynote Interview at FFCON21: Breaking Barriers May 11-13

The exit report would include either an analysis by outside counsel explaining why the network is decentralized or functional, or an announcement that the tokens will be registered under the Securities Exchange Act of 1934. Third, the exit report requirement provides guidance on what outside counsel’s analysis should address when explaining why the network is decentralized. The guidance is not a bright-line test, but rather attempts to strike a balance between providing a manageable number of useful guideposts while maintaining sufficient flexibility for the facts and circumstances of each network to be considered in the analysis.”

Continue to the full article --> here


NCFA Jan 2018 resize - SEC Commissioner Peirce Pitches Token Safe Harbor Proposal Version 2.0 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

CrowdfundInsider | JD Alois | Apr 19, 2021

Wrong way sign - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

Several months ago, FinCEN submitted for publication in the Federal Register its Notice of Proposed Rulemaking (NPRM) regarding certain transactions that involve virtual currency or digital assets. FinCEN or the Financial Crimes Enforcement Network is a bureau of the US Department of the Treasury that seeks to combat domestic and international money laundering, terrorist financing, and other illicit activity.

The proposal in question has received criticism from the digital asset industry due to the extensive reporting requirements in the potential rule. FinCEN came under criticism when it appeared to rush through the NPRM in the midst of the holidays and during the transition to the Biden administration and subsequently, an extension was added for the comment period regarding “digital assets with legal tender status” (LTDA) or involving “convertible virtual currency” (CVC).

David R. Burton, Senior Fellow in Economic Policy at The Heritage Foundation – and expert on legislation and securities law, submitted a comment letter addressing the proposed rules slamming the NPRM.

Burton, in his comment letter, said that combatting the financing of terrorism and other illicit activity is a very important goal. But the proposal by FinCEN fails in its objective as that “rules and reporting that do not actually further the objective of countering terrorism or other illicit finance and merely add substantial costs to the operations of law-abiding businesses are dumb regulations. Then there are rules that may actually impede law enforcement objectives. This proposed rule, in its current form, falls in [one] of the two latter categories.”

See: 

In the letter addressed to Kenneth Blanco, Director of FinCEN, Burton claims that FinCEN’s proposal addressing crypto would do “almost nothing to combat terrorism and illicit finance.” Burton states that FinCEN’s proposal is “likely to have a devastating economic impact on the responsible actors in the virtual currency, alternative currency or digital asset field and drive virtual currency users to engage in peer-to-peer transactions via unhosted wallets that cannot be effectively supervised by regulators” while undermining FinCEN’s stated mission.

To quote the letter:

“Stated a little differently, you can interpret this rushed rulemaking in one of two ways. Perhaps FinCEN actually wants to combat terrorism financing and other illicit finance in the virtual currency space and the agency just made a mistake in how to go about it. Or perhaps what FinCEN really cares about is either creating the appearance of action by generating some press or protecting legacy financial institutions from disruptive competition. After all, few, if any, journalists will take the time a few years hence to see if the rule actually worked. If it is the former, then, as explained below, FinCEN should withdraw this rule and start over. If it proceeds with this ill-advised rule, then it will be clear that it is either appearances, a desire to protect existing financial institutions from competition or a simple lack of understanding and sophistication that govern FinCEN’s actions.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

Forbes | Jonathan Ponciano | Apr 14, 2021

SEC securities exchange commission - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

The Senate on Wednesday confirmed President Joe Biden's nomination of Gary Gensler, a former Goldman Sachs banker and a forceful commodities regulator under former President Barack Obama, to head up the Securities and Exchange Commission, setting the stage for widespread reform as the agency takes on unprecedented stock-market volatility and booming institutional adoption in the nascent cryptocurrency space.

Key Facts

The Senate confirmed Gensler's appointment Wednesday afternoon in a vote of 53 to 45, placing the 63-year-old academic and former investment banker atop the agency charged with maintaining fair, orderly and efficient markets.

Gensler, who's promised to increase transparency and reduce risk in the market, succeeds former SEC Chair Jay Clayton, an attorney tapped by former President Donald Trump to undo financial regulations that "stifled investment in American companies."

The confirmation comes more than a month after the Senate Banking Committee voted 14 to 10 to advance Gensler's nomination for two terms ending on June 5, 2026.

See:  Will Gary Gensler at SEC be Good for Crypto?

The Senate only voted to confirm Gensler for the remainder of the term expiring June 5, so it will need to hold another vote for his second term.

Viewed as a leading reformer after the 2008 financial crisis, Gensler opened his nomination hearing in March by touting his five-year stint as chair of the Commodity Futures Trading Commission and cautioning that "when we fail to root out wrongdoing, or to adapt to new technologies, or to really understand novel financial instruments, things can go very wrong."

What To Watch For

Crypto regulation under Gensler. In an interview with Forbes last month, SEC Commissioner Hester Peirce acknowledged Gensler will have a "very busy agenda—much of which will have nothing to do with crypto," but she said he's likely to be "sympathetic to the call for regulatory clarity" in the space.

See:  Hester Peirce on personal liberty, crypto regs and retail investor particiation

The SEC has long delayed issuing firm regulation targeting digital currencies given its purview over securities (and not currencies), but Gensler—a professor focused on cryptocurrencies and blockchain technology at the MIT Sloan School of Management—will be overseeing the agency as it takes on a slew of bitcoin exchange-traded fund applications and as it investigates Ripple, the firm behind one of the world's largest cryptocurrencies, for the alleged sale of unregistered securities.

 

“When it comes to enforcement, Mr. Gensler has shown he has the guts to take on bad actors, no matter how big, no matter how powerful they are, and he will hold them accountable,” Senate Banking Chair Sherrod Brown (D-Ohio) said Tuesday.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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ETF investors say Coinbase listing will cause explosion in crypto investing

ComplianceX | Jack J. Kelly | Apr 12, 2021

Cryptocurrencies - ETF investors say Coinbase listing will cause explosion in crypto investingThe pending Coinbase direct listing, scheduled for Wednesday on the Nasdaq under the symbol COIN, is exciting a broad base of the investment community outside the usual cryptocurrency crowd.

“Coinbase is going to blow people’s minds,” said Matt Hougan, chief investment officer at Bitwise Asset Management, which pioneered the first cryptocurrency index fund. “I think it’s going to force traditional finance to wrestle with the phenomenal growth that is taking place in crypto.”

It’s not hard to understand why. Coinbase is likely the biggest beneficiary of the cryptocurrency revival. It had 56 million verified users, with $1.8 billion in revenues in the first quarter alone, and a value that could be anywhere from $50 billion to $100 billion.

That is an extraordinary valuation for an exchange of any type. By contrast, Intercontinental Exchange, which runs the New York Stock Exchange, has a market cap of $65 billion, while Nasdaq has a market cap of $25 billion.

See:  The Under-Appreciated Significance of Coinbase Going Public

That kind of valuation is getting the investment community — and particularly exchange-traded fund investors — very excited.

Biggest crypto pure play

Crypto assets have had the same problem that other hot commodities (like pot or space) have had in the past: a high degree of interest with a notable lack of investible assets. Coinbase, however, will go a long way toward solving that problem.  Because ownership of crypto by individuals and institutions is still fairly low, many believe the valuation of Coinbase will encourage more private entities to go public.

“I think we’re going to see a gold rush for crypto equities as investors realize just how fast the ‘picks and shovels’ companies of the crypto ecosystem are growing,” Hougan said.

Michelle Bond, a former senior counsel at the SEC who is now CEO of the Association for Digital Asset Markets, an association of firms in the digital marketplace, said "the Coinbase listing will break down headline barriers because this will have to be approved by a traditional financial regulator, ensuring transparency, integrity and disclosure.”

Will the SEC finally approve a bitcoin ETF?

While bitcoin ETFs exist in the U.S., they do not directly own bitcoin. They own portfolios of stocks deemed to have exposure to blockchain technology.  A bitcoin ETF that owns bitcoin is a long-awaited dream of crypto investors because it will greatly expand the class of potential owners.

“A bitcoin ETF will provide an easy, simple and efficient way to own bitcoin,” said Som Seif, who runs the Purpose Bitcoin ETF, which trades in Canada. “Just like gold, the storage and custody of bitcoin is unique. An ETF solves that problem. Also it’s like a stamp of approval: There’s institutional backing. The GLD [Gold ETF] changed the world when it came out in 2004. It made it easy to own gold as an asset class.”

See:  Canadian Regulators Green Light World’s First Bitcoin ETF for Retail Investors

Several weeks ago, the SEC acknowledged the receipt of Van Eck’s bitcoin ETF application, which set in motion a 45-day regulatory review period. At the end of that period, the SEC must either approve, deny or extend the review period. Several other firms, including Fidelity, have also applied for a bitcoin ETF.  Most observers believe the SEC will punt and seek to extend the review period. The maximum period is 240 days.  However, most bitcoin watchers believe late 2021 could finally be the year a bitcoin ETF is approved.

“The biggest potential change is [SEC Chair nominee] Gary Gensler,” Magoon said, noting that Gensler has taught cryptocurrencies and appears more receptive to a bitcoin filing. He also noted that SEC Commissioner Hester Peirce, a Republican, has also been a supporter of a bitcoin ETF.

Continue to the full article --> here


NCFA Jan 2018 resize - ETF investors say Coinbase listing will cause explosion in crypto investing The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Recent Appointments

7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
David Durand, Advisor, Innovation and Advocacy

David Durand, Advisor, Innovation and Advocacy

David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec)[...]
Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo is Founder & CEO of Finavator INC, Money2020 RiseUp Alumni, Women in Payments Glob[...]
Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore.  Paul's roles[...]
Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton is CEO & Founder of FGS (FinTech Growth Syndicate) – Canada’s leading FinTech innova[...]
Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik is the Principle of Complifact AML Inc., and currently spends her time assisting th[...]
Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA Lansdowne Chair in Finance Gustavson School of Business, University of Vi[...]
Alan Wunsche, Advisor, Blockchain

Alan Wunsche, Advisor, Blockchain

Alan Wunsche, MBA, CPA, CA, CBP – Founder, TokenFunder and Co-founder/Chair, Blockchain Canada Al[...]
David Lucatch, Advisor

David Lucatch, Advisor

David Lucatch Chair, KABN David has spent more almost 35 years in the international marketing ar[...]
Sherwood Neiss, Advisor, Global Crowdfunding Markets

Sherwood Neiss, Advisor, Global Crowdfunding Markets

Mr. Sherwood Neiss co-authored the “Crowdfunding Exemption Framework” which became the basis of Titl[...]