After the most recent decline in crypto traded funds, the markets have fallen! The rule that allows trading of Bitcoin-based exchange traded items, was not accepted by SEC.
On Thursday, the votes were in favor of a crypto-based exchange product and ETF was rejected. Hester Pierce, one of the commissioners, became a well-known crypto celebrity, after a Twitter post.
The post was about how ETF proposal failed because they could not demonstrate that investors will be protected from manipulation.
“The Commission’s approach undermines investor protection by precluding greater institutionalization of the bitcoin market,” Mrs. Pierce warning in 2,400 words, also saying that she “would rather we err on the side of approving products so that investors, who are generally better judges about these things than we are.”
After she was first nominated by Obama and acknowledged later by Trump, Ms. Pierce has supported lifting barriers for accredited investors.
Wall Street has to be ready to welcome the Cryptocurrency. The second stock biggest market in the world, Nasdaq Inc, held a meeting with the industry and business leaders. They have discussed the future, but they also tried to find a way to change the way people see digital currencies.
At the meeting attended important names from about half the organizations, such as Gemini, but also other cryptocurrency exchanges, according to a Bloomberg reportage.
Nasdaq offers trading softwares to many exchanges for cryptos, such as Gemini or DX.Exchange, after they chuckled with the cryptocurrencies. Adena Friedman, the CEO from Nasdaq, talked about a future possibility of offering crypto trades, but she was reserved to avoid a public commitment.
There is still a possibility of trading ETFs for Nasdaq, in case the commissioners will change their minds anytime soon.