• About us
  • Contact Us
  • Privacy & Policy
CryptoCoinNewsHub.com
No Result
View All Result
Monday, July 13, 2020
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
CryptoCoinNewsHub.com
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
No Result
View All Result
CryptoCoinNewsHub.com
No Result
View All Result
Home Tech

If Bitcoin Was a Security, It Would ‘Raise Substantial Issues’

October 6, 2019
in Tech
2 min read
0
If Bitcoin Was a Security, It Would ‘Raise Substantial Issues’
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

The United States Securities and Exchange Commission (SEC) has yet again officially stated that Bitcoin (BTC) is not a security.

In a letter to Cipher Technologies Bitcoin Fund dated Oct. 1 the SEC declined the investment company’s registration statement on the grounds (among others) that Bitcoin is not a security. 

Per the letter, Cipher attempted to register an “investment company” under the Investment Company Act of 1940, implying that Bitcoin is a security.

Not a security

The SEC staff, on the other hand, has argued Cipher’s reasoning under the Howey test and its framework for analyzing digital assets published in April. The letter states:

“Among other things, we do not believe that current purchasers of Bitcoin are relying on the essential managerial and entrepreneurial efforts of others to produce a profit. Accordingly, because Cipher intends to invest substantially all of its assets in Bitcoin as currently structured, it does not meet the definition of an ‘investment company’ under the Investment Company Act and it has inappropriately filed on Form N-2.”

If Bitcoin was a security, issues would occur

Furthermore, the SEC also noted that if Bitcoin was a security, “it would then raise substantial other issues.” More precisely, the cryptocurrency in question would be “an unregistered, publicly-offered security, and, among other things, it potentially would render the proposed fund an underwriter of bitcoin.”

Lastly, the securities regulator also noted that Cipher did not adequately comply with legal and investor protection norms. The letter concludes by saying that the SEC “staff will not conduct additional review of Cipher in its present form.”

RELATED  India Will Lose An Almost $13 Billion Market By Banning Crypto

As Cointelegraph reported a week ago, debates are still ongoing on whether XRP, the third-largest cryptocurrency by market capitalization, is a security.


Credit: Source link

  • Trending
  • Comments
  • Latest
Top 5 Crypto Performers: BTC, EOS, ETH, TRX, ETC, MHC*

Top 5 Crypto Performers: BTC, EOS, ETH, TRX, ETC, MHC*

July 4, 2019
Cryptos Are Not a Threat to Financial Stability

Cryptos Are Not a Threat to Financial Stability

July 11, 2019
Reddit Crypto Tipping Service TipJar Shuts Down

Reddit Crypto Tipping Service TipJar Shuts Down

October 8, 2019

Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet

February 7, 2020

XRP Beats Ethereum and Bitcoin as the Best Performing Crypto

February 1, 2020

Robin Hood- Problems in more than just Sherwood Forest

January 28, 2020

One Wallet Has 27% of Ether in Old MakerDAO Network

January 26, 2020
CryptoCoinNewsHub.com

CryptoCoinNewsHub.com is an online news portal which aims to provide latest trendy crypto news around the world with real time updates.
Email us hello@cryptocoinnewshub.com

Topics to Cover

  • Bitcoin
  • Blockchain
  • Business
  • Crypto News
  • Ethereum
  • Ripple
  • Tech
  • Trading

Whats New Here!

  • Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet
  • XRP Beats Ethereum and Bitcoin as the Best Performing Crypto
  • Robin Hood- Problems in more than just Sherwood Forest

Subscribe to get more

Simply subscribe to our newsletters and we will be in touch. Don't worry, we won't spam you

© 2019 CryptoCoinNewsHub.com - All rights reserved

No Result
View All Result
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading

© 2019 CryptoCoinNewsHub.com - All rights reserved

  • bitcoinBitcoin(BTC)$8,152.26-0.70%
  • ethereumEthereum(ETH)$175.30-1.63%
  • rippleXRP(XRP)$0.252799-0.58%
  • bitcoin-cashBitcoin Cash(BCH)$242.68-2.16%
  • tetherTether(USDT)$1.000.27%
  • litecoinLitecoin(LTC)$55.01-1.92%
  • eosEOS(EOS)$3.11-2.39%
  • binance-coinBinance Coin(BNB)$18.56-2.84%
  • cardanoCardano(ADA)$0.042556-2.10%
  • stellarStellar(XLM)$0.064655-3.04%
  • tronTRON(TRX)$0.016891-2.25%
  • moneroMonero(XMR)$58.64-0.32%
  • neoNEO(NEO)$11.682.51%
  • iotaIOTA(MIOTA)$0.245122-1.96%
  • dashDash(DASH)$65.431.15%
  • nemNEM(XEM)$0.039494-0.75%