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Leading ETF Authority Claims SEC Still Gathering Information on Bitcoin (BTC)

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In a frustrating move for both institutional and retail investors, the United States Securities & Exchange Commission (SEC) has ruled to delay its decision on Bitcoin ETFs–again.

Since mid-2018, Bitcoin Exchange-Traded Funds (ETFs) have been the hot topic of conversation in cryptocurrency and a focal point for the industry in encouraging institutions to invest in digital assets. As opposed to approving the assortment of ETF applications brought before it, the SEC has routinely denied or delayed such claims. As reported by EWN, the U.S. regulatory body delayed its decision on Bitcoin ETF frontrunner VanEck earlier today, and gave little reason in issuing its decision.

However, while investors may be losing patience with the SEC, one of the world’s leading authorities on ETFs claims that the commission is still in the ‘information gathering’ phase on Bitcoin, despite having multiple years worth of proposals.

David Nadig, managing director of ETF.com, told CNBC on May 20 that the SEC is still compiling a verdict on Bitcoin ETFs, and has the authority to continue delaying its creation, despite so-called deadlines,

“It is clear the SEC is still in information gathering mode. […] Technically, there are deadlines, but honestly they [SEC] can do what they want, they can kick this down the road until they are comfortable, it is clear from what we are hearing.”

While investors and crypto enthusiasts continue to beat their heads against the wall over the SEC’s glacial pace, the decision-making body appears to be in no hurry to approve the creation of a Bitcoin exchange-traded fund. It’s possible the SEC is waiting out another market cycle for cryptocurrency, content to sit on the sidelines in the event of a total BTC collapse.

Nadig, for what it’s worth, believes that a Bitcoin ETF will eventually get the greenlight, albeit at the cost of several months or more of waiting. Specifically, he told CNBC his prediction that a BTC ETF could take at least a quarter or longer to gain approval, pushing the proposed date for a decision to August or later. However, he also gave a vote of confidence for the growth of the cryptocurrency industry, and relayed that regulators would be more comfortable with a BTC ETF as the market matures.

Retail investors may not find difficulty in buying and selling cryptocurrency through the traditional exchange route, but institutional and high-capital investors have been more wary. An exchange-traded fund, with the regulatory weight of the SEC behind it, has long been looked to as the signal gun for kicking off large-scale investment. Given the Wild West nature of cryptocurrency exchanges, with hacks and other scandals becoming a regular occurrence for even the largest name players (look no further than Bitfinex and Binance), Wall Street and other institutions would prefer to have more assurance in their investment.

However, the continued delay by the SEC has led to increasing frustration by the investment base, with some analysts pointing to unfair treatment towards cryptocurrency compared to traditional markets.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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