No Results from the Bruxelles or London Conferences on Crypto: Are They Waiting for the SEC Decision?
CryptoBit News Today2 min read
European finance ministers gathered in Vienna to address crypto assets and their risks, while financial authorities in the UK and the US also addressed regulatory matters surrounding the sector.
Europe's economic and financial affairs ministers gathered in Vienna Friday for an informal meeting under the chairmanship of Austria's EU presidency. Austria's Finance Minister, Hartwig Löger, placed crypto assets at the top of the financial agenda during Austria's Council Presidency. "With a vision for Europe, we want to make the location more attractive for crypto assets and develop a European plan to position ourselves more strongly in this emerging segment."
European Union finance ministers met on Friday and Saturday to examine the economic potential and risks associated with crypto assets and cryptocurrencies alongside European Commission representatives.
The European Commission was represented at the Vienna meetings by Vice Presidents Valdis Dombrovskis and Jyrki Katainen alongside Commissioner Pierre Moscovici.
The FCA and SEC obstruct clear path to bitcoin ETFs
At the Financial Conduct Authority's 2018 Annual Public Meeting, Chief Executive Andrew Bailey stated that the regulator supports innovation while remaining mindful of the threats new financial products can pose.
In his address, Bailey highlighted the role of open markets in facilitating healthy competition and urged the FCA to help shape international standards. Bailey highlighted the FCA's focus on its regulatory sandbox and Project Innovate, while noting that the agency must balance innovation against the potential threats it creates.
Löger pointed out that initial coin offerings could provide European businesses with valuable access to capital while expanding investment opportunities for consumers. "Growth-promoting regulation should tap this potential for European companies as a serious financing instrument and enable stable market development."
In the United States, the Securities and Exchange Commission announced it would delay its decision on a proposed physically backed bitcoin ETF from VanEck and SolidX until September 30, 2018. The SEC had previously extended its review period for five Direxion Asset Management filings before ultimately disapproving nine proposed funds from Direxion, GraniteShares, and ProShares. The SEC's disapprovals focused on concerns about market manipulation, and the still-small size of the market in Bitcoin futures.
In issuing the rejections, the agency took care to clarify that turning down the funds did not signify a rejection of bitcoin itself. The agency's next statutory deadline for a decision on the pending VanEck fund is Sept. 30, 2018.
