BSV Crypto Mom BTC ETF proposal SEC Denial and Quintenz Argument

BSV Crypto Mom BTC ETF proposal SEC Denial and Quintenz Argument

February 15, 2019 Off Maheen Hernandez By Maheen Hernandez

Bitcoin Satoshi Vision (BSV) can now be withdrawn from Coinbase, the largest of the US-based cryptocurrency exchange.  BSV was created in a hard fork of the Bitcoin Cash.

During the hard fork, Bitcoin cash had to them schedule significant upgrades to their blockchain as it has been thus programmed for every six months.  However, this contention had developers and miners to adapt to two different versions of the incompatible software Bitcoin Cash ABC (BCH) and (BSV).  Both of these cryptocurrencies are operating with separate values in the market.

Several Coinbase users had Bitcoin cash in their accounts during the time of the hard fork, and they received BSV coins at 1:1 ratio.  Now after three months, the exchange has notified their users that three months after the fork their BSV balances can now be accessed for withdrawal.

At present Coinbase is not supporting BSV trading.  Users have to export their BSV balance to their external wallet.  If they prefer, they can trade it for either another cryptocurrency or for a fiat currency.

Coinbase sent an e-mail to their investors with instructions on how to proceed with their BSV holdings and how to deal with the circumstance via an e-mail, which stated:

 “Coinbase does not support purchase or sale of BSV.  So you cannot sell your BSV for fiat currency on Coinbase. You can send your BSV balance to an external wallet by following the instructions.”

While this has been happening, Brian Quintenz, a Commissioner for the United States Commodity Futures Trading Commission has initiated an argument against SEC for denying Bitcoin to be based in ETFs.  He further added that SEC does not have any official ground for denying the BTC ETF proposal comprehensively.

SEC has been commonly referring to price manipulation as a reason for rejection.  However, Quintenz opines that this is not the right ground for approval.

Quintenz made these comments while speaking alongside SEC Commissioner Heister Peirce. He further added when talking about Bitcoin ETFs, “Requires that they not be readily susceptible to manipulation.”

He also stated, BTC being called “readily susceptible” is a qualification that is too broad.  He also added that legitimacy, acceptance, and growth for the cryptocurrency space could happen if regulators will approve it.

Of note, Peirce has gained a favorable perception from cryptocurrency investors and audience for her positive stance towards digital assets.  She further dissents from her employer – the regulator body for denying BTC-ETFs enough, which eventually earned her the moniker, the Crypto Mom.

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