We wanted to share this great podcast series that features our Investment Management Group – several episodes, if not all, might be of interest to you!
Please see the list of episodes below:
Todd Zerega and Andrew Cross discuss the
Todd P. Zerega
Contact: Read more about Todd P. Zerega
SEC Staff Rejects Bitcoin Futures Based ETFs – Commission Stays Rejections Pending Its Review
By Todd P. Zerega & Tom Ahmadifar on
Posted in Regulatory and Legislative Developments
For those of you who have been following along thus far, the U.S. Securities and Exchange Commission (“SEC”) and the SEC’s Division of Trading and Markets (“SEC Staff”) have been wrestling since December 2017 with whether to approve or disapprove exchange-traded funds (“ETFs”) that invest in bitcoin futures contracts. On August 22, 2018, the SEC Staff decided to reject three proposals that included a total of nine bitcoin futures ETFs, possibly. Just one day later, the SEC issued stays of all three rejections and elected to review the SEC Staff’s decisions. With no clear decision, it is worth looking at the reasons for the SEC Staff’s rejection of the three proposals, particularly in light of the SEC’s recent split decision on the rejection of a bitcoin ETF (the “Bitcoin ETF”).
Continue Reading SEC Staff Rejects Bitcoin Futures Based ETFs – Commission Stays Rejections Pending Its Review
SEC Denies for the Second Time a Proposal for a Bitcoin Exchange-Trade Product
By Tom Ahmadifar & Todd P. Zerega on
On July 26, 2018, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) issued an order, by a 3-1 vote, disapproving a proposed rule change (the “Proposal”) that would have allowed for a bitcoin exchange-traded product (“ETP”) (the “Order”). In the Order, the SEC re-asserted many of its prior concerns and reasons for denying the…
Dissent on the SEC’s Re-Disapproval of a Bitcoin Exchange-Traded Product
By Tom Ahmadifar & Todd P. Zerega on
On July 26, 2018, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) issued an order disapproving a proposed rule change that would have allowed for a bitcoin exchange-traded product (“ETP”) (the “Order”). However, the Order was not unanimous amongst the SEC’s Commissioners. Commissioner Hester M. Peirce issued a stand-alone dissent against the Order, arguing…
Bitcoin Futures Volatility and Total Volume Since the Start of 2018
By Todd P. Zerega & Tom Ahmadifar on
Posted in Uncategorized
According to recent data provided by CBOE and CME Group, the volatility and total volume of bitcoin futures in 2018 have been in a gradual decline. As displayed in the chart below, the Cboe bitcoin futures contract (XBT) volatility for the lead month declined in each month to begin 2018. In addition, according to data…
SEC Denies Proposed Rule Change
The Securities and Exchange Commission announced today that it would deny a proposed rule change that would have permitted the first exchange traded fund to track digital currency. If granted it would have permitted the Bats BZX Exchange, Inc. (“Exchange”) to list and trade shares issued by the Winklevoss Bitcoin Trust on the Exchange. The …
ETF Corner: SEC Requests Comment on listing of Bitcoin ETF
By Todd P. Zerega on
Posted in Regulatory and Legislative Developments
On October 12, 2016 the Securities and Exchange Commission (“SEC”) issued an order instituting proceedings to determine whether or not to approve or disapprove a proposed rule change filed by Bats BZX Exchange, Inc. (“Exchange”) that would permit Winklevoss Bitcoin Shares (“Shares”) issued by the Winklevoss Bitcoin Trust (“Trust”) to be listed and traded on the Exchange. The SEC is instituting proceedings “in the view of the legal and policy issues raised by the proposed rule change” and stated that such proceedings “does not indicate that the Commission [SEC] has reached any conclusions with respect to any of the issues involved.” As further noted below the SEC is encouraging “interested persons to provide comments on the proposed rule change.”…
Continue Reading ETF Corner: SEC Requests Comment on listing of Bitcoin ETF