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US SEC Chairman confirms Ethereum may not be security

1:05 PM March 13, 2019

Summary:

  • SIX Swiss Exchange could soon list Ripple-based ETP
  • Jay Clayton confirms stance that Ethereum may not be security
  • Dash jumped up to around $90

The cryptocurrency market has launched Wednesday’s trading quite flat as major virtual currencies have not produced any major price movements. However, it is worth noting that Dash went up to above the $90 mark during yesterday’s trading. According to CoinMarketCap, the capitalization of the whole cryptocurrency market stands around the $133 billion handle while the largest digital currency Bitcoin accounts for roughly 51.4% of this value on Wednesday morning.

Bitcoin (BITCOIN on xStation5) saw a slight rise yesterday, but it has experienced a drop during today’s trading. As a result, the largest cryptocurrency is trading around the $3825 handle at press time. Source: xStation5

Major Swiss exchange could soon list Ripple-based ETP

Hany Rashwan, the CEO of Amun AG (the Swiss crypto startup), said that his company had obtained the SIX’s approval to issue the Ripple-based exchange traded product, as the Coindesk reports. Let us remind that Amun AG created some other crypto-related ETPs in the past months including the Bitcoin-based and Ethereum-based ones. Moreover, the company created Amun Crypto Basket ETP which tracks four major cryptocurrencies. Moreover, Hany Rashwan said that his company “expects to release the world’s first XRP ETP within the next two months”.

Ethereum (ETHEREUM on xStation5) experienced three consecutive days of declines. Moreover, the virtual currency has also dropped today to a little above $130. Note that Ethereum is moving in the vicinity of its 50-period moving average (a light green line) on the D1 chart at press time. Source: xStation5

US SEC Chief confirms that Ethereum may not be security

The US Securities and Exchange Commission Chairman Jay Clayton has confirmed the agency’s analysis which said that Ethereum might not be a security. Namely, William Hinman, the SEC’s Director of Corporation Finance, stated last year that “current offers and sales of ether are not securities transactions”, but he also said that “the analysis of whether something is a security is not static and does not strictly inherent to the instrument”. The congressman Ted Budd sent a request to the SEC Chairman in which he asked whether Jay Clayton agrees with the Hintman’s analysis. The SEC Chairman has responded to a question from Budd recently. Jay Clayton explained in a letter that he agreed with the certain official’s remarks, but he did not mention Ethereum by its name. Clayton agreed that “analysis of whether a digital asset is offered or sold as a security is not static and does not strictly in here to the instrument”.

Dash (DASH on xStation5) significantly increased during yesterday’s trading. The cryptocurrency managed to hit the $90 handle. However, Wednesday has brought a slight step back for this virtual currency. Source: xStation5

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