Diving Bitcoin and cryptos, SEC is rife :


The main cryptocurrencies continue their plunge, Bitcoin and Ethereum in the lead, while the US authorities are cracking down on several players in this crypto-active market. On a week, the BTC gives up nearly 14%, back to $ 6.304 according to Coinmarketcap, for a capitalization of $ 109 billion.

Recall that Bitcoin had a peak of nearly $ 20,000 in December 2017. The frenzied speculation on cryptocurrency had then attracted a lot of novices interested in rapid gains in this market of 'cryptos'. Since then, the BTC has lost two thirds of its value and the altcoins also show, for the most part, very large corrections.

New sanctions of US regulators
The SEC and the Financial Industry Regulatory Authority (FINRA) are taking a more concrete step against some unscrupulous actors in the sector. Several fines and a complaint were revealed at the beginning of this week. The SEC sanctioned Crypto Asset Management, which claimed to be regulated and correctly registered, for $ 0.2 million. The 'CAM' fund was marketed as the "first regulated fund of crypto-assets in the United States". The California fund and its manager Timothy Enneking had raised more than $ 3.6 million over a four-month period at the end of 2017. After being contacted by SEC teams, CAM stopped its offer to the public and offered investors redemptions. affected, says the US market authority.

The leaders of TokenLot, a firm active in cryptocurrency fundraising, will be required to repay $ 0.5 million and face a fine of $ 0.1 million. They were not properly recorded either.

Finally, FINRA filed a complaint against Timothy Tilton Ayre, who fraudulently introduced the 'crypto' HempCoin. This case represents the first disciplinary action of the regulatory authority involving cryptocurrency. We want to say it was high time! Over the period from January 2013 to October 2016, Timothy Tilton Ayre attempted to attract investment in a non-real-valued company, Rocky Mountain Ayre, Inc. (RMTN), by issuing and selling HempCoin, which he presented. as 'the first virtual currency backed by marketable securities', and by making fraudulent positive statements about RMTN's business and finances. RMTN was listed on OTC Markets Group's 'Pink Market'.

Two suspended trackers
The US financial market watchdog has also suspended Bitcoin Tracker One and Ether Tracker One, citing investors' confusion over assets related to these trackers. Brokers still allowing trading of these financial instruments are obviously subject to sanctions. Both instruments were suspended Sunday. The suspension must last at least until September 20th.

SEC does not want ETFs
The month of August had already been marked by the decision of the US Securities & Exchange Commission to reject no less than nine ETF proposals - index funds indexed on Bitcoin. The SEC announced on August 23 the rejection of the 9 ETF projects from three different issuers (Direxion had proposed 5 ETFs, GraniteShares and ProShares each had two products). The American authority evoked to justify the small size of the market, as well as the lack of assurances concerning product safety.

The US market policeman is particularly concerned about the risks of fraud and manipulation. Nevertheless, the SEC may not have said its last word and should re-examine the ETF proposals. The subject remains crucial for the democratization of the market, and speculation on ETFs had brought Bitcoin on $ 8,000 in July, before a relapse.

The Ethereum victim of ... his own founder
The Ethereum plunges for its part of 38% over a week, back to $ 173. Thus, the capitalization of the second cryptocurrency is only 18 billion dollars. It must be said that Ethereum co-founder Vitalik Buterin confessed to Bloomberg this weekend that the explosive growth period of the blockchain industry was probably behind it, now that the average citizen is aware of its existence. .

Buterin has therefore demonstrated a good franchise, explaining that growth opportunities 'X1000' no longer exist according to him. The growth of 'cryptos' would even be close to a ceiling. The next step would be to get people interested in real applications ...

In an interview with Bloomberg on the occasion of the Ethereum Industry Summit in Hong Kong, Buterin adds: "The blockchain space comes to a point where a ceiling is in sight".

"If you talk to the average educated person at this point, she probably heard about blockchain at least once." By the way, while the growth of Bitcoin

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