Last week the U.S. Securities and Exchange Commission (SEC) refused to approve nine different proposals for bitcoin exchange traded funds (ETFs). This comes on top of a number of prior SEC refusals of bitcoin-based funds, including the SolidX Bitcoin Trust and two separate denials of the Winklevoss Bitcoin Trust, the first in 2017 and the second this summer.
Why have so many other U.S.-listed commodity ETFs been approved over the years whereas bitcoin ETFs keep getting rebuffed? It is tempting to view the SEC smackdown of these bitcoin ETF proposals as a sign of distaste for this new and anarchic technology. But I don’t think this reading is accurate. If anything, SEC vs Bitcoin is less about Bitcoin and more about the SEC’s attempt to impose standards in an age where Wall Street is trying to package almost everything into a broadly-available security.
by John Vibes, The Free Thought Project:
A group of scientists is using blockchain technology to stop Monsanto from patenting cannabis strains.
As The Free Thought Project reported last week, blockchain startups have been offering interesting solutions for the cannabis industry, which is facing strict regulations from the government, as well as constant take-over attempts by large corporations.
One major concern of cannabis advocates is the possibility of large biotech corporations like Monsanto patenting seeds or even DNA for different strains. A creative solution to this problem is a sort of cannabis genome project, in which researchers use technology that gathers the genetic information of the plant. Medical Genomics, the group behind the project, is publishing all of their results at Kannapedia.com using their StrainSEEK Identification and Registration service.
Soros, Rothschild, and Big Institutional Investors are Entering Bitcoin Market
by JP Buntinx, News BTC:
The cryptocurrency industry has always attracted speculators and market makers. Institutional investors have not shown much of an interest in Bitcoin until very recently. Slowly but surely, the tide will turn in favor of all cryptocurrencies. Financial moguls, including George Soros, the Rothschild family, and others, now have their sights set on Bitcoin. It makes for an interesting development, albeit the potential impact has yet to be determined.
by Andy Hoffman, Miles Franklin:
Not that its experience is any different from the countless “empires” that destroyed themselves from within; but let’s face it, America is rapidly morphing into a Banana Republic.
And not just in terms of its monetary policy – as the leader, in the “race to the bottom,” of the terminal phase of history’s largest; most destructive; and for the first time, global; fiat Ponzi scheme. Unfortunately, the symptoms of the disease are widespread, affecting the political, economic, and social landscape – all by-products of the complacency, self-indulgence, and arrogance created by the false sense of superiority the “reserve currency” issuer temporarily enjoys, in ephemerally living far above its means. Unfortunately, aside from the inexorable secular headwinds pounding against America’s rapidly waning dominance – like the global population explosion, unfavorable demographic trends, and synchronous worldwide information dissemination – America’s exposure to the gargantuan, historic cyclical downturn its own policies caused, is as broad, and systematically dangerous, as any nation’s. And not just absolutely; but more importantly, relative to the sky-high, “sixth sigma” standard of living its fleeting stint as reserve currency issuer has enabled.
According to the FDD, with the increase of adoption of cryptocurrencies around the world, efforts are underway to build new systems for transferring value that work outside of conventional banking infrastructure.
Governments in Russia, China, Iran, and Venezuela are experimenting with the technology that underpins the crypto market, said the report. They are prioritizing blockchain technology as a “key component of their efforts to counter US financial power.”