The SEC rejected 9 more Bitcoin ETFs
Direxion, Proshares, and GraniteShares filed altogether nine Bitcoin ETF applications recently. But today the SEC rejected all nine applications today. The comission treated each case individually. However, the main argument was as in all other ETF rejections that consumers need to be protected from fraudulent and manipulative schemes. As a consequence, the Bitcoin market dropped from 6800 to 6400 in the last 24 hours.
China intends to block over a hundred foreign exchanges
China is apparently seeking to block foreign exchanges from operating in China. The biggest and more known exchanges are already blocked like Binance, OKEx, and Bitfinex. Domestic exchanges like Huobi, Bitfinex or OKcoin are not banned. China seems to follow a politics of “crypto nationalism”. It is investing heavily into blockchain and start-ups using the technology. However, foreign projects are currently even banned from organizing events in the Central-Asian state.
Ripple CTO claims XRP is more decentralized than Bitcoin
David Schwartz CTO of Ripple Labs claimed in his most recent blog post on ripple.com that XRP is more decentralized than BTC or Ethereum. Schwartz’s main argument is that the company Ripple controls only 7% of the hash power as the biggest validator on the XRP blockchain. While four mining pools in BTC control 58% of the hash power and even only three mining pools control 57% of the hash power. However, other factors like the fact that Ripple controls billions of XRP in reserve should be considered as well in Schwartz’s claim. Critics claim that the CTO of Ripple tries to portray XRP as decentralized as there is currently a lawsuit going on. It tries to settle whether XRP is a security or not.