SEC exemption

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September 3, 2019 SIDE-DOOR ETF: While the U.S. Securities and Exchange Commission (SEC) has so far blocked a number of proposed bitcoin ETFs, two firms aim to launch a more limited option this week. Announced Tuesday, VanEck Securities and SolidX Management – which have previously had a decision on their proposed bitcoin ETF postponed by the SEC – revealed they are using an SEC exemption that will allow shares in their VanEck SolidX Bitcoin Trust to be offered to institutions such as hedge funds and banks, but not to retail investors. Full story HOT SPOT: Russia’s abandoned Soviet-era factories are enjoying a second life as cryptocurrency mining facilities as Siberia’s big hydropower plants (another legacy of the USSR) lure miners with cheap electricity. The favorable costs and naturally cold climate are turning Siberia into an international mining hub with miners from Europe, Asia and the U.S. placing their rigs in local farms. Full story STEPPING DOWN: Billionaire and crypto industry veteran Anthony Di Iorio, founder of the Jaxx wallet-maker Decentral, retired this week to focus on “philanthropic initiatives,” he told CoinDesk. The ethereum co-founder will continue funding Decentral and approving budgets as chairman of the board. Meanwhile, former product manager Maggie Xu, will take the helm as the company’s new CEO. “If [Xu] develops a roadmap, presents it to me, it will be approved depending on which resources she needs,” Di Iorio said. Full story PWC PAYMENTS: “Big Four” auditing firm PwC’s Luxembourg branch will accept cryptocurrency payments from clients starting next month. The move, announced Monday, is a response to client demand and demonstrates PwC Luxembourg’s belief in blockchain technology’s “medium to long-term” role in the economy, the firm said. PwC Luxembourg said it partnered with a local exchange to facilitate the payments. It did not identify the exchange and will initially only accept bitcoin payments. Full story CHINA TRADE: HSBC has carried out the first blockchain-based letter of credit transaction denominated in Chinese yuan. The bank said Tuesday that the transaction marked progress for the Voltron trade finance blockchain platform it developed alongside other banks including BNP Paribas and Standard Chartered. The bank is moving from small pilots towards a possible commercial rollout of the platform at the end of this year or early in 2020. Full story DOMINANCE RISING: Bitcoin's sudden recovery from $9,320 to $10,600 has neutralized the short-term bearish setup. The outlook, however, would only turn bullish if prices print a UTC close above the lower high of $10,956 created on Aug. 10. While the rise in bitcoin's dominance rate to 30-month highs supports the bullish case, low volumes and gloomy weekly chart indicators favor the downside. Full story D’OH! A New Jersey man responsible for a crypto theft accidentally emailed an apology to a police detective during the resulting investigation, NJ.com reports. Darren Carter had managed to make off with over $15,000 in crypto after he stole a mobile phone belonging to a Connecticut resident at an airport. The funds were retrieved and returned to the proper owner, while Carter has been charged with identity theft. WHO WON #CRYPTOTWITTER   Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list