Fatman3001
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April 20, 2015, 12:37:32 AM

GBTC might start trading on monday, but I would think Gemini/Coin would want to comply with the final BitLicense before they launched.

As I understand, Gemini (the Winkles' exchange) depends only on ordinary bureaucratic licenses (MSB, MTB, whatever).  If  Coinbase can function, they should be able to function too (unless they are based in NY and have to wait for the BitLicense because of that).

The COIN ETF is more complicated: it must be approved by the SEC, which is not just a bureaucratic formality.  There is no way to tell how long the SEC will take to decide, or whather it will get approved at all.  (In fact, I have read somewhere that, the longer the SEC takes to decide, the less likely is that it will be approved.)



whather 

What the heck, why not feed the TLDR Troll.

I'm guessing one of the functions of Gemini would be to provide liquidity to the ETF in an open and regulated way. Thus it would make sense to base it in New York, or at least have it comply with/conform to the BitLicense. Not to mention that if it's going to be an insured exchange they ought to comply/conform to the strictest or leading standards in order to keep insurance costs down. Plus, New York is where the money's at.

I would think they would launch the Gemini exchange before they launch the ETF since there might very well be that they won't get the ETF unless it's hooked up to an exchange that meets certain requirements. I am not sure if Coinbase meets the requirements to provide liquidity to an ETF.

Yes, it's all guesswork. But looking at the launch of Gemini it looks like not even the Twinkledinkles know what it takes to get that ETF through, so I'm in good company.