A Securities and Exchange Commission (SEC) Commissioner seems to believe that bitcoin exchange-traded fund (ETF) may be the future, a leaked interview reveals.
A Twitter user named Drew Hinkes’ shared the screenshots of an interview between Robert J Jackson Jr and Congressional Quarterly (CQ) which was scheduled to go live on February 11.
While being largely bearish on the issue, Jackson stated that some applicants would most probably meet the agency’s minimum requirements for a cryptocurrency-based fund that could be traded by ordinary investors. He said, “Eventually do I think someone will satisfy the standards that we have laid out the standards that we have laid out there? I hope so, yes and I think so.”
However he said, while there are a great many cryptocurrency-based applications waiting for the agency’s decision, he was unsure which way the agency would swing.
#SEC Commissioner Jackson in an interview to be published next weeks is optimistic that a "fund based on #bitcoin" will eventually be approved, expresses concern about the proposed ETFs submitted to date. pic.twitter.com/3BCuiBd4CB
— Drew Hinkes (@propelforward) February 5, 2019
In the past, the SEC has received a lot of flak for rejecting nine bitcoin ETFs, most notably since one of the ETFs was put forward by cryptocurrency exchange, Gemini founders, Tyler and Cameron Winklevoss.
As earlier reported by Crypto-News India, SEC Commissioner, Hester M. Peirce, had conveyed her dissent in a post, on the rejection. At the time she had said, “The Commission erroneously reads the requirements of Section 6(b)(5). The disapproval order focuses on the characteristics of the spot market for bitcoin, rather than on the ability of BZX—pursuant to its own rules—to surveil trading of and to deter manipulation in the ETP shares listed and traded on BZX. Section 6(b)(5), however, instructs the Commission to determine whether “[t]he rules of the exchange” are, among other things, “designed to prevent fraudulent and manipulative acts and practices [and] to promote just and equitable principles of trade,” and “are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.” It says nothing about looking at underlying markets, as the Commission often has done in its orders.”
However Jackson believes that the stringent rules laid down by the regulatory body is ultimately for the well-being of investors and he is happy that participants have begun looking for newer ideas to make their products better.
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