Earlier, this month, we reported on the Securities and Exchange Commission (SEC) opening a comment section on their website inviting cryptocurrency investors to pitch in their two cents about approving Bitcoin Exchange Traded Fund (ETF).
The Bitcoin ETF recommendation was put forward by the Chicago Board of Exchanges (CBOE) and if approved, will allow over-the-counter (OTC) trading for eligible investors and at the same time, provide investors with insurance and security. According to the SEC’s official statement, the application was filed on June 20.
As we stated earlier, the comments were overwhelming in favour of Bitcoin ETF. A Commodity Futures Trading Commission (CFTC) told The ICO Journal, “I would call it 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding Bitcoin futures across several global exchanges. The price moderation and adoption of a ‘peer product’ is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”
Seconding the sentiment and adding to the former point, a former SEC told the portal, “I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space. To be clear, most of the regulation will be first focused on ICO’s and the issues those pose for retail investors at the moment. US residents are sending money to all sorts of exotic locations to invest in unregulated instruments with absolutely zero recourse for losing every cent they’ve put at risk. ICO regulation will begin to solve those issues and keep client assets ‘onshore’.”
Although there have been no comments on the website since July 11, it is a matter of time, before the SEC announces its decision.
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