The Bitcoin ETF destiny is open-ended, as there is no definite outcome, states Hester Peirce, a SEC Commissioner on Crypto Trader, being interviewed by Ran Neu-Ner the host of the show.
The Bitcoin ETF Rejection
Bitcoin ETF has been considered the panacea to the bearish trend of the cryptocurrency market by most enthusiasts. However, this view has come under scrutiny due to the rejections it has received.
The U.S. SEC has rejected ten Bitcoin ETFs in all. However, plans are underway to review some of them by the SEC commissioners. Notably also is a postponed ETF approval which is scheduled to happen at the end of September.
The plan to review and also the decision on the postponed ETF by month end has given enthusiasts revived hope on its impact on the price of cryptocurrencies in general.
Ran Neu-Ner, the host of Crypto Trader on CNBC, had a chat with Hester Peirce. The discussion centered on the status of the Bitcoin ETF.
Ran Neu-Ner and Hester Peirce’s Chat On Crypto Trader
Ran Neu-Ner asked Hester about the earlier Bitcoin ETF rejections and the reason for the review. Hester noted that SEC staffs act on delegated authority. However, the commissioners who are five but presently four can review the decision of the staffs, and that is what will happen with the rejected ETFs.
On the procedure of rejection and review, Hester states that it was fairly standard for such type of proposal to go through delegated authority and get rejected. Notably, there is a period in which the commission or one of the parties can recall the decision for a review.
Ran Neu-Ner further asked about the eventual outcome of the rejection review. Hester mentioned that there is no definite outcome of what could happen after the reconsideration, as the decision or outcome is “open-ended.”
While Hester’s opinion was sought on the postponed VanEck ETF’s approval to the end of September, Hester refused to comment because it is ongoing and the staffs are working on its filing.
Bitcoin ETF and Cryptocurrency Value
The Bitcoin ETF as considered by Yaniv Feldman the CEO of One Alpha, as something that will take a little while before approval because of what he considers as unpreparedness of the crypto market in custodial solution.
Similarly, Yoni Assia, founder, and CEO of eToro also stated that Bitcoin ETFs would have no impact on the value of cryptocurrencies in the short term after approval.
Regardless of the outcome of the review on the rejected ETFs, the power lies with the people on whether to drive the value of cryptocurrencies in the market to new heights or otherwise.