As reported by ZeroHedge on July 24, SEC and CFTC may soon accept Bitcoin and Ethereum ETFs quickly. As a step before listing on the NYSE exchange, the approval of the SEC and CFTC is critical. According to anonymous sources cited by ZeroHedge from SEC and CFTC, the approval may take place this fall.
Speculative Approval of Cryptocurrency Exchange Funds in the US
It was stated that it might even be approved on 21 September of this year according to the federal register.
From the anonymous source of CFTC, it was stated that,
“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 anonymous source further said,
“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.”
Coinbase and Gemini have provided leverage for customer service and protections for crypto accounts, and Coinbase has even gone further to create a political action committee PAC with the federal election commission. Establishing these platforms and all this effort might serve as a green light to approve the cryptocurrency exchange by SEC and CFTC.
According to the second anonymous source from SEC, he states that,
“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.”
As reported by Autonomous Research that there is a $40 trillion sitting on the sidelines as institutional investors are waiting for this approval to invest heavily.
It was further stated by the source that the United States will also be announcing US-based regulations of ICO products. Regulating Initial Coin Offerings will probably create an adequately monitored system and fight the issues of fraud that this kind of products has faced since their inception.
This is not the first time that an application for ETF acceptance has been made without yielding a favorable report. The Winklevoss Twins, Cameron Tyler and CBOE ETF, had made previous filings that were rejected.
The acceptance of Bitcoin and Ethereum ETFs
SEC and CFTC approval will no doubt be a victory for cryptocurrency enthusiasts because more institutions will come to invest in the world of cryptocurrencies and the cryptocurrency system will gain the status of being legalized and approved by these two pivotal institutions.