Saturday, August 8, 2020

SEC Commissioner Assures The Community That There Will Eventually Be A Bitcoin ETF Approved

Robert J. Jackson, a Securities and Exchange Commission commissioner, stated in a leaked interview that he believes that Bitcoin ETF will eventually see approval. He stated this while discussing the chances of Bitcoin ETF in an interview with the Congressional Quarterly, Inc.

Hope For A Bitcoin ETF

Bitcoin ETF and chances of approval is a concern for most crypto enthusiasts. This is because of the role that has been given to the approval in changing the fortune of the winter market. Robert J. Jackson, a SEC commissioner, finally speaks on the chances of the cryptocurrency market ever getting approval in a leaked interview. The interview slated for release on the 11th of February was leaked on the twitter account of NYU adjunct law professor, Drew Hinkes.

Jackson stated in the interview that eventually, he thinks that someone will satisfy the standard the commission has laid down for a Bitcoin ETF approval. He went further to discuss the reasons for the previous rejections.

He explained the reasons for the rejection of the Bitcoin ETF application of the Winklevoss’ ETF and BZX Exchange’s plan to trade the Gemini twins’ Bitcoin Trust shares. Jackson stated that the case of the Winklevoss trust was not a difficult case to him. This only had to do with the issue of the application being prone to manipulation according to him. And there is a great tendency of people getting hurt as the issue of liquidity in the market was very serious.

Meanwhile, on the BZX exchange’s proposal to list and trade Winklevoss Bitcoin Trust share, he stated that there was a deficiency of surveillance. Jackson stated that the SEC noted that the kind of surveillance available in the stock market was absent.

Also, other major concern of the SEC as noted by Jackson is; the concern of lack of liquidity in certain Bitcoin markets, trading volumes, and the ability to safeguard proprietary information.

SEC is After The Safety Of Investors

In buttressing his view on the rejection of Bitcoin ETF, Jackson stated that he would not want his parents for example to buy the type of Bitcoin ETF rejected. Also, he stated that he takes seriously putting the American stamp of approval on any investment product. Until the laid down, rules are met the approval will not be seen.

The CBOE Bitcoin ETF Application

CBOE withdrew its Bitcoin ETF application recently and had also refiled it. CEO Jan Van Eck noted confidently in an interview with CNBC that the application fulfils all the requirements of the SEC. The crypto community awaits the decision of the SEC on it.

Hopefully, if the CBOE gets approved, the hope of bitcoin hitting a all time high once again will be revived as institutional funding will make its way into the cryptocurrency market.

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