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SEC representative "hopes" Bitcoin ETF will be approved

Feb 14, 2019

In a recently published interview Robert J. Jackson Jr., a commissioner at the U.S. Securities and Exchange Commission (SEC), has announced his expectations regarding bitcoin Exchange-Traded Fund (EFT). He hopes that soon the time will come and someone will satisfy the standards set by the SEC.

As you may know, there was a number of bitcoin-based ETF proposals filed with the SEC in order to receive permission, but none has yet been approved.

To this date, the SEC has rejected at least 10 of this type of proposal. It is known that back in August of last year, the SEC has rejected seven Bitcoin ETF proposals from ProShares, Direxion, and GraniteShares. However, one day later the regulator said it would inspect the proposals.

In July last year, the SEC for the second time has rejected brothers Winklevoss’ proposal to list a bitcoin ETF on the Bats BZX Exchange. The SEC’s decision, at the time, was based on the funds inability to prevent fraud and market manipulation. Analyzing this situation, Roll Call Jackson said that was an easy case but the risk of manipulation along with harm to investors was too high. He also added:

“I’m happy to say market participants have begun to come in with ideas. Whether or not we’re going to find one that really protects investors I don’t know, but I do know that that Winklevoss case wasn’t especially close.”

Another SEC commissioner, Hester Peirce, has expressed even more realistic views of the bitcoin ETF opportunities. Back in July, Hester Peirce stated that the Winklevoss’ suggested rule change has satisfied the statutory standard, hence it should be permitted.

By analyzing the above situation, we surely can say that the SEC’s position has obviously not deterred all crypto enthusiasts from trying to make the ETF revelation.

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