Altcoin News: US SEC Commissioner: Bitcoin ETF Will Eventually Be Approved
February 9th, 2019 by Marko Vidrih on ALTCOIN MAGAZINE
US Securities and Exchange Commission (SEC) Commissioner Robert J. Jackson said in an interview with Congressional Quarterly Inc. that the Bitcoin ETF will eventually be approved. So, no doubt, the SEC will eventually approve the Bitcoin ETF, which is only a matter of time.
The Congressional Quarterly shared a draft interview on social media. According to reports the company plans to announce the full interview on February 11.
Twilight at the end of the tunnel
Although Jackson said that several ETF applications based on cryptocurrency have been submitted, he did not say which application is most likely to be approved by the SEC. However, many industry experts believe that the application submitted by VanEck SolidX is the most likely to be approved. The section of the article reads:
Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so. Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.
Jackson’s comments in many ways indicate that the SEC has consistently opposed the Bitcoin ETF. The committee has previously raised issues related to liquidity, custody and market manipulation in the Bitcoin ETF. In addition, in this report, the member also explained why the Bitcoin ETF is difficult to obtain approval. For the ETF application of the Winklevoss, Jackson said:
The case that we had last year involving the Winklevoss trust, in my view, was not a difficult case. So there you had a situation where the risk for manipulation and for people getting hurt was enormous. The liquidity issues in the market were very serious.
There is no doubt that the cryptocurrency field is full of fraud and manipulation. The SEC and other financial regulators quickly noticed this, and it is not surprising that the SEC is extremely cautious about these matters because of their responsibility to ensure the safety of investors.
Will ETF affect Bitcoin price?
Many industry players believe that the launch of the Bitcoin ETF will trigger bitcoin prices to soar in 2019 and beyond. Even so, it remains to be seen whether the SEC’s approval of the ETF will trigger a rise in bitcoin prices.
Author: Marko Vidrih