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October 2, 2022
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Bitcoin

Will SEC Agree to Bitcoin ETF? –

The further fate of Bitcoin’s course is in the hands of the US Securities and Exchange Commission (SEC)? The authority is debating whether to allow the creation of a bitcoin exchange fund (ETF). The cryptocurrency world is eagerly awaiting a response.

SEC will agree to bitcoin ETF?

Many believe that the approval of a BTC fund in the United States would be a turning point for cryptocurrency adoption. A new hope appeared after the Chicago Board Options Exchange (CBOE) submitted an application to establish such an ETF.

CBOE has filed “Form 19b-4” which instructs the SEC to begin legal processing of the application.

Director VanEck Gabor Gurbacs posted a photo of the relevant documents on Twitter and wrote:

The time has come for US regulators to take action and approve the Bitcoin fund.

Now the SEC has three exits:

  • approve the application;
  • dismiss it;
  • extend the examination period by a maximum of 240 days.

Bloomberg’s senior analyst Eric Balchunas added that the regulator only has 45 days from the date it acknowledges receipt of the form to make a decision.

It is worth adding that so far the SEC has rejected every application regarding the establishment of the ETF BTC. It is not excluded that the same fate will also be met by CBOE. However, as the media reported back in February, NYDIG, a company that provides services to institutional investors, also intends to launch such a fund.

It is possible that this type of action will be successful some time. It is worth adding that many analysts promise themselves a lot after the new US ruling team.

SEC is anti-bitcoin?

Previously, the SEC rejected applications for a variety of reasons. Officials argued that the Bitcoin market is not regulated and at the same time quite shallow, so it can be easily manipulated. In addition, it was reported that no professional market maker can currently handle Bitcoin ETFs.

But is ETF so much needed BTC? Cryptocurrency supporters are divided on this issue. Some reassure you that the need to establish an ETF has become less pressing as BTC has gained acceptance from the financial mainstream. Others believe it is time for a positive move from the SEC, especially as the cryptocurrency ETF has already been established in Canada.

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