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The crypto community continues to hope for a Bitcoin ETF approval, something that has had many market players presenting lots of such proposals to the US SEC (Securities and Exchange Commission). However, none of the proposals has impressed the commission well enough to warrant an approval.
What’s The Problem?
According to reports from the SEC, approving an ETF at this stage of crypto market development would be a huge mistake, especially considering the many open windows of price manipulation, fraud, cyber crime, and the overall unfavorable situation in terms of investor protection.
So far, the commission has turned down around 10 Bitcoin ETF proposals on the grounds that they didn’t meet the set standards. However, that’s about to change as various market players take proactive steps in drafting better proposals. The last one to be thrown out was filed by the Winklevoss brothers, but it really came close to scoring a yes.
Satisfy Set Standards
According to one SEC commissioner, Robert J. Jackson, a Bitcoin ETF will eventually see the light of day in the crypto market. In his opinion, someone will eventually draft a proposal good enough to satisfy SEC on the set market standards.
In fact, even the SEC Chairman, Jay Clayton, shares the same sentiment. In his opinion, SEC will have no problem approving an ETF as long as all set conditions are met.
Opening Doors For Innovation
Another commissioner has taken a more moderate approach in regard to an ETF approval. According to Hester Peirce, the revised proposal tabled by the Winklevoss brothers was really good and should have been permitted. Hester has in the past defended cryptos.
In her recent twitter post, Hester said that she’s ready to work with Jackson to promote innovation in the crypto world.