SEC reviewing two Bitcoin ETFs! For the first time since August of 2018, the SEC is reviewing multiple Bitcoin Exchange-traded Fund (ETF) proposals.
The ETF proposals appeared in the Wednesday’s edition of the Federal Register, which officially started the 45-day clock to reach an initial decision. VanEck/SolidX’s ETF joins Bitwise Asset Management as the two Bitcoin ETFs up for review with the feds.
Gabor Gurbacs, VanEck’s digital asset strategy director, says that he believes a Bitcoin ETF will serve the public interest if approved. VanEck has been actively working with regulators and other market participants “to bring simplicity, transparency, and professional market standards to digital assets.”
Speaking regarding the collaboration amongst all participants with the shared vision of bringing a regulated product with exposure to digital assets, Gurbacs says:
“I… hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.”
But will the SEC approve these two ETFs? Are these the only things that the SEC are looking for approval on? Matt Hougan, Bitwise global head of research, said that the crypto ecosystem is “evolving very rapidly” which may aid in getting a product launched.
“A year ago there was maybe one qualified crypto custodian… and now there are half-a-dozen, and that number will go up from here.”
The progress being made in the cryptocurrency space is also being done despite the longest bear market in the space since Bitcoin was first conceived via the legacy block a decade ago.
Price action may be overshadowing the significant progress being made in the space, but there is a significant amount of development within the space.
Ultimately, Bitcoin ETF approval will depend on how companies approach their proposals. We know that the SEC is looking to quash illegal activity regarding cryptocurrency, such as improper promoters of ICOs. We also know that the SEC is looking intensely at all proposals for Bitcoin ETFs. What will it take for it to get approved? Will these two get approved? Let us know what you think on our Facebook page!