As many may know, launching a cryptocurrency ETF in the US would require approval from the Securities and Exchange Commission. The organization has been notoriously reluctant to approve a cryptocurrency ETF, but it now seems that this might soon change.
Leaked interview suggests SEC may soon approve Bitcoin ETF
This news came in an interview with Congressional Daily. Although it was not slated to be released to the public until February 11, everything points to that it has now leaked. Moreover, the contents of the interview should give hope to all those longing for a cryptocurrency ETF.
Drew Hinkes, from Athena Blockchain, shared the leaked news in a recent tweet. Specifically, the interview is with the SEC Commissioner Robert Jackson Jr., who noted that he thinks a Bitcoin ETF will soon be realized.
Nevertheless, Jackson also acknowledged the great difficulties faced in receiving the SEC’s blessing for a cryptocurrency ETF. He noted that although the SEC’s requirements may seem overly stringent, there is a good reason for this.
”Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and should be. Once we put the stamp of the United States Securities and Exchange Commission on an investment, once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.”
Winklevoss ETF applications ”wasn’t especially close” to be approved
In addition to this, Jackson also drew some parallels to other Bitcoin-related ETF applications submitted to the SEC. Some of the most notable such submissions include CBOE’s Bitcoin ETF, as well as the Winklevoss twins’ ETF application.
”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 case [the Winklevoss ETF] wasn’t especially close.”
However, Jackson was adamant that he believed that applicants will eventually satisfy the standards required by the SEC. He expressed optimism regarding a potential ”fund based on Bitcoin” although ceding that the SEC believes the cryptocurrency market has some liquidity issues.
Nevertheless, Jackson said he both believes and hopes that a cryptocurrency ETF will pass the SEC’s criteria should lend some hope to those eager for a cryptocurrency ETF. It remains to be seen if and when this happens.
Image Credits: “www.wsj.com“
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.