Lost of crypto news feeds are inundated with opposite headlines: from ‘ETFs will be approved in no time’ to ‘ETFs will be approved soon.’ However, there are no official statements made by the participating regulatory agency. The latest report grabbing the ETF headline, via Twitter, is apropos a leaked document of an interview with the SEC Commissioner prognosticating a BTC ETF ‘might eventually be approved’; but, again, it's not an official statement
According to the interview document, obtained by Twitter user Drew Hinkes, SEC Commissioner, Robert J. Jackson, implied that a number of cryptocurrency ETF applications have been submitted for a much-wished approval. He did not follow this statement with a reveal on which of all the applications hold the utmost possibility of approval.
In spite of prior application rejections and re-reviews by the agency, ‘a fund based on bitcoin will eventually pass muster,’ he went on to say. Once again, no firm was named.
#SEC Commissioner Jackson in an interview to be published next weeks is optimistic that a "fund based on #bitcoin" will eventually be approved, expresses concern about the proposed ETFs submitted to date. pic.twitter.com/3BCuiBd4CB
— Drew Hinkes (@propelforward) February 5, 2019
SEC Concerns
The well-known, and concocted to be the most-promising, BTC ETF application is by CBOE BZX Exchange, Inc. In their re-submitted application, the exchange contends the bitcoin market is innately challenging to maneuver. But, says Jackson in the obtained Congressional Quarterly interview, the SEC finds the BZX proposal floundered to demonstrate ‘the kind of surveillance common in stock markets.’
The Commissioner also states the three-pronged concern the SEC has on the bitcoin markets, which are a liquidity deficiency in some BTC markets, the trading volume, and the capacity to protect proprietary information.
Trust No One
Making its rounds, the premise of this report, as with previous reports on BTC ETF approval, sprouted from unofficial and unconfirmed sources; not from the regulatory agency themselves. News readers are strongly encouraged to retrace the developments back to its origin and draw inferences from confirmed sources.
