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Bitcoin ETF Might Finally Get SEC Nod Based on Chairman Clayton's Comments

  • Alex Dovbnya
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    SEC Chairman Jay Clayton suggests that Bitcoin ETF approval could be already in the offing

Bitcoin ETF Might Finally Get SEC Nod Based on Chairman Clayton's Comments
Cover image via en.wikipedia.org
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It seems that the U.S. Securities and Exchange Commission (SEC) is warming up to the idea of approving a Bitcoin ETF.

After numerous snubs, SEC Chairman Jay Clayton revealed that they might finally give the green-light.

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The answer is “Yes”

When asked by CNBC’s Bob Pisani whether we are getting closer to seeing a Bitcoin ETF, Clayton succinctly answered “Yes.” However, he added that there was “some work left to be done” in order to let this happen.

Back in June, the SEC head specified that there were a couple of things that needed to get comfortable with (particularly, custody and price manipulations).

These comments slightly increase the chances that a Bitcoin ETF might finally get the regulatory nod in October.

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Skirting regulatory approval

As reported by U.Today, VanEck and SolidX, whose joint Bitcoin ETF proposal is awaiting regulatory approval, decided to launch a limited version of an exchange-traded fund. VanEck SolidX Bitcoin Trust is only available for a limited circle of institutional investors.

With only 4 BTC under management, the demand might not be there (yet). However, Fundstrat’s Tom Lee points out that it might be “too early to judge the success of the product.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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