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.
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.
Are we any closer to seeing a Bitcoin ETF some day? SEC Chairman Jay Clayton to @CNBC: "yes, but there's work left to be done" @SEC_News @bobpisani @kellycnbc @CNBCTheExchange #bitcoin #crypto pic.twitter.com/iJP3nn9XHc— The Exchange (@CNBCTheExchange) September 9, 2019
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.
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.”