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

Libra Coin News
Tue, 09/10/2019 - 06:02
Alex Dovbnya
SEC Chairman Jay Clayton suggests that Bitcoin ETF approval could be already in the offing
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.”

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.