In a week when ‘anonymous’ information sources have grabbed the world’s headlines, another one has popped up to claim that the Senate’s decision to approve Trump pick Roisman to be SEC commissioner, the US regulator now features a senior line-up which should overwhelmingly back a Bitcoin ETF — “at some point.”
Hester Peirce, the current SEC commissioner is a well-known advocate of ETFs and she sees no reason why approval should not happen. The analysis, which appeared on Medium under the name of Atlas Shrugged character John Galt made the forecast for ETFs on 4th September saying, “The effect it will have on the perceived legitimacy of the market, on bringing in institutional money, and ultimately on the price of Bitcoin will be staggering. Time will tell, but it just may begin today with the confirmation of Elad Roisman as SEC Commissioner.”
Until this information came out, nine proposed ETFs have been rejected by the SEC, but some of those proposals are now being revisited and the current favourite to get a green light is the Van Eck/ SolidX physical ETF. However, nobody knows when that will happen. Some say next March, but there are no firm indications of the timing.
Significantly, Roisman has already made it known that he wants to focus on giving cryptocurrency fair treatment when it comes to regulations. Speaking at a Senate Banking Committee hearing in July, he specifically mentioned ICOs and generic “blockchain” offerings as requiring regulatory attention. He said then, “It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.”
An ETF is by no means essential for the cryptocurrency market, although some believe it will improve values, whilst others think ETFs are to the detriment of crypto assets. Whichever side you’re on, it’s still a big talking point and will continue to be so until we see what actually happens when an ETF is launched.