Bitcoin ETF Will Be Approved ‘Eventually’, Asserts SEC Commissioner
Robert J. Jackson Jr., a commissioner at the U.S. Securities and Exchange Commission (SEC) thinks a bitcoin exchange-traded fund (ETF) will get approval ‘eventually’
This conspired in an interview published by government-focused news source Roll Call on Wednesday, Jackson stated:
“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
The SEC hasn’t approved of any bitcoin ETF proposals from the dozen or so applications. The chairman of the SEC, Jay Clayton, stated that before the regulator can approve any ETF is after a few key upgrades to the market.
Though, soften up to market demands, the SEC decided to re-review some of the proposals.
Jackson said it was “not a difficult case.”
Jackson discussed the Winklevoss’ proposal with Roll Call and stated that it was “not a difficult case,” however, the risk of manipulation and harm to investors was “enormous,” while the market has a “very serious” liquidity problem. He elaborated:
“I’m happy to say market participants have begun to come in with ideas. Whether or not we’re going to find one that really protects investors I don’t know, but I do know that that [Winklevoss] case wasn’t especially close.”
Other than Jackson, another SEC commissioner, Hester Peirce have had been pretty positive for an ETF approval soon. At the time, she added that the Winklevoss’ proposed rule change “satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product (‘ETP’).”
“From my perspective, we need to be mindful of what our role is, and it’s not to be the ones who decide which innovations and which technologies get through and which ones don’t.”
Pierce Tweeted about Jackson’s support
I look forward to working with you @SECJackson to open the doors to innovation, but we're not a merit regulator issuing seals of approval, so let's encourage investors to do their own work to decide whether an investment is right for them: https://t.co/iMA7NUkLRp
— Hester Peirce (@HesterPeirce) February 7, 2019
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