SEC Receives Overwhelming Responses Over The Bitcoin ETF Decision

On June 26th, 2018, the Cboe submitted a Bitcoin ETF proposal to the U.S. Securities and Exchange Commission. In order to better understand the public sentiment, the SEC publicly shared the submitted document with an invitation to comment.

The US regulator experienced asked for public opinion regarding the ETF again, which time around the amount of responses delivered to the regulator is usually 10X the total amount that was delivered this past April.

Virtual currency enthusiasts want a bitcoin-centered exchange-traded fund (ETF) authorized by US regulators. The amount of responses delivered was 10X the quantity of views written last April throughout a prior bitcoin ETF decision.

Reports also fine detail that Cboe’s bitcoin-based ETF has been thus popular that the SEC offers pushed another cryptocurrency related listing off until this September. Cryptocurrency marketplaces have seemingly currently reversed their bearish trend and adequate proponents believe this decision may cause a spike either before and following the ruling if it’s positive.

The attempted Cboe ETF is a popular conversation among cryptocurrency enthusiasts plus some speculators believe digital asset prices will rise in anticipation of the SEC’s decision.

Overwhelmingly Positive

Of the 210 comments, it is clear that an overwhelming majority are for the introduction of a Bitcoin ETF. Only six contributors opposed the proposal.

The main argument for those against the Bitcoin ETF was the concern of widespread manipulation. One writer also worried about the potential problems with future quantum computing, while another saw alt-coins as a constant dilution of Bitcoin. One bold Bitcoin detractor suggested:

“Take an extremely high value short position on Bitcoin and bring the national debt to $0. I ask that you approve the request.”

Electrical engineer Cody Parm said:

“With the SEC passing an ETF for Bitcoin, we can now expect further legitimacy, security, and development. I don’t think anyone can deny the usefulness of blockchain technology and Bitcoin as an asset. There are much riskier investments that the SEC has passed for an ETF and this will open the doors to many people waiting at the sidelines.”

There’s also been a discrepancy on when the official decision would be made as many people and publications assumed the verdict would be on August 10. However, according to a Reddit user, who claims to be a securities lawyer, on the forum r/cryptocurrency, an August 10 decision is impossible.

“Just how this works is that the SEC issues a notice, which is then published in the Federal Register – As you will see stated obviously in the notice, the time is within 45 times from the day of publication in the Federal Register – not the time the notice is released by the SEC (edit: failure to comprehend this distinction may be the source of the wrong August 10th day),” explains the post.

Considering the amount of positive feedback the SEC has received so far, it seems highly likely that this time it will be a ‘yes’.

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