The Bitcoin ETF Next Month? Here Are The Reasons
A lot has changed in the Bitcoin world since the Winklevoss Twins’ proposed Bitcoin ETF was denied in March of last year. Let’s look at some biggest reasons why the SEC could now approve ETF.
WHY THIS TIME IT’S DIFFERENT
Winklevoss twins’s exchange, Gemini, is the third financial institution that has applied for a Bitcoin ETF. But their Bitcoin ETF was rejected by the SEC in March 2017, for “fraudulent and manipulative acts,” in the crypto market. Which caused a drop in price that went up its all-time high $1,350 to under $1,000, at that time.
The Securities and Exchange Commission (SEC) received an application for a Bitcoin ETF license on June 26th, 2018 from the Chicago Board Options Exchange (CBOE) in partnership with Van Eyck Investment and SolidX. SEC is analyzing the application of CBOE. if it gets approved, it can grant the company a coveted bitcoin ETF license, and bring a whole new waves for the institutional investors to the bitcoin arena. · The partnership between Cboe and SolidX is very important. Together, Cboe and SolidX represent two of the three financial institutions that applied for a Bitcoin ETF with the SEC. SolidX’s last attempt in 2017 was rejected by the SEC because of the fears of an uncontrollable overseas on market. VanEck, that functions more than 70 ETFs and ETPs, is also a bigger benefit for the application group. Together, the three companies offer a real chance of getting the first Bitcoin ETF approved.
The provisional date for the SEC’s decision is Friday, August 10. However, a 45 day extension is not impossible. This means that a decision should be expected no longer than September 24.
Coinbase & Swiss Stock Exchange offering custodial services
Luckily, institutional investors are going for custodial survices, with Coinbase and the Swiss Stock Exchange. They will now offer custodial services for their clients.
REGULATORY CLARITY
Last year the ETF was rejected because the Bitcoin markets were “unregulated.”
“Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated,” it explained.
But next year, Bitcoin Futures started trading as major investment banks such as Goldman Sachs and JP Morgan began diving into cryptocurrencies.
Last month, SEC supported additional clarity when it claimed that altcoins will not be classified as securities. But markets are regulated now
Will the Bitcoin ETF be approved next month? Share your prediction below!
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