Tech journalists are looking into bombshell breaking news this week over an interview with SEC Commissioner Robert Jackson indicating that in the end, cryptocurrency aficionados will get their Bitcoin ETF after all.
For months we’ve been reporting on the SEC’s slow-walking of a possible approval for the VanEck SolidX Bitcoin ETF proposal. After the SEC sat on the proposal for several months, VanEck shut it down under pressure from the government shutdown that lasted over a month.
Now there are indications that VanEck will resubmit – and these brand-new reports show that the SEC might be more willing to contemplate this big market move this next time around.
A Bitcoin ETF would allow many thousands of small investors to jump in and out of the cryptocurrency markets at will. Exchange traded funds are useful for their market day trading possibilities and liquidity aid – they allow investors to simply purchase bits of the ETF, which is founded on the value of some assets, equity or in this case, cryptocurrency.
Another interesting note is how we got this news – a press release was formulated to be released February 11, but someone leaked the document about a week ahead of time. As a result, we have the actual text of the story based on Jackson’s interview where he predicts eventual SEC approval for a Bitcoin ETF.
“Eventually do I think someone will satisfy the standards that we laid out there? I hope so, yes, and I think so,” Jackson said according to the story posted at CoinGape and other venues and widely shared via Twitter.
The same release shows that Jackson said there are a number of cryptocurrency based applications on the desk of the SEC right now, but he can’t say whether any of those will be the lucky golden ticket winner.
At issue in a Bitcoin ETF approval is the inherent vulnerability of blockchain cryptocurrencies to fraud and manipulation. It’s a big debate, as some feel that the transparency of blockchain digital currencies adds safety and security, while others feel that the lack of coin’s accounting to a centralized authority leads to all sorts of potential trouble.
This new report is big news in a community that is looking eagerly for any advances in SEC approval. When US regulators get on board, there’s a wide consensus that Bitcoin is going to take off in a big way. Since Bitcoin is right now down to about $3400 after peaking at $20,000 per coin just a year ago, everybody knows BTC has a lot of upside. The question is what’s going to happen and how it’s going to happen – and this new scoop from Jackson goes a long way toward explaining likely possibilities.