One of the SEC commissioners has said that the Bitcoin ETF will finally be getting approved in a recently leaked interview with Congressional Quarterly Inc. Before today, the general consensus was whether or not the Securities and Exchange Commission would adopt the Bitcoin ETF, but now that has changed as it is now a matter of when they will adopt it.
Congressional Quarterly, sometimes known as CQ, is part of a privately owned publishing company called CQ Roll which produces several publications reported primarily on the United States Congress. The draft copies of the interview were shared of social media by CQ which is getting ready to publish the full interview at the start of next week.
Just Around the Corner
Robert J. Jackson spoke in the interview with CQ who said that even though several crypto-based ETF applications have been submitted to the SEC, he didn’t say which specific one stands to be the most likely to get approval SEC. despite this, there are many industry experts which believe the application that VanEck SolidX submitted, has the best chance of being approved. A section of the paper reads:
“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
In addition to this, Jackson said why Bitcoin ETFs had such a hard time being approved. In regards to the Winklevoss ETF proposal, Jackson said “would I have wanted them to be able to buy that ETF? Hell no hell no. And I might not be sitting here if my father had, so yeah, I take really seriously putting the American stamp of approval on any investment product, and I’m not going to do it until those questions get answered.”
There is no doubt that the cryptocurrency space is plagued with fraudsters, hackers, manipulation and more. This is something that the SEC and other financial watchdogs quickly noticed since it is their job to make sure the investors are protected. It’s no surprise that the SEC would take these matters with extreme caution.
Impact of a BTC ETF
Let’s say the Bitcoin ETF does get approved. What will happen next? There are many leaders in the industry that think that the ETF will spark the price of Bitcoin surge over this next year. Even so, it remains to be seen whether adoption from SEC of the ETFs will be the factor for Bitcoin to boom.