The U.S. Securities and Exchange Commission (SEC) has received an influx of comments on behalf of cryptocurrency enthusiasts on the matter of the approval of a Bitcoin ETF.
On June 26th, Cboe Global Markets filed an application with the SEC seeking an approval of a Bitcoin Exchange Traded Fund (ETF). The agency published the application and invited the public to comment on the matter.
Massive Interest for a Bitcoin ETF
The SEC invited the public to comment on the matter of a Bitcoin ETF approximately three weeks ago. Since then, more than 90 people have submitted their comments.
That’s roughly around ten times more than the comments the commission received in April when it asked for the public’s opinion on another Bitcoin ETF listing, according to Bloomberg.
Most of the comments received by the SEC are supportive of Cboe’s listing application. The first one, received on July 11 from Bradley Baker, reads:
In my opinion the utilization of CryptoCurrency is an inevitable reality. To ingnore or pretend otherwise is to turn a blind eye to reality.
Regardless, while the crypto space is presently a “Wild West” state, oversight and accountability will serve a significant purpose in stabilizing this sector and protecting individuals.
My suggestion is that you, as an agency embrace the inevitable and be a guiding force at this early stage of inception.
Of course, even though a minority, there are some who disapprove of the idea of a Bitcoin ETF. Anthony Arcieri, for instance, expresses his concerns that Bitcoin’s price has been actively manipulated and, thus, creating an ETF out of it doesn’t make sense:
A Bitcoin-backed ETF on regulated exchanges is a worrisome prospect due to ongoing “anomalies” in Bitcoin’s price, which appear to be the result of price manipulation using methods which would be illegal on regulated exchanges, e.g. wash trading.
Are We Getting Closer?
While the last filing of Cboe isn’t the company’s only attempt to get an approval for a Bitcoin ETF, this one might be the one with the greatest chance of success.
The SEC has made active moves towards shedding some clarity, outlining that Bitcoin, Ether, and other decentralized cryptocurrencies will not be classified as securities. This new position of the agency might open the door for the long-awaited approval.
What is more, the above-mentioned Bitcoin ETF frenzy is also an undeniable factor. The matter has also caught the attention of influencers such as the cryptocurrency trader and host of CNBC’s Cryptotrader Ran Neuner, who said that the “SEC has no real reason to block the next ETF.”
CryptoPrimacy also outlined three reasons for which we might be getting closer to an SEC-approved Bitcoin ETF.
Do you think the SEC will approve the last Bitcoin ETF listing application of Cboe? Don’t hesitate to let us know in the comments below!
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