According to two anonymous sources, a Bitcoin ETF could win approval later this year if everything remains stable. Each of these sources has a different opinion, one is more optimistic and the other believes that the decision needs to be discussed further.
SEC May Approve the Bitcoin ETF
The cryptocurrency world could be receiving an important support from the US Securities and Exchange Commission (SEC) if it decides to approve the first Bitcoin ETF. According to two different sources the approval of this ETF is ‘nearly certain’ for this year.
The most optimistic source that comes from the CFTC, commented:
“I would call it 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding Bitcoin futures across several global exchanges. The price moderation and adoption of a ‘peer product’ is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”
The second source believes that the positive outcome will be in September, rather than in August. It is important to mention that the SEC is worried about the volatility in the market and how retail investors will be exposed to Bitcoin.
“I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted I’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space,” commented the second source, a former SEC employee that left his position some weeks ago.
Regulatory agencies all over the world know that if the ETF is approved, new submissions, approvals and products will start to be proposed in the crypto world. Additionally, the crypto community knows that this could be game changing. If the ETF is approved institutional and wealthy investors may be ready to place their funds in a crypto market that is waiting for the next bull run.