It appears the SEC's rejection of 9 Bitcoin ETF rejections may have been slightly premature.
In news out late yesterday, the SEC announced that those rejections are now under review.
More about it can be seen here:
A quote from the release:
"The U.S. Securities and Exchange Commission said on Thursday it will review a decision by its staff to block nine bitcoin-based exchange-traded funds from coming to market."
This comes on the heels of the SEC announcing they had rejected 9 Bitcoin ETF applications the day before.
Most of the rejected ETFs were tied to the CBOE and CME futures markets, which the SEC claimed were not robust enough to warrant ETFs being attached to them.
What happened?
It appears that staff at the SEC have delegated authority to make decisions on ETF applications, among other things.
Then the SEC commissioners and chairman have the ability to review their decisions to make sure that they ruled correctly.
Previously, the commission reviewed the Winklevoss Bitcoin ETF rejection and they ruled 3-1 in favor of rejecting the application.
Commissioner Hester Peirce was the only dissenting vote on that particular rejection.
Her reason being that she thinks rejecting bitcoin ETFs may be stifling innovation and the commission may be missing it's mandate if it is rejecting based on manipulation in spot markets where the SEC has no jurisdiction.
Interestingly enough, it appears Peirce is again leading the charge on getting the SEC commissioners to review the recent ETF rejections.
(Source: https://imgur.com/gallery/2kWGJ)
Will this amount to much?
Honestly, probably not.
These ETFs were not likely to be approved anyways, at least in the eyes of many in the crypto industry.
However, it does tell us that crypto has a voice within the SEC and are receiving some pressure to get one of these things passed sooner or later.
That tells me that it is only a matter of time before one does.
The initial rejection of 9 ETFs all at once looked rather bleak for future bitcoin ETF prospects at first, but the fact they are being reviewed means we are likely pretty close to getting one of these things done.
Stay informed my friends.
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What is it going to take to finally get one approved?
I think we get one by March-May of 2019. Enough pressure from different sides (included one of the SEC commissioners) will help push one through.
BTC needs ETF like it needs cancer. I thought the whole point was to get away from 'institutional money' and all their ilk. And now everybody is creaming for it like bitches on heat. Mass adoption and retail money is what it should be all about.
1 in a million.
So you’re saying there’s a chance! I get you.
It may be less than that even, but yes there is a chance.
yasssss!! hahaaa there's a chance!
Wow!!! Yep it can be chance...
So much anxiety about price 🤦🏻♂️, we are part of a truly vibrant constantly growing community that is the foundation and launchpad to the Weiss rated #5 best cryptocurrency on the planet! and that's out of several thousand!.
Do not worry, it's just a bumpy road where we're going, rather have bumpy and exciting than conventional and boring 😉.
I prefer boring personally. :)
yeah... I can see why most people avoid roller coasters 😕, Fiat-Ville road is nice & predictable though 😗
Haha I am one of those roller coaster avoiders actually. Things are starting to make sense why I think the way I do!
Good post!
Waiting for the next!
👍👍👍
What type of info would make for a good post?
Backstage games of politicians and financiers
I honestly don't think these are games. I believe that the SEC really is trying to do what is right by average investors. Even if it may not seem like it.
I'm not talking about the actions of the SEC, but about the fuss around this, clearly there is pressure from the big capital and hype in the media, the solution is pushed.
Yes that is true. I would not be surprised to see the SEC approve one due to the pressure they are getting from many different angles.
waiting for the next information
Haha, it's just like that, but in reverse.
LOL... probably a while before this happens. Some exchanges are very manipulated and unregulated but they should still allow the markets to price that risk in by approving the ETF's. We never counted on Institutions we are trying to replace to approve Crypto. Only real world adoption matters. Killer user friendly apps are the key!
It has seemed odd to me that the SEC has approved all kinds of strange ETFs and ETNs in the past while not seemingly as concerned with the spot markets, oil is a perfect example of that. Also, not sure how leveraged volatility products ever got approved.
Oil industry runs United States of America, just like it runs Norway and some countries in the Middle East. Cryptocurrencies don't have big companies backing them up or lobbying for them. Maybe when American companies start to manufacture ASIC miners, there will be big enough companies to lobby for cryptocurrency industry.
That is a great point. It may be a while before that happens. The closest thing we have is Coinbase, and Coinbase has no ties with the regulators or the government yet. We need Goldman to get involved with crypto in a major way. Goldman is a revolving door of former SEC and government employees.
I don't think it will take many years until big companies get involved in crypto industry as reputation and value of FIAT is at all-time low currently...
In just few years nobody will talk about FIAT anymore as there will be no ATMs or physical banks anymore. In Europe a lot of countries have almost completely ceased using cash and use mostly credit or debit cards.
Games will probably bring millions in 2019. Games I think will be huge for the blockchain space. Probably what will lead us into mass adoption is people wanting to play all the cool Crypto games releasing.
I agree with you here. In game tokes and coins have been around for a long time. Now if there were real world markets for those coins, they might really catch on.
There is a coin that can be swapped for gift cards for some online services. Currently it is still not possible to swap coins to tokens directly due to technical limitations.
Seems this news also creating fud in crypto market. SEC is also rejecting etfs one by one companies. Still people are eyeing for cboe. On the other hand if there is no etf approve this year then also bitcoin could create another ATH. Likewise last year whatever growth it recorded was not because of things like ETF. So be positive and buy as much as possible and hold unless you hey your desired price. I personally think it's best time to buy.
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I think it is a great time to buy as well. Last year's all time high was likely the result of manipulation, though that doesn't mean it can't happen again without an ETF.
I read some analyst's opinion this morning saying that he thought things would turn around in 2019. I think that's probably right.
I could see that as well.
I see major stakeholders in the already booming bitcoin-BETF trying to stop competition🔥
BETF? What's that?
Bitcoin-based Exchange-Traded fund
Would be nice to see one.
Hehe the decisions are as volatile as the market xd
Haha yes they are. Everything is fluid.
SEC knows somewhere they have to approve it now or later they are just creating manipulation in market
With the statement made. Bitcoin does not agree with rationality.