Bitcoin Exchange-Traded Fund Looks Incredibly Optimistic Regarding Its Possible Approval
The basis of the optimism towards the possible ETF classification does have its concerns, mainly cryptocurrency and Initial coin offering regulations. The unnamed sources explained that a near-possible acceptance of Bitcoin as an Exchange-Traded Fund as well as other coins may possibly be announced once cryptocurrency regulations have been decided by the US Securities and Exchange Commission as we as the Commodity Futures Trading Commission.
Almost 100 Percent
As ZeroHedge reports, the most confident of both sources comes from the CFTC and has stated that he believes the chances of an ETF approval are at 90 percent. As cryptocurrency markets moderate and official regulators have seen no controversy regarding Bitcoin futures in many international exchange providers.
The source explains that acceptance and price balance of a product fully controlled and maintained by individuals within a community is now the main topic of debate. Adding further, earlier this year concerns towards crypto and its environment were high, meaning many thought of Bitcoin and other currencies as a bubble waiting to pop.
As a result of such an incident, newly emerging tech and products that receive accelerated approval could result in countless losses which will eventually end up in a court following probable lawsuits although these issues have seen a massive change for the better.
Not Just One
The other unnamed source was previously employed at the Securities and Exchange Commission and also had more to explain on the matter. According to the source, they expect a much better outcome this coming September and should any further mishaps occur and delay the process, it’ll only be on a minor scale. Essentially, initial coin offerings will be the main point of focus for regulators given the current threats and problems.
As the source explains, many investors within the US are pouring their funds into off-shore projects and ICO’s without any regulations and no protective measures should either fail to result in profit and instead lose every single dollar. The source believes that with the right regulations placed, initial coin offerings will be much safer and have investor funds protected within the country.
Regulators acknowledge that this course of action, should it occur, will lead to an unprecedented number of applications, further approvals, and products of any kind imaginable. In light of this, the agreed demand for functional regulation will construct a just and impartial “backbone” of markets surrounding the approved Bitcoin ETF. Despite the magnitude of how positive such information is, approval of the ETF classification is in no way ensured. Companies and established individuals that have joined the ETF support aren’t completely off a most likely surge in values.