ETF Decision on Bitcoin Under Heavy Public Spotlight
Many cryptocurrency supporters are holding their breath on the SEC decision to determine if Bitcoin qualifies as an ETF or not. While the regulatory officials have asked the public to present their opinions, resulting in at least ten-fold the responses since April.
A Clear Response
Crypto-supporters have been wanting an ETF for as long as anyone can remember, mainly based around Bitcoin. While the SEC has yet to make its decision, Cboe’s previous application to the country’s official regulators saw an influx of responses at least ten times the size in April. According to reports, more than 90 responses have been sent in their letters expressing their opinion towards a Bitcoin exchange-traded fund.
More so, the Cboe’s application for an ETF has seen so much attention recently, forcing the SEC to delay another listing of digital currencies until September. Investors are hoping for a sudden spike in cryptocurrency prices following the SEC’s awaited decision. Recently, Bitcoin and other digital currencies have managed to climb back a bit since their initial lows this year, with Bitcoin jumping past $7K, leading many enthusiasts to believe that prices will spike, whether its prior to the SEC decision or after.
Possible Bull Rally
While many initially thought that the SEC would make its decision this coming August, a self-claimed lawyer on Reddit has shut down any hope by saying that a decision by then can’t happen.
As the post states, the SEC sends out notices which are then documented within the Federal Register. He points to the notice issued by the SEC, saying that as opposed to the actual date in which the SEC has published its notice, it clearly states that the time-window is 45 days from the day it was published which has caused confusion for many unaware individuals.
Since the decision is meant to be made on the 16th of August and not the 10th, individuals remain consistently hopeful for a positive outcome on the pending ETF decision. Many believe that the Cboe’s activity with the SEC and others since last year regarding the future of Bitcoin may lead to the positive decision by the SEC. The Chief Executive Officer of Bitmex, a leading cryptocurrency exchange, spoke to CNBC and said that if Bitcoin is considered an ETF, an unprecedented climb in the bull market with a possibility of the currency’s value rising to $50K.