Leaked SEC Interview Indicates Potential Bitcoin ETF Release in Near Future

Author: 
Dylan B
Date: 
February 10, 2019
Read time: 
2 minutes
Bitcoin
ETF
SEC

A leaked interview from Congressional Quarterly that was conducted with commissioner Robert J. Jackson Jr. of the U.S. Securities and Exchange Commission (SEC) revealed that a Bitcoin ETF could be a possibility in the near future.

A leaked interview from Congressional Quarterly that was conducted with commissioner Robert J. Jackson Jr. of the U.S. Securities and Exchange Commission (SEC) revealed that a Bitcoin ETF could be a possibility in the near future.

The interview, which was intended to be released on February 11th but was instead leaked to Twitter on February 5th, touched upon Jackson’s confidence and optimism in Bitcoin ETFs as well as some of the current roadblocks and developments within the SEC.

About the difficulty that Bitcoin ETFs are facing, Jackson stated:

“Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we put the stamp of the United States Securities and Exchange Commission on an investment; once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.”

The truth of the matter is that the Bitcoin ETF is by no means a new concept and plenty of large players in the financial and tech industries have stepped forward with their proposals. Some of these proposals include one brought forward by the Winklevoss Twins, which was rejected in March of 2017, and the Chicago Board Options Exchange or CBOE, who submitted an application at the beginning of this year but were forced to withdraw towards the end of January due to the government shutdown.

cryptomaniaks

Despite some of these issues, however, a promising list of priorities issued by the SEC this year listed cryptocurrencies as one of their main focuses and stated that the Office of Compliance Inspections and Examinations (OCIE) would be tasked with the effort. This, in turn, led to the OCIE releasing a statement that read:

“OCIE will take steps to identify market participants offering, selling, trading, and managing these products or considering or actively seeking to offer these products and then assess the extent of their activities. For firms actively engaged in the digital asset market, OCIE will conduct examinations focused on, among other things, portfolio management of digital assets, trading, safety of client funds and assets, pricing of client portfolios, compliance, and internal controls.”

Overall, a Bitcoin ETF approval from the SEC is looking promising and Jackson’s confidence, even more so.

“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”

With all of these exciting developments taking place in the cryptocurrency industry, it is important to learn more about crypto and how you can start becoming involved. If you have yet to take these first steps, learn more about what Bitcoin is with our comprehensive beginner’s guide today!

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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