The SEC is contemplating licencing a bitcoin ETF in just five days. Here's what it implies for bitcoin the other parts of the digital currency industry.
The Securities and Exchange Commission, known as the SEC, has been working rapidly to establish a bitcoin ETF, but it might take up to five days before one gets authorised.
The SEC seems to be under intense pressure to grant approval for an ETF that would provide investors with ownership of bitcoin, but owing to a lack of regulation and monitoring from the agency itself, it might take longer than anticipated before one is granted. The SEC was scheduled to reach a judgement by March 25 based on their earlier advice on shares of exchange-traded funds, which includes its conclusion on whether or not futures contracts with choices attached should be classed as securities under federal law.
However, the SEC’s decision does not guarantee an acceptance for Cboe World Markets, Inc.'s Bitcoin ETF application by CBOE Trust Company, which will decide on its own schedule after hearing response from regulators.
That's based on Jeffrey Sprecher, head of the New York Stock Exchange. The SEC has been investigating whether to let investors to acquire bitcoin via a fund operated by the Chicago Board of Option Exchange since at least last summer.
The permission might come as soon as Friday, according to two individuals familiar with the issue who insisted on condition of anonymity because they were not permitted to talk publicly about the topic. It may possibly be delayed, one individual added.
Bitcoin is a digital currency that may be acquired for U.S. dollars and then used to buy goods and services online or at physical places. Large trading volumes have drove up its price in recent months, making it more tempting as an investment than ever before but also increasing worries about its volatility and lack of oversight.
If approved, it would represent a significant date for bitcoin ETFs and mark another step regarding mainstream acceptance of digital currencies in general — a concept that's long been sought by financial regulators and central bankers approximately the world who have grown concerned about crime linked to digital different currencies such as Bitcoin or Ethereum (a rival).
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