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SEC Chairman Hints That More Work is Needed in Bitcoin Market

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September 10, 2019 | 

Darryn Pollock |  0 Comments| 

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The hopes of a Bitcoin ETF launching in the near future remain on rocky ground with the US’s SEC still mulling over a number of applications that have come before them. The Bitcoin ETF idea has been put forward a number of times, but has never succeeded. 

Part of the reason for its poor showing in front of the regulators is because the SEC believes that the Bitcoin Market is still not quite ready to realise a potential investing tool the magnitude of an ETF. 

This ETF would have far reaching repercussions and would welcome in a substantial amount of money into the cryptocurrency space. However, for that to be realised, there needs to be better market conditions from Bitcoin. With this in mind, the United States Securities and Exchange Commission Chairman Jay Clayton has said “There is work left to be done. 

Currently, VanEck is one application that was hoping to see a positive result from its ETF application in October. However, these recent comments from Clayton may out an end to the optimism. This has also led VanEck to launch a limited Bitcoin ETF, with muted success thus far. 

Progress, but not enough

In an Interview on CNBC the SEC chairman stated that, although significant steps have been taken to address regulatory concerns with regard to a Bitcoin ETF, there is “work left to be done.” the Chairman went on to say that the SEC’s questions in regard to Bitcoin ETFs were not small, adding:

“Given that they trade on largely unregulated exchanges, how can we be sure that those prices aren’t subject to significant manipulation? Now progress is being made, but people needed to answer those hard questions for us to be comfortable that this was the appropriate type of product.” Clayton said.

These concerns have been around since the very first ETF was proposed by the Winklevoss Twins towards the end of 2016. Still, there has not been enough done in the eyes of the SEC for them to look over these issues. 

The Bitcoin market place has certainly matured, and it is being normalized and legitimized on a daily basis, but its market is still relatively small, and still chock full of potential regulatory issues. 

Looking to make it happen

It is not as if the SEC is against the launch of a Bitcoin ETF, they are just wary of the fact that there needs to be protection. It is believed that a full and working Bitcoin ETF would be an attractive prospect for US investors, however, the initial response from the VanEck limited offering has been poor. This only goes to highlight the need for a true offering. 

We’re engaging on this, but there are a couple of things about it that we need to feel comfortable with. The first is custody: custody is a long-standing requirement in our markets, and if you say you have something you really have it,” added Clayton.

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