The whole cryptocurrency market has been eagerly waiting for the approval of a Bitcoin ETF by the U.S. Securities and Exchanges Commission [SEC]. The reason the exchange-traded product is of much importance to the community is that it is considered as the gateway to drive the institutional investors into the space.
So far, the commission has rejected all the proposed rule changes with the main reason stated as concerns over market manipulation. This statement by the commission has received several criticisms, including one from one of their commissioners, Hester Peirce, wherein she published a dissent for the disapproval.
Nonetheless, the VanEck Bitcoin ETF’s fate is yet to be decided by the commission. This ETF is considered as one of the most important rule change proposals in the cryptocurrency community. The decision is scheduled to be announced anywhere between the last week of February 2019 and March 2019. Additionally, this decision is the final one for the proposed rule change, following which, the financial institution, VanEck will have to go through the whole process again from the beginning.
Meltem Demirors, the CSO of CoinShares, spoke about whether the cryptocurrency community is going to see an approved Bitcoin ETF this year, in an interview with CNBC Crypto Trader. Anthony Pompliano, popularly known as Pomp, also opined on whether the commission is going to approve a Bitcoin ETF. He stated:
“I have no clue […] But, the thing I’m looking for in the ETF is everyone […] thought that the ETF gets approved and price is going to explode. I think it’d be really interesting if it gets approved and price goes sideways or actually goes down. It’s kind of a non-consensus thought right now, but something possible.”
Meltem Demirors, on the other hand,