In a not yet released review in the Congressional Quarterly, the only Democratic commissioner left behind at the SEC makes several interesting statements in favor of a possible Bitcoin ETF approval and potentially several approvals. Meanwhile, Gabor Gurbacs, Director of Digital Asset Strategy at VanEck, is spreading the mood for the in-house Bitcoin ETF.
A Bitcoin ETF is one of the most anticipated possible reasons for a bull run. So far, however, a permit has failed. The entire crypto-space will therefore continue in 2019, still eagerly awaiting the approval of a BTC ETF, with the hope that it will open doors for institutional investors. The biggest hopes are still on the Bitcoin ETF from VanEck / Solid X.
However, as we reported last week, VanEck and Solid X have initially withdrawn their Bitcoin ETF for re-submission to review a few days later. As a result, the expiring deadline for approval has been restarted. According to the official statement, the proposal for the exchange-traded fund was withdrawn because of the shutdown of the US government.
Gabor Gurbacs, Director of Digital Asset Strategy at VanEck, spoke in a recent interview with CNBC Crypto Trader about recent events. He reaffirmed that the withdrawal was a good decision. Gurbacs then talked about whether much more work would have to be done between the company and the regulator. Gurbacs explained that the company has completed tasks in the three main areas: Pricing, Safekeeping and Market Manipulation.
We believe that we have pretty good answers to all these questions, but it takes time to get them with them [SEC] and nobody knew when someone was in the office and if someone answered the phone calls and you could discuss this question. We certainly did not want to get the answer, which may not be the answer we wanted, just because nobody was in the office.
In a recent tweet, Gurbacs also explained why a Bitcoin ETF serves the public interest and should therefore be approved:
I believe, a #Bitcoin #ETF serves the public interest via:
+ Increased liquidity using the ETF ecosystem
+ Lower counter-party risk
+ Better valuation & execution practices
+ Separation of duties: trading, custody, valuation
+ Transparent fees
+ Established compliance framework pic.twitter.com/OB0XUZeJ1O
– Gabor Gurbacs (@gaborgurbacs) February 3, 2019
Leak: Are there already 2 SEC Commissioners approving a Bitcoin ETF?
Robert J. Jackson Jr. is said to have stated in a detailed interview to be published on February 11 that he expects a potential applicant to meet the necessary standards for admission to a Bitcoin ETF. As Abacus Journal reports, at least one corresponding document has been leaked.
As mentioned on the first page of the article, the final vote on a Bitcoin ETF (the Winklevoss ETF) was rejected with 3: 1 votes. Behind one pro-bitcoin ETF vote is unquestionably Commissioner Hester Peirce, who has in the past been promoting numerous comments on the approval of a Bitcoin ETF. Should Robert Jackson Jr. now agree, the vote would be leveled to 2: 2, which would be a fundamental step forward.
Thus, VanEck and Solid X's efforts to convince the SEC seem slow. If the leaked document is real, it sounds as if VanEck and Solid X, based on the above rhetoric in the interview, have a positive impact on the commissioners of the SEC. However, if and when a permit will be granted will only be able to show the next weeks and months.
Featured Image: Lentamart | Shutterstock
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