Bitcoin ETF Nearly Certain To Win Approval Later This Year - Updated
Two sources from the SEC and the CFTC said that the approval of a Bitcoin ETF and other crypto ETF products is “nearly certain”. The approval is expected to be announced alongside the first set of crypto regulations from both agencies.
The CFTC source said, “I would call it 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding Bitcoin futures across several global exchanges. The price moderation and adoption of a ‘peer product’ is what the conversations have centered around.”
A former SEC employee said, “I would expect a positive outcome in September. To be clear, most of the regulation will be first focused on ICOs and the issues those pose for retail investors at the moment. ICO regulation will begin to solve those issues and keep client assets ‘onshore’.
Both the SEC and the CFTC fully understand that once the opportunity is available, a stream of new products and submissions connected to crypto will follow. Therefore, a set of rules to regulate these assets will be required.
The SEC has delayed a decision on whether to approve five bitcoin-related ETFs until September, public documents reveal on Tuesday, July 24: “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change."