In the latest headlines of our DC Forecasts Bitcoin news site, we have mentioned about the situation in Japan – specifically the government’s decision to approve a Bitcoin exchange-traded fund (ETF). As soon as this occurred, many analysts poked their fingers into the potential regulation of Bitcoin ETFs in the United States as one of the largest markets.
Currently, everyone is asking themselves if the Bitcoin ETF approval in Japan could also drag the authorities in the US to a decision and have an impact on the Securities And Exchange Commission (SEC) which is the main authority over there.
However, the probability of a Bitcoin ETF approval in the US still remains low. According to one pro-crypto SEC commissioner and his recent statement, investors should not wait on a Bitcoin ETF because it may take days or years for the commission to approve such thing.
In the second half of 2018, the SEC rejected 12 Bitcoin ETFs, one of which was submitted by the Gemini exchange founders (Winklevoss twins), as well as other companies. All of the filings were rejected by the SEC because of insignificant market sizes.
In late November 2018, the SEC chairman Jay Clayton said that safeguards and technologies to prevent suspicious transactions are non-existent in overseas markets. As he then stated:
“Those kinds of safeguards don’t exist in many of the markets where digital currencies trade.”
All in all, Japan’s effort and the G20 meeting that proposed regulation of cryptocurrencies have brought a lot of attention on this market. If a bitcoin ETF is approved in Japan before the US, there may be a chance that the US government will start approving similar ETFs in (some of) its local markets.
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"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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Bitcoin ETF: SEC Receives 84% Negative Feedback On Application
“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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