SEC Head: For Bitcoin ETF Launchers …

SEC Chief: Bitcoin ETF Launch Bidders “Still Have to Work”

Despite active attempts by representatives of the cryptocurrency industry to dispel doubts Securities and Exchange Commission US (SEC) in the possibility of approving bitcoin ETF, “they still have to work.” This was announced by the chairman of the department Jay Clayton on Monday.

In a conversation with CNBC, Clayton admitted that there is indeed some progress in the cryptocurrency space towards the approval of Bitcoin ETFs, but the SEC’s concerns are not exhausted..

The SEC chief said in November that the risks of price manipulation are a key factor keeping the agency from approving a product that many market participants would like to see. In his last statement, he addressed the same view: “An even more difficult question is how can we be sure that prices are not significantly manipulated, given that trading is on a predominantly unregulated exchange. People needed to answer these difficult questions so that we could be calm about the fact that this is a decent type of product. “.

This position was outlined by Clayton just a few weeks before the SEC made the final decision on two applications for the launch of a Bitcoin ETF..

Bitwise Asset Management, which filed its application with NYSE Arca, has released a series of reports over the past year trying to convince the SEC that the market is mature enough to launch such a product..

SEC Head: For Bitcoin ETF Launchers ...

VanEck / SolidX, in turn, filed an application together with Cboe BZX in 2018 and were then considered as the most likely candidates for regulatory approval. However, their application was withdrawn amid a long interruption in the work of the US government and later resubmitted..

After the next postponement of the decision, the Bitwise and VanEck / SolidX applications are awaiting final consideration by the SEC until October 13 and 18, respectively.

Last week, in the absence of an SEC decision, VanEck and SolidX began offering their bitcoin trust securities to institutional investors, hoping to convince the regulator to approve the retail exchange product.

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