Copy link
Increase text size
Decrease text size
Link copied

SEC may reconsider bitcoin ETF due to retail and investor demands, experts say

Mon, 09 Mar 2020, 06:43 am UTC

The U.S. Securities and Exchange Commission (SEC) may reconsider bitcoin (BTC) exchange-traded fund (ETF) due to retail and investor demands, Asian Times reported.

Investment firms debated about SEC licensing for bitcoin ETF during a CNBC broadcast on March 7 which happened after the government agency rejected the last bitcoin ETF application from Wilshire Phoenix. The investment banking, deal structuring and securities firm had amended its application six times in 13 months, but SEC still rejected it.

Chris Hempstead, the director of institutional business development at ETF and hedge fund provider IndexIQ suggested that SEC will reconsider its take about bitcoin ETF when it comes as retail demand. However, he did not sense any “significant changes to the SEC’s decision in the near future.”

“I doubt very heavily that it’s going to be the last straw. I think everyone will continue to listen to the feedback and the notes from the SEC, what their comments are, and they will continue to address it,” he said about SEC’s decision to reject Wilshire Phoenix’s application.

“At some point, when market demand and investor demand pushes the pendulum to a certain area, they will probably take another look at it and have different kinds of considerations,” he added.

Meanwhile, Nick Colas, the co-founder of investment analysis firm DataTrek Research, was skeptical about the future of BTC ETC.

“You will see a central bank cryptocurrency before you will see a bitcoin ETF,” said Colas.

Hempstead is also positive about the future of stablecoins and other cryptocurrency products. In fact, he believes that crypto will be regulated as the sect matured and the public gain a great understanding of the distributed ledger technology (DLT).

“I think that maybe part of what they’re waiting for is a little bit more structure and oversight into the operational complexity of cryptocurrency transactions […] I think when we start to see more risk diversification, and more understanding about how these various products, not just Bitcoin, how they operate – I think that’s probably what’s needed at the Commission level,” he said.

Dan Wiener, the chairman of Adviser Investments and the senior editor of The Independent Adviser for Vanguard Investors, believes that blockchain technology is “more important” than cryptocurrency. For him, digital wallet Venmo has greater adoption than cryptocurrencies.

“Do we really need bitcoin? I’m not a drug dealer. I’m not worried about moving money […] We have many, many ways to move money around, I don’t know that we need to be able to hide ourselves, or our identities,” he explained.

Meanwhile, SEC explained why it disapproved Wilkshire Phoenix’s application citing that it fails that demonstrate that its proposal is coherent with the requirements of Exchange Act Section 6(b)(5).

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.04.28 07:09:52
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
  • Moses
  • 2020.04.28 07:09:35
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $9,492.85 (-0.21%)
  • Ethereum (ETH) $226.74 (+2.33%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $239.94 (-0.14%)
  • Bitcoin SV (BSV) $190.92 (-0.88%)
  • Bitcoin (BTC) $9,492.85 (-0.21%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft