When the bitcoin ETF was originally rejected, a lot of people were not too amused by the SEC’s decision. However, it appears this decision may not have been final after all, as the SEC will effectively review its original assessment in the future. Whether or not this will have any effect on the bitcoin price, remains to be seen. However, it is evident the SEC’s initial decision may have been a hasty one after all.
Another Go For The Bitcoin ETF
A lot of people are surprised to learn the SEC is not fully giving up on the concept of a bitcoin ETF just yet. Although the BATS rule change proposal was rejected in march of 2017. The institution will take a second look at the proposal. This is thanks to the Bats BZX exchange team filing a petition for a ruling review, which has now been approved by the SEC. That is quite interesting, as the SEC could easily reject this petition as well.
Now that the petition has been approved, the SEC is looking for further comments on the Bats rule change proposal. Any input is welcome until May 15th. It is doubtful the SEC will suddenly approve the rule proposal change, though, but this goes to show the idea of a major publicly traded bitcoin ETF is not out of the question just yet. Moreover, this news may have a positive effect on the bitcoin price as well, even though a second rejection will probably send it crashing hard, just like it did in March.
The Winklevoss twins are quite excited about the news, although they are not getting their hopes up just yet. One has to be realistic about the chance of the SEC suddenly approving the Bats rule change proposal, which still remains slim to none. At the time of the rejection, the SEC referred to the lack of market surveillance and regulation, which makes bitcoin an asset that does not qualify for the standards to be part of a publicly traded ETF.
Very little has changed ever since that time, though, making it virtually impossible to see the SEC suddenly approve the Bats proposal. While it is good the organization has approved the review of the rejection, there is no reason to think things will play out any differently in the coming weeks. There will be a lot of hope surrounding the review process, while the end result will most likely be the same yet again. If that rejection is confirmed, it is not unlikely we will see sub-US$1,000 bitcoin prices once again in the coming weeks.
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