Bitcoin ETF approval SEC Commissioner sees no reason for rejection

Bitcoin ETF Approval: SEC Commissioner Sees No Reason for Rejection

Bitcoin, Law and Regulation, News

Bitcoin ETF approval SEC Commissioner sees no reason for rejectionSEC Commissioner Hester Peirce has once again made her views on a bitcoin ETF very clear in an interview with CNBC’s Ran Neuner. In the interview, Peirce states that there is “no reason to not allow” a bitcoin ETF approval.

Reasons for rejection

The statement echoes Peirce’s public but respectful dissent last week regarding the SEC’s second rejection of the Winklevoss bitcoin ETF. During the voting, the commission was short of one member meaning only four members were available to vote on the decision – three of which rejected it.

Reasons for the rejection were cited as the ETF being inconsistent with the Securities Exchange Act – claims that Peirce feels are unfounded. She believes the proposed change is not only consistent but that the SEC, in fact, went beyond its jurisdiction with the decision. She believes the focus should have been on the market where the ETF product would be traded rather than the less relevant issues of price manipulation within the cryptocurrency market.

“I take the position that actually the change that was put before us was consistent with the Exchange Act”, Peirce argued.

Strong support for a Bitcoin ETF

Discussions regarding bitcoin ETF approval have been saturating the media lately with some prominent voices weighing in on the controversial topic.

CEO of Australian cryptocurrency firm FatFish, Kin-Wai Lau, believes a bitcoin ETF is imminent. In a separate interview with CNBC earlier this week he told the host that it’s only a “matter of time” and that we should see bitcoin ETF approval within a “couple of months”. Lau predicts a conservative price of up to USD 15000 for BTC in the not-to-distant future.

“I think adoption is growing the demand,” he said.

Former Goldman Sachs manager and current CEO of Crescent Crypto Asset Management, Ali Hassan, shares Lau’s positive outlook. In a recent broadcast on Bloomberg TV, Hassan discussed his position on the matter and stated his confidence that a bitcoin ETF approval will come to light within 18 months. He expects the price of BTC will “go much higher” and that investors should grow exposure to crypto markets through passive investing in index funds.

The VanEck/SolidX Bitcoin ETF

Currently, the largest amount of speculation regarding a bitcoin ETF is that which is focused on the VanEck/SolidX bitcoin ETF, planned for SEC debate later this month. Much controversy has arisen regarding the date of the decision and the inevitable delays it may face. Despite the Winkelvoss rejection and the recent deferral of the Direxion bitcoin ETF, many speculators believe that approval for the VanEck/SolidX bitcoin ETF is a sure thing.

Considering the almost fever-pitch hype surrounding it, one thing is for sure: if it does get approved, BTC will likely see a bull run that will make last December’s USD 20,000 spike pale in comparison.

Mark Hartley is an IT specialist, freelance writer, keen traveler, and blockchain enthusiast. He has worked on the trading floors of the world’s biggest interdealer broker in London and helped integrate crypto-services into IT trading systems. When he’s not searching for the world’s most beautiful beach, he’s nose deep in any crypto and blockchain related news.

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