Markets are looking forward to the decision of the US Securities and Exchange Commission to legalize Bitcoin-ETF contracts. Against this background, a detailed interview with SEC chief Jay Clayton allowed shedding light on the regulator's point of view on this issue.
Jay Clayton literally shocked the public with his statement. He said that bitcoin is much more than a security. At its core, tokens are more suited to this definition. And the cryptocurrency itself is a substitute for fiat money - the dollar, the euro or the yen. That is why so far the SEC cannot come to a common opinion regarding its prospects.
However, the regulator is not an opponent of the blockchain. He already perfectly understands the mechanism of its action, and the problem rests only in the pricing procedure. One of the obstacles was the increased asset volatility. Its lack of liquidity, combined with considerable popularity, attracts not entirely bona fide players to this field.
The second obstacle is pricing. Now bitcoin is sold and bought on hundreds of sites, where quotes can vary significantly. Therefore, the regulator needs an accurate understanding of exactly how Bitcoin ETF will determine quotes. However, work in this direction is already underway, and it is likely that the commission will approve a new contract.
Probably, at the beginning of next year the situation will change dramatically. On the NASDAK Exchange, there are plans to begin listing Bitcoin futures. To do this, it will have to find a common language with another regulator, the Commodity Futures Trading Commission.
In addition, Coinbase creates a platform for trading over-the-counter cryptocurrency countermeasures. This action is a prerequisite for the early recognition of Bitcoin as a full investment asset.
Probably, the SEC does not want to lag behind its colleagues. That is why Jay Clayton spoke in such a positive way. It is noteworthy that the implementation period for most projects is scheduled for the end of January 2019. It was then that one of the financial giants, VanEck Associates Corp, plans to launch its cryptocurrency trading platform. It will solve the problems with pricing and eliminate the likelihood of conflict of interest.