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When will the SEC approve Bitcoin ETF contracts?

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The situation with the approval of the US SEC contracts for Bitcoin-ETF was frozen. As a result of the shutdown, VanEck and SolidX withdrew their request for permission. However, NYSE Arca, along with Bitwise Asset Management, also submitted an application. It seems that the regulator was under siege. And one of its commissioners, Robert Jackson, stated that the approval of a new trading instrument was inevitable. However, while he refused to name the exact date.

High requirements or other reasons

The history of financial contracts for Bitcoin is becoming increasingly confusing. When the SEC rejected the application of the Winklevoss brothers, it had good reasons. The applicants could not solve the problem of storage and pricing, so the result was predetermined.

However, VanEck and SolidX took into account the mistakes of their predecessors, and even launched a custodial service for large investors. Moreover, the futures buyer in a day became a real Bitcoin holder in his wallet. However, because of the shutdown companies were forced to withdraw the request. At the same time, they had a real chance to "push through" the decision making even without considering the issue by the Commission. Due to the suspension of the government there was a legal conflict. But in VanEck and SolidX they chose not to.

Conspirology and hidden agenda of SEC

Probably, an interview with Robert Jackson is a response curtsey to the business. He said that it is not yet known when the SEC will approve contracts for Bitcoin-ETF. However, sooner or later this will happen. And it was not said exactly whose foundation will be the first to start work. Now NYSE Arca, together with Bitwise Asset Management, is also awaiting consideration of this issue.

Some experts believe that the problem of approving contracts for Bitcoin is related to foreign policy. The fact is that more than 60% of mining capacity is now located in China. This gives a theoretical possibility of organizing a “51% attack” on the blockchain.

In addition, it is worth remembering about the trade conflict between the United States and China that flared up in the summer of 2018. It is unlikely that Americans will want to develop an asset that is actually controlled from the territory of their economic adversary. Perhaps this is the true reason for the delay with the Bitcoin-ETF agreement.

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