The further fate of the bitcoin exchange rate is in the hands of the US Securities and Exchange Commission (SEC)? The body is debating whether to allow the creation of a bitcoin exchange-traded fund (ETF). The cryptocurrency world is eagerly awaiting the answer. SEC will agree to a bitcoin ETF? Many believe that the approval of a BTC fund in the United States would be a watershed moment for cryptocurrency adoption. New hope has emerged after the Chicago Board Options Exchange (CBOE) filed an application to establish such an ETF. The CBOE filed a "Form 19b-4," which requires the SEC to begin legal review of the application. VanEck director Gabor Gurbacs tweeted a photo of the relevant documents and wrote: The time has come for US regulators to step in and approve the Bitcoin fund. Now the SEC has three choices: approve the application; reject it; extend the review period for up to 240 days. Bloomberg senior analyst Eric Balchunas adds that the regulator has only 45 days, from the day it acknowledges receipt of the form, to make a decision. It is worth adding that so far the SEC has rejected every application to set up a BTC ETF. It is not excluded that the same fate will also meet the CBOE. However, as the media reported back in February, NYDIG, a company that provides services to institutional investors, also intends to launch such a fund. It is possible that this type of action will be successful at some time. It is worth adding that many analysts promise a lot from the new US governing team. SEC is anti-bitcoin? Previously, the SEC rejected applications for a variety of reasons. Officials claimed that the Bitcoin market is unregulated and at the same time is quite shallow, so it can be easily manipulated. On top of that, it was reported that no professional market maker can currently operate a Bitcoin ETF. But is an ETF that much needed for BTC? Supporters of the cryptocurrency are divided on this issue. Some are reassuring and say that the need for an ETF became less pressing as BTC gained acceptance by the financial mainstream. Others believe that it is time for a positive move from the SEC, especially since a cryptocurrency ETF has already been established in Canada. Tags bitcoin etf btc SEC SEC btc USA
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