While many in the crypto sphere are disappointed by the SEC’s decision to postpone the VanEck Bitcoin ETF, there is reason to still be hopeful, with an SEC memo detailing meetings between commissioner Elad L. Roisman and representatives of SolidX, V anEck, and CBOE, the imminent launch of Bakkt, and the SEC’s increasingly friendly language towards the possibility of a Bitcoin ETF.
Reps from the CBOE, Van Eck, and SolidX met with the new SEC Commissioner (Elad Roisman) on Oct 9th.— Crypto Quantamental (@CryptoQF) October 22, 2018
Current wisdom says Roisman is a supporter (remains to be seen until he officially votes). Regardless it is positive that he is taking this seriously.https://t.co/aGqLZGFxKs
The importance of the note is that it is evidence that Roisman is a supporter of a Bitcoin ETF, or at least is taking the consideration seriously. If Roisman is a supporter of an ETF, this means that at least two of the five SEC commisioners are ready to approve, the other being Hester Pierce, who has already indicated her friendly position.
Furthermore, this dovetails nicely with a report from Abacus Journal who spoke to a legal expert who has read through the actual procedural documentation of the Van Eck delay, who cast the decision in a much more optimistic light.
A source quoted by Abacasus internal to the CBOE noted that while a delay was inevitable, reading through the announcement ‘and the clues in it, around it, and commentary after it has given us ‘sky-high’ confidence that this will be the first Bitcoin ETF product approved by the SEC. A change in language and the follow up by Van Eck executives after the announcement – almost as if this document was as good as an approval. Tea leaves are clear, but SEC will play out the clock and then approve. 2019.’
Furthermore, we now officially have a released date for ICE’s Bakkt exchange, which just today was announced to go live December 12 of this year. Commentators have speculated that a Bitcoin ETF will follow closely after Bakkt’s approval by the CFTC.
Bakkt will officially begin clearing Bitcoin futures on Dec 12, 2018.— Joseph Young (@iamjosephyoung) October 22, 2018
Previously, the US SEC rejected 9 Bitcoin ETFs that based their price on the futures market because the BTC futures market was not sufficiently liquid.
The entrance of Bakkt could change the viewpoint of SEC pic.twitter.com/BhGRCR7Qe2