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SEC Chairman – Bitcoin ETF may soon be approved.

The United States Securities and Exchange Commission (SEC) may soon start approving crypto exchange-traded funds (ETF). According to SEC chairman Jay Clayton, the only thing holding back the commission from making such an announcement is the lack of measures and controls. Currently, the Bitcoin ETF space is vulnerable to financial crimes such as market manipulation.
Clayton also said the commission was working behind the scenes to make it possible to approve even an ETF that is based on a bundle of altcoins. He was a responding to questions during an interview on CNBC, held on June 6, 2019. However, he cautioned that there was still a lot to be done before they can start approving ETFs.
Crypto ETFs may soon be approved
The first issue he pointed out was that of custody. SEC needs to be sure that any ETF meets the custody requirement of the U.S. market before approving it. Anyone who seeks an approval for an ETF must prove that they own them, and the SEC must be able to verify that claim.
He also explained that the cryptocurrency markets are largely unregulated and do not have any surveillance systems to prevent market manipulation. He said they are working to make that possible, but it may take a while. That is largely because the crypto market is not the same as the stocks and bond market.
This seems to be more of a clarification and assurance from the SEC chairman, after SEC commissioner Hester Pierce suggested the regulator should fast track innovation in the ETF space. Overall, this seems to be a good sign that the regulator is finally taking steps to approve crypto ETFs.
This comes after SEC took Longfin Corp along with its CEO Venkata S. Meenavalli to court for fraud . In 2017, Longfin experienced a massive price jump after it claimed that had changed its business model by steering it to the blockchain technology. The charges say that the Lonfin had carried out a multi-pronged fraud.
For the cryptocurrency market, these announcements by the SEC chairman are indicative of good times ahead. The involvement of government agencies may not be seen as being in line with Satoshi’s vision. However, it has become clear over the years that the crypto market needs some form of regulation. It is one of the best ways to protect unsuspecting investors from scammers.
Could this be what the Crypto markets need to stabilize?
The post SEC Chairman – Bitcoin ETF may soon be approved. appeared first on Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News .

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