Many respondents submitted their comments to the US Securities and Exchange Commission (SEC) regarding the ETF application submitted by VanEck / SolidX.
We do not have good information for investors from the cryptocurrency market. The only person who defends the bitcoin ETF is Sami Santos. He wrote that:
“The rejection of ETFs due to manipulation and […] investor protection is contradictory, because without an investment fund the investor is susceptible to the purchase of bitcoins on the deregulated stock exchange.”
Noting that VanEck “offers insurance to cover potential losses”, Santos claims that the ETF approval will create greater market security, ensuring higher “liquidity, transparency and safe storage of assets that will be reliable for large investors”.
The longest negative comment – from the respondent Sam Ahna, from February 13 – focuses on the lack of internal bitcoin value. Ahn also believes that the very digging of the main cryptocurrency is based on “excessive” mathematical complexity.
Other, more concise comments – partly reflecting the sentence of Ahna already cited – focus on the alleged lack of bitcoin as a financial product. They point to its high exchange rate volatility and manipulations taking place on the market. It was also noticed that there was a small group of investors behind these manipulations.
Follow and wait …
One of the respondents, D. Barnwell, presented quite an interesting – and in a sense rational – solution:
“I would ask the SEC […] to adopt the” watch and wait “approach […] the real revolution is the base blockchain technology, not cryptocurrencies. To enter this changing [world] industry and technology, you do not need to have a cryptovaluate financial product. ”
Earlier, the media reported on the words of SEC chairman Jay Clayton, who said recently that “there may be a situation where the ETF bitcoin could meet our rules”. He stressed that it is important in his eyes technology itself that looks promising “in places where it is consistent with our approach to raising capital into the past.”
As you can see, the fate of the bitcoin ETF is not clear and certain. More and more market observers believe that the expected breakthrough will not happen this year. They are setting themselves up for next years, maybe even for 2020.