Bitcoin Forum

The prospect of a Bitcoin ETF has been widely discussed for the last few years, and despite all previous applications for a US-based fund being rejected or withdrawn, the latest rhetoric from the SEC appears to suggest the commission is ready to consult with industry stakeholders, who may be able to address their concerns such that a viable Bitcoin ETF can finally come to fruition in 2018.

https://coinjournal.net/bitcoin-exchange-traded-products-will-the-sec-approve-a-bitcoin-etf-this-year/

I certainly won't be too bothered if they don't, in fact I hope they don't. Bitcoin is doing fine without those corrupt multi-lettered US bodies anyway. It always has & always will. It's designed that way.

In the same way I won't be bothered if it doesn't come through, but it adds value to Bitcoin's utility, which is the most important aspect of these developments. It's just a price tracker in reality without an underlying value, but it helps damping down the 'shady' nature they initially thought Bitcoin had. It's quite the opposite world, but the more 'legitimate' usage Bitcoin enjoys, the more traditional parties will start to grab hold of Bitcoin.

The previous ETF's were rejected mainly due to Bitcoin's unregulated nature, which currently has changed significantly, but I'm not yet sure if it's enough for them to let an ETF come through. On the other hand, with parties as CME and CBOE having an important bit of influence and a trustworthy track record in their own fields, they might actually become the first entities who successfully get their ETF's approved. It makes a big difference for sure.

Does anyone even know what happened with the 'review' the SEC granted to the Winklevoss ETF? We're more than a year further and we still haven't heard anything from them.

A winklevoss style ETF based on coins actually held, I don't think they'll be able to clear up the doubts. There's a lot of unknown territory and the SEC isn't in the business of pioneering or guessing.

Something based on futures? That's more tenable as it's based on systems that they work with all the time. That would have far less effect on the direct Bitcoin market.

Even then the futures prices would be based on a Bitcoin price and market the SEC has no way of policing. They can only approve the things they can police. That's their job. I dunno where a futures ETF would fall in that. They can keep a close eye on the futures market, but the entity setting those prices is beyond their remit.

It may be something that's forever slightly beyond reach but I'm sure a lot more organisations are going to try it in the coming years.