Bitcoin ETF Request for Comment: 97% Positive

[ridertiger]

The request for comment came as a result of the Chicago Board Operations Exchange (Cboe) filing a proposal for a rule of change to list bitcoin (BTC) shares issued by the VanEckSolidX Bitcoin Trust.

New York-based VanEck and blockchain platform SolidX joined forces earlier this year to draw up a bitcoin-based exchange-traded fund (ETF) and worked with Cboe Global Markets to put forward the proposal.

Why is there a bitcoin ETF request for comment?
The rule of change would enable a bitcoin exchange-traded fund (ETF) to be listed on the Cboe BZX exchange – one of four exchanges the Cboe runs. An ETF provides the ability to trade on the stock market with added liquidity and lower fees. Even if you’re not a trader, a positive ruling would undoubtedly cause a surge in the price of bitcoin.

Previous proposals to get permission to list a bitcoin-based ETF, such as that made by the Winklevoss twins for their Gemini exchange last year, have been rejected. This proposal, however, has received twenty times the amount of attention than any previous proposal – 97 percent of which has so far been positive.

Only six out of 210 comments made on the SEC’s bitcoin ETF request for comment were negative. Some detractors felt that the ETF would permit greater manipulation of the market while others suggested the ruling would, in fact, reduce manipulation.

Electrical engineer Cody Parm said:

“With the SEC passing an ETF for Bitcoin, we can now expect further legitimacy, security, and development. I don’t think anyone can deny the usefulness of blockchain technology and Bitcoin as an asset. There are much riskier investments that the SEC has passed for an ETF and this will open the doors to many people waiting at the sidelines.”

Further reports suggest that, other than on the website, the SEC has also been receiving tons of additional fan mail regarding the bitcoin ETF request for comment.

Possible delays on a decision
Initial reports suggested the SEC would make a decision on the ruling on August 10 but since then further investigation revealed the decision wouldn’t be before August 16. Now it would seem that even August 16 is being hopeful, as a popular cryptocurrency Youtube channel points out it could be as long as a year before the ruling is finalized.

Patience is a virtue, as they say, and my feeling is that a longer wait may not be a bad thing – it means the SEC is carefully considering all options. There is no point wishing for a quick decision if that decision is negative. Personally, I’d rather have a ‘yes’ sometime next year than a ‘no’ on August 16.

Considering the amount of positive feedback the SEC has received so far, it seems highly likely that this time it will be a ‘yes’. Here is the source: https://cryptodisrupt.com/bitcoin-etf-request-for-comment-97-positive/?cn-reloaded=1

[YuginKadoya]

Well we really need it, And Right now the price of bitcoin is slowly turning green and pumping up in a good movement, Maybe because there are still many believe in the Blockchain technology that bitcoin, I really think this positive feedback towards this technology had made SEC realize the true nature of the blockchain technology, And by the time we see the price turns back to $10,000 USD I really think that we can have a yes from the SEC, so we can further improve the price of bitcoin.

[Olga Khan]

bitcoin EFT 97% positive means it is secure to invest. it will be good in future. i think bitocoin future bright. people will take it positively.

[Bitcoin_Makers]

It remains to wait very little and we will find out. I hope that everything really will be so and the end of Q3 and all Q4 will be positive for the crypto currency market.

[hongxh]

Anyone know when the ETF decision will be made? Thanks

[deathland113]

https://www.reddit.com/r/CryptoCurrency/comments/927auz/this_is_the_sec_commissioner_who_wants_the_etf/?utm_source=reddit-android
lets support her guys.

[tegarp90]

The request for comment came as a result of the Chicago Board Operations Exchange (Cboe) filing a proposal for a rule of change to list bitcoin (BTC) shares issued by the VanEckSolidX Bitcoin Trust.

New York-based VanEck and blockchain platform SolidX joined forces earlier this year to draw up a bitcoin-based exchange-traded fund (ETF) and worked with Cboe Global Markets to put forward the proposal.

Why is there a bitcoin ETF request for comment?
The rule of change would enable a bitcoin exchange-traded fund (ETF) to be listed on the Cboe BZX exchange – one of four exchanges the Cboe runs. An ETF provides the ability to trade on the stock market with added liquidity and lower fees. Even if you’re not a trader, a positive ruling would undoubtedly cause a surge in the price of bitcoin.

Previous proposals to get permission to list a bitcoin-based ETF, such as that made by the Winklevoss twins for their Gemini exchange last year, have been rejected. This proposal, however, has received twenty times the amount of attention than any previous proposal – 97 percent of which has so far been positive.

Only six out of 210 comments made on the SEC’s bitcoin ETF request for comment were negative. Some detractors felt that the ETF would permit greater manipulation of the market while others suggested the ruling would, in fact, reduce manipulation.

Electrical engineer Cody Parm said:

“With the SEC passing an ETF for Bitcoin, we can now expect further legitimacy, security, and development. I don’t think anyone can deny the usefulness of blockchain technology and Bitcoin as an asset. There are much riskier investments that the SEC has passed for an ETF and this will open the doors to many people waiting at the sidelines.”

Further reports suggest that, other than on the website, the SEC has also been receiving tons of additional fan mail regarding the bitcoin ETF request for comment.

Possible delays on a decision
Initial reports suggested the SEC would make a decision on the ruling on August 10 but since then further investigation revealed the decision wouldn’t be before August 16. Now it would seem that even August 16 is being hopeful, as a popular cryptocurrency Youtube channel points out it could be as long as a year before the ruling is finalized.

Patience is a virtue, as they say, and my feeling is that a longer wait may not be a bad thing – it means the SEC is carefully considering all options. There is no point wishing for a quick decision if that decision is negative. Personally, I’d rather have a ‘yes’ sometime next year than a ‘no’ on August 16.

Considering the amount of positive feedback the SEC has received so far, it seems highly likely that this time it will be a ‘yes’. Here is the source: https://cryptodisrupt.com/bitcoin-etf-request-for-comment-97-positive/?cn-reloaded=1

But i think it's not confirmed yet, whales are playing behind this i'm sure.
The whales need more profit before they announce it's confirmed, let's wait for the further confirmation

[Lemer]

I think there's a good chance that bitcoin etfs will pass right now.
So for now, ETF may bring enough money to the market, so this could be the beginning of a bull market.

[Gozie51]

The price steady movements bullish is a signal that the ETF will be through this time. SEC would have to give in on this.

ETF may bring enough money to the market, so this could be the beginning of a bull market.

Except you don't understand what that means because there is no stopping the price surge if it goes through.

[dothebeats]

97% positive comments is already a good indication that a positive ruling will come out and the ETF will be approved. However, do remember that 3% is still a probability we cannot disregard and that small of a percentage, most of the time in this type of environment, leads us to disappointments. No matter how 'positive' a ruling/decision seems to be, if it is already priced in, it will still go against what everyone assumes it to be. We definitely need to get that ETF approved for a nice boost in price, and perhaps CBOE would deliver after the Winklevoss ETF is already out of the picture.

[kevoh]

Anyone know when the ETF decision will be made? Thanks

Counting 45 days from which it was published in the Federal Register, the decision will be made most likely by August 16th as opposed to the 10th of August that is being speculated.

[12tribes]

The fear by the SEC is unfounded and the overwhelming votes in the support of the bitcoin financial space reflects the confidence and trust the people repose in this new, fast and reliable method of carrying out financial transactions. The SEC will have no choice to eventually accent to the will of the people who are willing to do business with and via crypto.

[genolica]

I believe that ETF was rejected by SEC. So, it means that ETF that can make bitcoin fly, will not be continued. But we need to wait. Probably in the mean time, it could get accepted.

[Kemarit]

I believe that ETF was rejected by SEC. So, it means that ETF that can make bitcoin fly, will not be continued. But we need to wait. Probably in the mean time, it could get accepted.

We call all speculate because the decision is not yet given by the SEC. Bitcoin existed without the ETF, although it will be good if SEC approved it, but we will still be ok. The short term effect will bad of course, price declining, and then we will hear people calling bitcoin is dead. LOL. But then again, if you are going to look and have invested for the long haul, I'm sure that you will not be affected just in case its rejected and the price plummets. Really good to hear that the comments are 97% positive so its really favorable. Month of August will be really exciting and interesting and I'm sure that everyone is looking to hear the news of approval.

[2fresh]

That's pretty good, I'm feeling more and more bullish. I'd like to actually see it go through though.

[darkangel11]

Everyone is so hyped about it, I love it. While they always say that we shouldn't follow the crowd, this is an exception as we aren't jumping blindly in. Most of us were in for so long and this is the time when we may reap the crop. I was waiting many years for BTC to become the topic of discussion on the highest level and here it is.
Last chance to jump aboard guys. 1k is long gone, but you can still get it for less than 10k.

[novikov433]

The point is not even in ETFs, at the current stage of the SEC should criminalize the manipulation of news on the market. Now the script trades at random, because there is no responsibility for falsity and fake news. I think that after ETF we will see news regulation, and then it will be possible to trade steadily on the situation, but for now it is very difficult, it's easier to trade shares until the situation changes for the better.

[stefy77]

Despite this, I remain perplexed that they will be accepted. In my opinion, the request will be rejected again.

[criptogenious]

Blockchain surely has a future without a question, which makes cryptocurrenices bound to be followed and demanded by users everywhere around the world. ETF approval is very likely to bring an ever changing positive effect on BTC, and digital currency as a whole.

[casternetwork]

I think that 97% is not a significant number to make Czech Republic accept ETF bitcoin. I believe that the Czech Republic is in need 100% positive comment on Bitcoin. Hopefully this year, the ETF will be accepted