To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more

SEC isn't as crypto-friendly as many suspected

Authorities are deliberately putting brakes on most important regulations

11.Sep.21 7:19 AM
By Shawn Highstraw


SEC isn't as crypto-friendly as many suspected
It's a saga that's been going on for many months. A now huge pile of applications for bitcoin (BTC) and other cryptocurrency ETFs is at the U.S. Securities and Exchange Commission (SEC) waiting for approval. However, the body has not yet ruled on a single application.

On March 1, 2021, the Chicago Board Options Exchange (CBOE) submitted a proposal to change the trading rules to the SEC to make bitcoin ETFs possible.

The SEC did not respond until a month later and indicated that they needed a period of at least 180 days to consider the new proposal. The deadline at the time was 15 September.

In the meantime, the SEC has announced that they will postpone this deadline. By 14 November at the latest, again a month later, the SEC will make a ruling on a requested bitcoin ETF.

Again and again, the SEC decides not to make a final decision on the possibility of offering crypto ETFs, to the great annoyance of investors.

It is slowly becoming clear what the SEC thinks of the world of cryptocurrencies and everything it stands for. Recently, the US crypto exchange Coinbase announced that they had had a special run-in with the SEC.

Coinbase claims that the SEC is threatening to press charges. This would be about a new service from Coinbase that had not even been launched at that time. The crypto community reacted very suspiciously to this message and makes the SEC's position on crypto somewhat clear.

It seems therefore no longer very likely that the SEC will approve a crypto ETF this year. This, to the disappointment of the crypto community. Crypto ETFs have the potential to attract a large number of investors to the world of cryptocurrencies.

Back to the list

Related Information: