Reasons Why a Bitcoin ETF May Arrive Soon
Earlier this summer, the Winklevoss brothers' second attempt at launching a bitcoin-linked exchange-traded fund (ETF) fell apart when the U.S. Securities and Exchange Commission (SEC) rejected it. This second application was a revised and updated version of the first, which was turned down in March 2017. With the SEC's decision, many in the cryptocurrency space lamented what they saw as the failure of one of the best-positioned projects to open up the doors to a bitcoin ETF product. The SEC determined, however, that the space is simply too volatile and subject to manipulation in order to permit a product like this at this time. Nonetheless, a report by Bitcoinist suggests several reasons why proponents of bitcoin ETFs should remain optimistic that these vehicles may reach investors sooner rather than later. Weeks ago, the Chicago Board Options Exchange (CBOE) filed a proposed rule change in order to list and trade shares of its so-called Bitcoin Trust, the Van Eyck Investment and SolidX's Bitcoin ETF. In the lead-up to the tentative decision, due Aug. 10, CBOE and Van Eyck representatives have launched a heavy-firepower campaign in support of the project. It may be paying off: A recent report by Bitcoin Exchange Guide suggests that a credible source has suggested that there is "near certainty" that the CBOE project will be approved.
