Cboe Global Markets Inc. is attempting to be the first to list a bitcoin exchange traded fund (ETF). Unfortunately, it is difficult to win approval from the U.S Securities and Exchange Commission.
Chris Concannon, the exchange operator’s president and chief operating officer stated in an interview, As we chip away at their issues to make them less concerned, at some point they’ll be comfortable with an ETF. Speculation has risen that a bitcoin ETF is going to be approved as early as this month but the rumors simply aren’t true. The SEC has been nervous about bringing crypto to the masses, thus a lot of negotiations and explaining from both sides of the table are helping alleviate concerns. This isn’t the first time a cryptocurrency based ETF has been turned down and struggles to win approval from the SEC. Not long ago the Winklevoss twins attempted to get an ETF approved and unfortunately was not able to make it happen. Regulators seem to be most concerned with market manipulation and unregulated cryptocurrency markets.
According to Hany Rashwan, chief executive officer of crypto startup Amun Technologies Ltd.
The SEC is likely to delay until February of 2019 and the chances of a Bitcoin ETF approval in 2018 have always been low.