As another ETF is delayed, opinions vary on whether the SEC will take a more urgent approach to making their judgements.
Still No Crypto ETFs
The WisdomTree Bitcoin Exchange-Traded-Fund application has been delayed by the Securities and Exchange Commision (SEC). The ETF-focused finance firm, WisdomTree, was the latest financial firm to test their luck with the SEC.
As of writing, their Bitcoin ETF application has been delayed by the SEC. WisdomTree’s delayed ETF application, according to CoinDesk, now joins the growing number of over 12 Bitcoin ETF applications under review by the SEC.
Why the SEC Remains Hesitant
Manipulation concerns and investor protection remain the two prongs of SECs argument against approving crypto-based ETFs. In a Tweet from Ron Hammond, the director of government relations at Blockchain Association, he suggested that rumors currently floating around Congress point to the SEC not approving a crypto ETF in 2021.
Others Remain Hopeful
The overly cautious approach the SEC has taken towards cryptocurrency has many believing there will be repercussions.
As Colin Wilhelm’s Tweet shown above notes, United States senator Elizabeth Warren stated that “We can set the rules of this market (cryptocurrency) ourselves or sit back and let other countries do it.”
It would seem the desire to control the crypto space may begin to outweigh the FUD toward manipulation concern and investor protection.
The SEC delaying WisdomTree’s bitcoin application is not shocking news. The SEC recently delayed VanEck’s bitcoin ETF application in mid June, delaying the application for another 45 days.
It would seem the SEC is doing everything they can to avoid making a firm decision one way or the other. Yet as noted by Elizabeth Warren, time is running out, and playing the waiting game could have serious consequences.
Source : bsc.news
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