Bitcoin ETF Approval On The Way? US SEC Issues a Solicitation Notice

[Ozark]

US Security and Exchange Commission just published a solicitation notice asking businesses to provide visible data showing complete and accurate information of common blockchains. This will enable the SEC to gather adequate information for potential sources that will help in acquiring data for mostly used blockchain.

SEC stated that potential businesses should;

       

“Provide blockchain data to support the SEC’s efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets. The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely used blockchain ledgers, including the universe of available information and transaction details.”

This notice happens to be a sequel to the resubmission of the proposed rule change on Wednesday, January 30th, which was announced by VanEck digital asset strategy lead, Gabor Gurbacs on Thursday, 31st January. Its content signifies that SEC is likely going to approve the proposal and are just searching for facts to support its decision.

This proposal will enable Cboe BZX exchange to list shares of Bitcoin ETF trust and this will open doors for huge inflow of funds from investors if approved. Bitcoin ETF trust will mitigate the risk faced by investors who would like to play in the high volatile crypto market. It allows them the option of trading on different cryptocurrencies without staking their money for a particular one.

Due to the high risk associated with the crypto space, causing loss of billions to hackers and bearish market, potential investors have developed cold feet to venturing into the crypto industry. Bitcoin ETF trust will offer a kind of insurance against loss of investment in the cryptocurrency.

It is very possible that SEC would have made cryptocurrency a top priority in its investigation to have a good ground in the decision about the Bitcoin ETF.

SOURCE