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President Trump Boosts Possibility of a Bitcoin ETF

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Trump Bitcoin ETF

The likelihood of a Bitcoin ETF just got stronger.

All thanks to President Trump’s latest appointment of Republican Elad Roisman to the U.S. SEC.  In fact, he may be the missing piece that could tilt the balance in favor of approval.

With a strong stance on fair regulation of cryptocurrency, Roisman noted:

“The SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”

Now, the majority in favor of cryptocurrencies and the ETF jump to 3-1

For example, Chairman Jay Clayton is likely to approve.

“We at the SEC are committed to promoting capital formation. The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that developments in fintech will help facilitate capital formation and provide promising investment opportunities for institutional and Main Street investors alike. I encourage Main Street investors to be open to these opportunities, but to ask good questions, demand clear answers and apply good common sense when doing so,” he once noted.

Commissioner Hester Peirce is likely to approve as well. Peirce is a well-known advocate of the ETFs, once saying she sees “no reason” why it should not happen.

Roisman is likely to approve as well on a vote.

The only holdout is likely to be Commissioner Robert Jackson Jr.  He is showing very little support for a Bitcoin ETF or cryptocurrencies at all.

In short, it’s very likely we’ll see Bitcoin ETF approval soon

“The effect it will have on the perceived legitimacy of the market, on bringing in institutional money, and ultimately on the price of Bitcoin will be staggering,” notes Medium.

 

 

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