Bitcoin ETF Decision Gets an Overwhelming Amount of Public Opinion

A great deal of cryptocurrency proponents are hoping for a positive outcome when the US Securities Exchange Commission (SEC) decides on whether or not they will approve the latest bitcoin-based ETF application file by Cboe. The US regulator had asked for public opinion concerning the ETF again, and this time around the number of responses sent to the regulator is 10X the amount that was sent this past April.

Also Read: Bitcoin Futures Volume Spike As Cboe Awaits ETF Decision 

SEC Receives 10X the Number of Responses for the Upcoming Bitcoin ETF Decision

Virtual currency enthusiasts really want a bitcoin-based exchange-traded fund (ETF) approved by US regulators. Over the past few weeks, since Cboe filed an application with the SEC, so it can list shares backed by the Vaneck Solidx Bitcoin Trust (“the Trust”), the SEC office received a large swathe of opinion letters from more than 90 individuals according to recent reports. The number of responses sent was 10X the amount of opinions written last April during a prior bitcoin ETF decision.

Reports also detail that Cboe’s bitcoin-based ETF has been so popular that the SEC has pushed another cryptocurrency related listing off until this September. The attempted Cboe ETF has been a popular discussion among cryptocurrency enthusiasts and some speculators believe digital asset prices will rise in anticipation of the SEC’s decision. Cryptocurrency markets have seemingly already reversed their bearish trend and a good amount of proponents believe this decision will cause a spike either before and after the ruling if it is positive.

SEC Decision Date Discrepancy and a Possible Crypto-Bull Run if the Ruling Is Positive  

There’s also been a discrepancy on when the official decision would be made as many people and publications assumed the verdict would be on August 10. However, according to a Reddit user, who claims to be a securities lawyer, on the forum r/cryptocurrency, an August 10 decision is impossible.

“The way this works is that the SEC issues a notice, which is then published in the Federal Register — As you will find stated clearly in the notice, the period is within 45 days from the date of publication in the Federal Register — not the date the notice is released by the SEC (edit: failure to understand this distinction is the source of the incorrect August 10th date),” explains the post.  

The date of publication in the Federal Register was July 2nd — This means they have until August 16th. Bear in mind that it can be extended, and even once the period ends, the SEC may “initiate proceedings” to assist in making a decision.

A Possible Crypto-Bull Run if the SEC Ruling Is Positive

If an ETF judgment is made on August 16 there is well over a month until that date, so a lot could happen to cryptocurrency spot markets between now and that time. People who hope this ETF will happen believe it might be approved because of Cboe’s previous experience with bitcoin futures markets introduced this past December. So far the derivatives markets offered by both Cboe and CME Group have done well, and growing volumes show there is interest in these mainstream cryptocurrency investment vehicles. Arthur Hayes the co-founder and CEO of Bitmex exchange explains on the CNBC broadcast Fast Money that a positive ETF ruling could prime the next massive bull run.

“We’re one positive regulatory decision away — maybe an ETF approved by the SEC — to climb through $20,000 and even to $50,000 by the end of the year,” the Bitmex CEO states.

What do you think about the SEC being swamped with letters about the bitcoin ETF decision? Do you think a positive decision will cause a cryptocurrency bull run to happen? Let us know what you think in the comment section below.

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