Over the past weeks, the entire digital currency market has been on a downward trend. Even the world’s largest digital currency – Bitcoin (BTC) – has been on a roller coaster ride. The digital currency has been moving between major support and resistance levels. Nevertheless, despite the recent price plunge in the market, crypto investors and enthusiasts have refused to give up on the industry.
There have been more developments in the crypto industry lately, and this has grabbed the interest of many investors all over the world. This partially interprets the statement of Anthony Pompliano. Pompliano is an in-house digital currency insider of Morgan Creek.
Pompliano said: “Bear markets get rid of tourists so entrepreneurs can focus on building.”
The Crypto Industry Is Not Yet Ready for a Bitcoin (BTC) ETF
Since the value of Bitcoin (BTC) started crashing early this year, investors in this industry have been looking for a light at the end of the tunnel. The light investors have been looking for is a fully-regulated, US-based exchange-traded fund for Bitcoin (BTC). However, according to a US SEC official, the arrival of a digital currency-backed ETF is nothing more than just a dream for now.
Jay Clayton – a Securities and Exchange Commission incumbent – said that he is not ready to give green light to a Bitcoin (BTC) ETF.
Bitcoin (BTC) ETF Applicants Meet with the SEC
A lot of firms have applied for the approval of a Bitcoin (BTC) ETF over the past months. The SEC has also rejected the applications of these firms consistently, with the reason that the industry is not yet ready for a crypto-backed ETF. Despite the concerns of Clayton about a BTC ETF, the SEC just published a memo that outlined a crucial closed-door meeting with representatives of CBOE, SolidX, and VanEck. These are the three companies with the highest BTC ETF applications.
This event is the second of its kind. The event saw VanEck detail its proposed plan via a 62-part slide deck. The firm broke down the exchange-traded fund to its core. The firm is aimed at calming the apprehensiveness of the SEC regarding the digital currency market. The representatives of VanEck also went ahead to draw attention to the resilience of BTC markets, stating that the fixed distributed, secure, and supply nature of BTC would not allow for manipulation.
VanEck also went on to praise the trading system of CBOE. The ETF would be based upon the trading system of CBOE for its security, ability, and speed to remain compliant with financial law, something the U.S SEC is possibly looking for.
While participants in the crypto space are all waiting for the green light of the SEC, the SEC is yet to dance to the tune of the industry. The SEC has not even issued any comment on the slide deck of VanEck. However, a lot of investors are hopeful that the attendees of the closed-door meeting were pleased with the presentation of VanEck.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin is currently trading at $4,022 after a decrease of about four percent over the past twenty-four hours. The current market cap of the digital currency is $70.01 billion with a trading volume of $5.20 billion over the past twenty-four hours.