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SEC receives positive Bitcoin ETF comments

On June 26, the Chicago Board Options Exchange (CBOE) filed an application with the SEC seeking an approval of a Bitcoin Exchange Traded Fund (ETF).

The agency published the application and invited the public to comment on the matter. Since then, more than 90 people have submitted their comments.

That’s roughly around ten times more than the comments the commission received in April when it asked for the public’s opinion on another Bitcoin ETF listing.

Most of the comments received by the SEC are supportive of Cboe’s listing application. The first one, received on July 11 from Bradley Baker, reads:

“In my opinion the utilization of CryptoCurrency is an inevitable reality. To ingnore or pretend otherwise is to turn a blind eye to reality.
Regardless, while the crypto space is presently a “Wild West” state, oversight and accountability will serve a significant purpose in stabilizing this sector and protecting individuals.
My suggestion is that you, as an agency embrace the inevitable and be a guiding force at this early stage of inception.”

Of course, even though a minority, there are some who disapprove of the idea of a Bitcoin ETF. Anthony Arcieri, for instance, expresses his concerns that Bitcoin’s price has been actively manipulated and, thus, creating an ETF out of it doesn’t make sense.

In the middle of June, the SEC outlined that Bitcoin, Ether, and other decentralized cryptocurrencies will not be classified as securities. This new position of the agency might open the door for the long-awaited approval for Bitcoin ETF.