On August 10, the SEC comes together and will determine what its stance is regarding what would be the first ever crypto-related ETF approval.
The ETF application for cryptocurrency submitted by Winklevoss made a major impact on the rest of the industry, with Bitcoin dipping below $8 000. This rejection stimulated major conversations in the cryptocurrency world, especially concerning how it will impact the other submissions setup.
The Chicago Board Options Exchange (CBOE) has a fairly solid case to have their Bitcoin ETF request approved. There have been some sources that have been discussing what this means for the future of institutional space.
One of the sources at the SEC have expressed the high likelihood of the CBOE product being approved, saying:
“The hybrid exchange/regulatory elements there make a world of difference. The SEC will have an internal interest in dealing equitably with the CBOE. Believe me when I say that. The Gemini decision was expected from those in the know and could have easily been predicted. Again, this stuff is more about timing than anything else. Approvals will come, it is more a matter of Q4 2018 or Q1 2019. And as I said before, that will open up the door to more crypto-based product submissions.”