Bitcoin ETF News, New SEC Filling.

Bitcoin ETF

For a long time, regulators have been fighting a Bitcoin exchange-traded fund, citing concerns about everything from market volatility and industry manipulation to poor liquidity.

However, there seems to be new hope. VanEck Associates Corp. has filed with U.S. Securities and Exchange Commission to launch a new Bitcoin Exchange-traded fund. This is a bold move for the New York-based company. Over the years, there have been numerous requests for Bitcoin ETFs however, the SEC has rejected all of them.

According to analysts, VanEck is convinced that changes in the SEC’s leadership (Jay Clayton’s resignation) combined with increased Bitcoin adoption on Wall Street have increased the likelihood of regulatory approval.  However, there is still a long way to go and a lot will be dependent on who President Biden chooses to leas the SEC.

VanEck’s filling announcement comes during a week of bitcoin hitting record heights. This year, the world’s largest digital asset has advanced up to 300%, attracting the attention of some of Wall Street’s most well-known investors, including ones such as Paul Tudor Jones and PayPal.

As crypto fans see its rally continuing, many are also aware that its astronomical rise could attract further scrutiny. The new SEC chairman may take a softer stand than Clayton, but President-elect Joe Biden has appointed Janet Yellen as Treasury secretary. In the past she has described Bitcoin as a “highly speculative asset” and “not a stable store of value” and that might be a problem for ETF.

However, one thing is true. As soon as the SEC approves Bitcoin ETF, billions of dollars will start following into BTC. BTC ETF will push prices even higher, so investors should be looking out for that moment.

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