Bitcoin ETF Has Received Mostly Negative Comments From The Public So Far
The road of the approval of the Bitcoin exchange-traded fund (ETF) does not seem to be going very well. This is sad news for all crypto traders since it actually looks like the certainty of the approval may not be so certain after all.
Now, the U. S. Securities and Exchange Commission (SEC) has recently submitted public comments about the VanEck and SolidX ETF proposal and things do not look good at all. Six out of seven reports are negative so far. Most people actually urged the SEC to simply abandon the ETF or to “wait and see”. People have been asked to give their opinion since February 19.
Some people even went to say that Bitcoin has no intrinsic value at all because it is not tangible. The most negative comment comes from Sam Ahn, an investor who believes that the Bitcoin ETF simply should not be allowed.
Only one comment from a man called Sami dos Santos has actually praised Bitcoin. He deems it as revolutionary and affirmed that the ETF approval would benefit the crypto market.
He also made an interesting point in affirming that there is some intrinsic value in the ETF because of the VanEck proposal, which affirms that there will be insurance that will cover the losses of the investors. Also, it would provide more liquidity and transparent for the custody of the assets, something that an investor would not be able to get in the secondary market.
The Road So Far
In fact, the VanEck and SolidX proposal were being judged last year, but the government shutdown faced by the U. S. recently made the companies withdraw their proposals. Another ETF, this one made by CBOE, was also withdrawn at the time and then sent again to the SEC.
It is important to take into account that this is not the first time that the SEC asks for the opinion of the investors. Several crypto investors and evangelists have told their opinion before, but some of them simply got tired of being ignored, which may be the reason for the low numbers of people backing the ETF now.
We all have to hope that the SEC will really hear the voice of the only pro-ETF investor and approve this decision that has been awaited for such a long time. Recently, the chair of the SEC, Jay Clayton, has affirmed that the ETF is possible if it satisfies their rules, so we can only hope for the best now.