SEC’s Bitcoin ETF Email Comment Form is Being Flooded by Crypto Users
The United States Securities and Exchange Commission is accepting comments from the public regarding the approval of a bitcoin ETF. So far, the regulatory agency has received comments from 90 individuals in just 3 weeks of the comment form being available online.
The SEC is specifically debating whether or not to approve a bitcoin ETF proposed by cryptocurrency exchange CBOE BZX Exchange.
The SEC, like many government agencies, is required to hear public opinion regarding issues. In the three weeks since opening its public comment form online, the agency has received over 90 comments from cryptocurrency users, with the vast majority of comments in favor of approving the bitcoin ETF.
90 may not seem like an enormous figure. However, as pointed out by Bloomberg, that’s more than 10 times the number of responses the SEC received when it asked for opinions on another bitcoin ETF listing back in April.
Bloomberg also spotted a trickle-over effect taking place in other aspects of the SEC’s agenda. Cryptocurrency users were commenting on other SEC proposals – even the ones that did not specifically mention crypto:
“This hyper enthusiasm is spilling over into other areas of regulation,” explains Bloomberg. “For example, 19 of the 21 comments on the agency’s decade-in-the-making broad ETF rule are pleading for the bitcoin fund – and that proposal doesn’t mention bitcoin, crypto, or blockchain on any of its 286 pages.”
The Cboe has been one of the leading voices from the crypto community urging the SEC to take action. Last year, the SEC asked would-be bitcoin ETF issuers to pull their applications until asset managers could answer questions about liquidity, custody, market manipulation, valuation, and arbitrage in the cryptocurrency community.
This latest request from the Cboe is the second such request made by the exchange. The SEC recently postponed a decision on another prospective bitcoin-related listing change until September 2018. That request was also made by Cboe.
In any case, the SEC is being flooded with comments from the cryptocurrency community regarding their approval of a bitcoin ETF. It’s unclear how much sway public opinion will have on the decision. We did see the announcement of BlackRock asset firm considering crypto-based ETFs as well. However, the approval of the first bitcoin ETF would be a major victory for the cryptocurrency community and yet another sign that Wall Street is embracing cryptocurrencies.