SEC Receives a New Application for Crypto ETF


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While people are eagerly awaiting the approval of VanEck’s bitcoin ETF, the United States Commodity Funds (USCF) LLC has submitted a proposal for a crypto ETF, as revealed from their SEC filing on May 9, 2019. The USCF Crescent Crypto Index is a market cap weighted portfolio of bitcoin (BTC) and Ethereum (ETH).

ETF Dreams Revived

With the SEC taking its own time to consider the re-appeal by VanEck for a bitcoin ETF, USCF Crescent Crypto has submitted a proposal for a bitcoin and ether tracking ETF. In between VanEck and USCF, Bitwise Asset Management also submitted an ETF proposal; investors are speculating that the additional proposals may delay a decision.

The SEC has already stated they will come to a decision on the Bitwise ETF by May 16 and start any proceedings, if required, by May 21. The SEC is unlikely to be influenced by the positive price action of the last few months given their open comments about market manipulation and volatility.

SEC Commissioner, Robert J. Jackson Jr, assured investors that a bitcoin ETF is “inevitable” despite all the turmoil currently surrounding digital currencies. Regardless of positive comments from the SEC, there has been an equal amount of pessimism regarding bitcoin and all ETF applications filed so far have been promptly rejected. The closest thing to a public market bitcoin investment today is the Grayscale Bitcoin Investment Trust which trades OTC in the United States of America.

The final date for any decision to be given for both Bitwise and VanEck are October 13, 2019 and October 18, 2019 respectively.

Boon or Bane?

Many people believe that the rejection of VanEck’s bitcoin ETF proposal was a main driver for delaying the end of crypto winter, further reinstating their belief in this by stating a bitcoin ETF will spur the market past its all-time high.

While a majority agree that the ETF will be a huge positive and push the premier cryptocurrency’s growth and adoption further, few believe an ETF is the worst thing that can happen; among the critics is Andreas Antonopolous, one of the most eloquent speakers and educators on bitcoin, cryptocurrencies, and blockchain. Andreas is behind the famous quote; “your keys, your Bitcoin; not your keys, not your Bitcoin”; he believes custodial solutions will lead everyone to lose the plot on what Bitcoin is really about: decentralization and being your own bank.

With so much focus on just the investment perspective, the true value of bitcoin is being reduced to mere speculation over the power it gives an individual to conduct and verify their own transactions. A bitcoin ETF will be a huge driver for investment growth but the same cannot be said about adopting bitcoin as a medium of exchange.

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