Previously, excitement has begun to build up. This was after Sec Chairman Jay Clayton announced Bitcoin digital coin has its exchange-traded funds (ETFs).
However, the Commissioner at the Securities and Exchange Commission (SEC), which manages over this aspect of the digital coin investment market, recently came out to apparently quash the expectations of the investors.
Shareholders are anticipating a publicly available fund tracing the Bitcoin price to make it to market.
In a news report on Monday, Jay Clayton indicated that while Bitcoin ETFs is closer to coming to market, “There is still work left to be done.”
Jay Clayton is one of the most vocal critics of digital coins in the SEC.
Clayton went on to repeat his common comments of the cryptocurrency market. He was touching on the fact that because Bitcoin “trade on largely unregulated markets,” so “how can the SEC be sure that BTC’s value isn’t manipulated?”
He then added that for the SEC to even think about a product, requiring a proper custody of assets.
Clayton did not have a statement regarding the services currently on the market.
Verdicts on Three Leading Bitcoin ETF
Moreover, even the reliable Wall Street custodians like Fidelity Investments or Bakkt mainly receive support by the Intercontinental Exchange.
A few weeks ahead, the commissioner’s comments came off. They was anticipation of verdicts on three leading Bitcoin ETF applications.
Meanwhile, the verdicts are on the horizon. One of the seekers, VanEck Partners, has chosen to launch a workaround product in the short-term.
Previously in a news report, the ETF giant used a specific rule of an actual securities act to issue shares in the VanEck SolidX Bitcoin Trust. This is a part of qualifying institutional investors.
VanEck’s head of ETF product, Ed Lopez, is optimistic that institutional demand for Bitcoin will occur in order for this new “clear” product.
In a tweet, Analyst Alex Kruger indicated that the launch of this product is bullish. The product will be giving Bitcoin a higher probability of breakout out of the current range to the topside.