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Never blow Bitcoin ETFs out of the proportion - US SEC's caution

The U.S. SEC’s eagle eye on the crypto regulation has continued, while having embraced the market even while fighting to fend off fraud.

The current state of the cryptocurrency avenue has been luring investors’ attention significantly on the prospects of the future products and events, including the possible approval of the VanEck/SolidX Bitcoin ETF that is currently awaiting the U.S. Securities and Exchange Commission’s (SEC’s) approval.

While SEC commissioner who seems to be optimistic on cryptocurrencies so far, but for now, raised caution for investors against lingering optimism on this event, adding notion that it is unwise to blow this event out of the proportion as this could be a long time before a Bitcoin ETF is approved.

Hester Peirce, one of five SEC commissioners, commented while addressing at a cryptocurrency conference in Washington D.C., and also mentioned her efforts to convince her peers (the other commissioners) to contemplate the emerging asset class generously but with a meticulous approach.

Also noted that a majority ruling is quite essential in order to permit ETFs, that could hamper the probability of Bitcoin ETF’s approval.

Peirce said “don’t hold your breath. I do caution people to not live or die on when a crypto or Bitcoin ETF gets approved.”

“You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to cryptocurrency. I am not as charming as some other people,” added further.

Furthermore, Peirce clarified that the news of approval may happen instantly, or it may even take years together, even though the cryptocurrency industry has been eagerly keeing an eye on a decision of the pending Bitcoin ETF proposals by early-2019.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -181 levels (which is bearish), while hourly USD spot index was at -45 (bearish) while articulating (at 07:39 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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