Lingering optimism of BTC ETFs approval amid SEC' stringent regulation in ICOs and bearish streaks

The U.S. Securities and Exchange Commission (SEC) postponed deciding on whether to approve Bitcoin-related exchange-traded funds (ETFs), public documents divulge.

While SEC’s Jay Clayton doesn’t seem to be buzzing green light on a crypto-ETFs.Since Bitcoin faltered in early-2018, investors in this nascent asset class have sought to find a light at the end of the tunnel. This light, as it turns out, is a U.S.-based, fully-regulated Bitcoin exchange-traded fund (ETF). But, as recently divulged by a commissioner from the U.S. Securities and Exchange Commission (SEC), the advent of a crypto-backed ETF might be nothing more than a quixotic dream, or at least for now.

After a cloud of legal action loomed over for months, DJ Khaled and Floyd Mayweather, two of the world’s biggest stars, were revealed to have been name-dropped in a recent crypto-related SEC ruling. The case in question, which involved the two influencers, a crypto-backed debit card project Centra, and lesser-known projects, was publicly released on Thursday afternoon to the likely dismay of Mayweather, Khaled, and their legal counsel. As put by media outlet Gizmodo on Twitter, the “SEC has informed DJ Khaled that he has played himself.”

However, many of the investment veterans and crypto aspirants have been optimistic on approvals of ETF proposals. Bitwise optimistic on Crypto Index Investment Fund,despite SEC’s deferment of approval of crypto-index ETFs.

The San Francisco-based asset management firm, Bitwise, filed for “the first publicly-offered cryptocurrency index exchange-traded fund (ETF)” amid the varied perspectives between highly constructive crypto-aspirants and diplomatic regulators.

The SEC recently released a memorandum that emphasized a paramount closed-door meeting attended by representatives from VanEck, SolidX, and CBOE, the three firms behind the foremost Bitcoin ETF application, despite Clayton’s concerns about crypto-backed ETFs.

Well, addressing at Consensus: SEC incumbent Jay Clayton seemed to be buying some more time for Bitcoin ETF approval. Substantiating their slightly subversive stances with rationale, Clayton highlighted the lack of market surveillance in crypto-industry.

Blockchain may be grounded on a resemblance of transparency, in concurrence to this quality, the SEC regulator noted that there’s an evident lack of bonafide surveillance implementations on crypto platforms at large. Clayton then explained that investors expect that a commodity-backed fund is free from manipulation, alluding to his sentiment that Bitcoin is susceptible to questionable fluctuations on a group’s whim, or through actions executed by bad actors.

Currency Strength Index: FxWirePro's hourly BTC is at -87 (bearish), hourly USD spot index is flashing at 73 levels (which is bullish), while articulating at (11:45 GMT). 

For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex