Bitcoin ETF Enthusiasm Exploding, Bulls have Already Taken the Charge

Bitcoin ETF, the hot topic in the crypto market is taking the SEC by storm as enthusiasts are flooding the agency with comments on the listing and trading of SolidX Bitcoin Shares. Bulls have already entered the market and are expected to further run higher. The frenzy is spilling to other regulatory areas as well that has SEC postpone another Bitcoin ETF proposal by Cboe.

Bitcoin ETF mania crashing SEC

Bitcoin ETF is the current hot topic in the market with everyone’s attention on the decision US Securities and Exchange Commission (SEC) will make. The crypto community and investors alike are anticipating and hoping for the SEC’s approval.

Bitcoin ETF finally got the attention of the SEC this time as the regulatory body is asking for the input of its citizens to decide the fate of Bitcoin ETF. The move came after Cboe BZX Exchange, Inc sought the approval from the agency to list and trade the shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust.

It’s been about three weeks since SEC has asked for the public’s feedback and till now close to 200 people have submitted their comments as shown on the website. Though the number in itself isn’t big, it’s a huge leap from last time when SEC asked for people’s opinion on Bitcoin ETF listing.

Moreover, the number could be well over this as the entry doesn’t show anything after July 11 and as stated by this Redditor in part,

“well, that is all they are showing, I’ve placed a few and none of them are there. I read they have received so many they are crashing and can’t keep up.”

Another one commented,

“Well it takes 1.5 days+ to get your comment on there if they even put it up there at all, they state that they are not obligated to display your comment but at least they receive it.”

Also, read: Bitcoin Analysis: Why SEC Might Approve Bitcoin ETF? What’s Different This Time?

Bitcoin ETF frenzy in full swing

An interesting element here is the support for Bitcoin ETF isn’t sticking to their sector rather spilling to other areas of regulation as well. SEC’s proposed ETF rule that nowhere mentions Bitcoin, blockchain or crypto has a majority of the comments making an appeal for Bitcoin fund.

Cboe has repeatedly urged the agency to approve the crypto ETFs. But for a long time, SEC has been rejecting the attempts of bringing Bitcoin ETFs to the market. But now, the enthusiasm of crypto fans has the attention of the SEC so much so that it has postponed another Bitcoin ETF.

The postponement notice of another Bitcoin ETF reads,

“Designation of a Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to List and Trade the Shares of the GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF Under BZX Rule.”

People are extremely enthusiastic of the prospect of getting the Bitcoin ETF approved by the SEC this time. Many are even encouraging others to do the same as this Redditor did with the explanation of the process as well.

“Guys, this is a very important step for bitcoin/cryptocurrency. We all want growth, are you willing to spend two minutes of your time to help do something big? If not for the tech at least do it so your holdings go up in value.

For those of you who don’t want to read to figure it out, follow these steps:

1. Send an email to rule-comments@sec.gov
2. Paste this into the subject line: Release No. 34-83520; File No. SR-CboeBZX-2018-04
3. Send a basic or wordy email about why you think bitcoin/cryptocurrency/Blockchain tech is good for the world.”

If we take a look at the market, bulls have already entered and taken Bitcoin (BTC) over $7,400 mark with a rise of over 10%. The entire crypto market is running in green. Analysts and investors alike are expecting a bull run to follow up this upward trend.