Ran Neuner latest tweet is something that can get smiles to every crypto enthusiasts, trader, and investor. The tweet states that the Ran Neuner is highly positive of a Bitcoin ETF approval in late Q1 of 2019 based on the discussions at SEC and meeting held with new SEC commissioner Elad Roisman.
Large names entering cryptos and supportive commissioner at SEC could get the approval.
According to Ran Neuner’s tweet, where he has also used a picture of a statement from the unknown source, which states that Bitcoin ETF should closely follow the Bakkt Launch, the continued maturity of Bitcoin markets and Fidelity & Nasdaq’s entry into the crypto sphere.
According to him, Bakkt’s new futures product which requires an actual purchase of BTC for settlement would also support the BTC ETF approval.
I can confirm after SEC discussions, the below statement is true post the meeting held with new SEC commissioner Elad Roisman.This means,a Bakkt,physical settled futures that requires actual purchase of BTC & ETF which also requires purchase in the next 6 months, you do the math. pic.twitter.com/28Tm5rMCzY
— Ran NeuNer (@cryptomanran) October 24, 2018
Bakkt’ presence in the crypto scene does enhance the possibility of a Bitcoin ETF. One of the reasons for which the SEC had not immediately approved a Bitcoin ETF involved issues around securely storing digital assets. The lack of a major exchange that can provide custody services was put forth as a reason for which the SEC might be still delaying the approval of a Bitcoin-backed ETF. Now, backed by ICE, Bakkt manages to solve this problem of custody services for large-scale institutional investors.
In the twee, Neuner also mentioned about meeting with Elad Roisman and believes that having a pro cryptocurrency commissioner at the SEC will also help in getting the BTC ETF through.
Elad Roisman, a Republican from Maine, has become the fourth Trump appointment to the Securities Exchange Commission. In a hearing before the Senate Banking Committee in July, Roisman had touched on what will be a series of landmark decisions on cryptocurrency made by the Commission, saying:
“…the SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain. It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.”
With the appointment of Elad Roisman the Commission now stands in favour of Bitcoin ETF with a voting margin of 3-1 Hester Peirce, Elad Roisman and Jay Clayton in favour which Robert Jackson, Jr. may still continue to vote against the BTC ETF as he did the same when Winklevoss ETF application was under the SEC’s review.
With a lot of factors falling in favor of the Bitcoin ETF, Neuner seems correct in his prediction of a Bitcoin ETF approval in Q1 FY 19. Only time will tell whether this prediction becomes a reality or not.
Do you think there are enough factors on the table to get the ETF through? Do let us know your views on the same.