In important crypto markets such as Japan and South Korea, investors expect the possibility of a Bitcoin Exchange Traded Fund (ETF) by the end of August 2018 and expect a massive recovery of the Bitcoin price.
The SEC’s Bitcoin revolution
The US Securities and Exchange Commission (SEC) has so far rejected a Bitcoin revolution scam, one from SolidX and the other from the Winklevoss twins operating the large US crypto exchange Gemini.
In March 2017, the US-SEC claimed that the Winklevoss ETF proposal was rejected because Bitcoin was not properly regulated as a digital asset and no adequate regulatory framework was in place. The agency also found that there is no insurance around crypto currencies.
Since July 2018, the global crypto currency market has had a rigid regulatory framework for anti-money laundering guidelines and security standards (AML). Overseas markets such as Japan and South Korea are likely to have better regulatory frameworks than the US, with Japan leading the way in establishing an international standard for crypto regulation.
Therefore, the issues raised by the Ethereum code in March are now irrelevant
And with the filing of the Chicago Board Options Exchange (Cboe) with the SEC for a fully insured Ethereum code scam, the lack of insurance in the crypto market is no longer an issue.
But from the SEC’s perspective, as Needham & Co-vice President of Equity Research Spencer Bogart said, the agency has nothing to gain by approving crypto-currency-based ETFs, because if the ETFs prove massively successful in the US market, the SEC will not benefit. However, if the ETFs cause problems that cannot be controlled by the agency, the SEC may be responsible.
In February 2017, Bogart said that the likelihood of an ETF being approved is around 25 percent, as the SEC has always been reluctant to introduce a new asset class.