A curiously timed major speech from SEC Commissioner Hester Peirce has sparked speculation that regulatory approval for a Bitcoin Exchange Traded Fund (ETF) is imminent.
Ms Peirce, who’s been dubbed ‘crypto mum’ for her pro-Bitcoin views, will give the keynote address at the ETFs Global Markets Roundtable on Tuesday, May 21, which is the same day the SEC (US Securities and Exchange Commission) is to make a ruling on an ETF proposal from investment firm VanEck.
Micky found confirmation of the engagement on the SEC website, which also stated that “SEC staff will also participate in the event.”
We are all thinking the same thing
Also did you see that @HesterPeirce
will be a keynote speaker at the ETF conference next week.
Coincidence I think not.
— Master ⚡️ (@xtdisnkfe) May 17, 2019
Coincidence, or something more?
The implication is that the speech has been scheduled to coincide with the VanEck deadline so that a major (positive) announcement can be made.
However, there is no proof that this is the case, and the overwhelming view from cryptocurrency observers is that the VanEck proposal will either be rejected, or the decision will again be delayed.
Jake Chervinsky, a prominent lawyer and Bitcoin analyst, said it is 90% likely a decision will be delayed, a nine percent chance the proposal will be denied and a one percent chance it will be approved.
Reminder that the SEC has deadlines this Thursday & next Tuesday to approve, deny, or delay its decisions on the Bitwise & VanEck bitcoin ETF proposals. My best guess at the probabilities:
– Delay, 90%
– Denial, 9%
– Approval, 1%
Delay means new deadlines on August 14 & 19.
— Jake Chervinsky (@jchervinsky) May 14, 2019
However, Mr Chervinsky made that prediction before a decision on the Bitwise ETF was again delayed, and he has since questioned why the SEC didn’t delay the VanEck decision as well.
“This is unusual,” Mr Chervinsky said.
“The SEC would normally handle both ETFs at once (and) the VanEck deadline is next Tuesday.
“I still think delay is overwhelmingly likely, but the timing has me curious.”
The SEC delayed the Bitwise bitcoin ETF two days ago but still hasn't made a decision on VanEck. This is unusual: the SEC would normally handle both ETFs at once.
The VanEck deadline is next Tuesday. I still think delay is overwhelmingly likely, but the timing has me curious. 👀
— Jake Chervinsky (@jchervinsky) May 17, 2019
Commissioner says time for approval ‘is now’
Commissioner Pierce has previously criticised her SEC colleagues for rejecting attempts to establish a Bitcoin ETF and her views don’t appear to have changed.
Speaking at the recent Consensus conference in New York, Ms Pierce said she feels the “time was right (for approval) a year ago.”
“Certainly the time is right, but there are still questions floating around the SEC that need to be answered as much as possible by you all.”
According to some, this would suggest that approval is still some time off.