Crypto Twitter was in a frenzy over “leaked” documents purporting that a Bitcoin exchange traded fund was imminent.
A Securities and Exchange Commission official, Robert J Jackson Jr. expressed optimism about a Bitcoin ETF being on the horizon during an interview with Congressional Quarterly, part of a privately owned publishing company called CQ Roll Call who produce publications reporting primarily on the US Congress.
However, the article was already available to read on the CQ website and the date on the twitter screencap was merely a mistake.
Robert J. Jackson Jr did say in the interview that despite the list of ETF application rejections, the practice will ultimately change. Jackson told the Congressional Quarterly about how hard it is to get the blessings of the SEC when it comes to investment vehicles like exchange-traded funds.
“Eventually, do I think someone will satisfy the standards we’ve laid out there. I hope so, yes, and I think so”.
Not Risking Americans Getting Hurt
Bitcoin-based funds that cater only to wealthy investors are available, however, the SEC has jurisdiction over funds that would be available to ordinary investors who don’t meet wealth or financial knowledge requirements.
“Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be”, Jackson said. “Once we put the stamp of the United States Securities and Exchange Commission on an investment, once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.”
“I come to this job thinking about my mom and dad,” he said. “Would I have wanted them to be able to buy that ETF? Hell no. Hell no. And I might not be sitting here if my father had, so, yeah, I take really seriously putting the American stamp of approval on any investment product. I’m not going to do it until those questions get answered”.
It appears that the SEC have no plans to allow a Bitcoin ETF soon, but perhaps if applicants think about Jackson’s mum and dad they’ll hit just the right note.
Image: Andriy Blokhin / Shutterstock.com