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The cryptocurrency space has waited patiently for the Bitcoin ETF decision that is to be made by the United States Securities and Exchanges Commission. The VanEck Bitcoin ETF approval is expected to change the game for the industry and invite institutional investors to space. Unfortunately, the SEC has postponed the date for the Bitcoin ETF decision several times. This continued delay in making a Bitcoin ETF decision is depriving the United States of billions of dollars according to Wes Messamore, a publisher on CCN
SEC, Jay Clayton, And The VanEck Bitcoin ETF Decision
Two days ago, as reported by smartereum.com, Jay Clayton was interviewed by Fox. During the interview, the chairman of the SEC said that a Bitcoin ETF decision hasn’t been made yet because he is still concerned about investor protection measures in the cryptocurrency space. It is because of this lack of protection that the SEC has rejected all the other Bitcoin ETF’s that have been sent in for review in the past.
His fears are not unfounded. There have been reports of possible price manipulation by exchanges and other big players in the space. In fact, the 2017/2018 bull rally was rumored to have been manipulated. However, the Bitcoin blockchain is still a reliable venue that has good rules and gives people the power to access digital money. Clayton is yet to see that the advantages of a Bitcoin ETF approval outweigh the risks. In fact, the SEC is chasing out millions from the United States.
How Is The Delayed Bitcoin ETF Decision Depriving The United States Of Billions?
According to the author on CCN, Bitcoin is still a force to be reckoned with even with the cryptocurrency winter that cost it more than 80% of its value from its all-time high. The cryptocurrency winter hasn’t been so bad for large market cap exchanges like Binance. In fact, it has left the exchange with more money as Binance reportedly paid out dividends of up to have a billion from profits last year. The more the Bitcoin ETF decision is delayed, the more money Binance will generate. All the cash that would have been directed to Wall Street investors would go to exchanges.
You see when Wall Street brokers earn, the United State government earns from taxes. If the Bitcoin ETF is approved, this would mean more money for the United States government and less for cryptocurrency exchanges that continue to control the billions of dollars in the space.
The author made reference to a similarity between the ETF boom of the 90s and the birth of cryptocurrencies. According to him, the first ever ETF was created in the year 1989 to track S&P 500. Unfortunately, the security was delisted after a lawsuit was filed by several exchanges. The major breakthrough of the Bitcoin ETF came in the year 1993; Standard & Poor’s Depositary Receipts (SPDRs).
Eventually, in 2014, the market capitalization of all ETF assets within the United States hit a high of $2 trillion. This is similar to what happened to the cryptocurrency industry. The appetite of Bitcoin suddenly spiked almost 10 years after Bitcoin was created in 2018. This spike was what led Bitcoin to its all-time high of almost $20,000 in the wake of 2018.