Bitcoin ETF Will Be Approved When This Happens: SEC Commissioner
An SEC commissioner who’s a bitcoin skeptic admits the agency is experiencing internal disagreements over how to regulate crypto. However, Robert Jackson says the SEC will be more likely to approve crypto proposals, such as a bitcoin ETF, once the industry matures.
Jackson is suspicious of bitcoin, but says the agency will view cryptocurrencies more favorably when the market becomes more transparent, more liquid, and adds bigger players.
Speaking at the CB Insights’ Future of Fintech conference, Jackson said:
“When the markets reach that stage, I fully believe we’ll have an SEC that’s ready to move forward with approving [a bitcoin ETF].”
As CCN reported, the SEC twice rejected a bitcoin ETF application submitted by the Winklevoss twins. Tyler and Cameron Winklevoss own the New York-based
crypto exchange Gemini.
The rejections — in March 2017 and again in June 2018 — cited the twins’ failure to demonstrate how their bitcoin ETF could prevent fraud and market manipulation.
In May 2019, the SEC again delayed making a decision on the VanEck bitcoin ETF. While the industry was glad that the postponement wasn’t a rejection, it doesn’t bode well for approval this year.
Robert Jackson is one of five SEC commissioners and the lone Democrat. There are currently two Republicans (Elad Roisman and Hester Peirce) and one Independent (Chairman Jay Clayton) running the Securities and Exchange Commission.
Jackson claims the agency is reluctant to approve crypto proposals because it wants to protect consumers from cons and shams. Specifically, Jackson says the crypto industry has not fulfilled the “basic market requirements” to enable mass
However, Jackson will step down from the SEC to teach at NYU Law School this fall. His term officially ended on June 5, but he could extend it until 2020 unless he gets replaced.
“It is our mutual expectation that he will return to NYU Law to teach in the fall,” said a rep for the school.