Recent reports indicate that the U.S. Securities Exchange Commission is planning to reconsider its decision to block the first ever bitcoin exchange-traded fund.
Not long ago, the three-year effort put in by the Winklevoss twins to bring the Bitcoin ETF to the market was blocked by the SEC, after the agency ruled against them. What followed was a major crash bringing along a 15% decrease in Bitcoin value.
Optimism in the market has appeared all over again, and the price of Bitcoin again the U.S. dollar is further increasing due to these new speculations. Precisely, it has managed to increase to $1,294, from $1,251 in a single day.
The initial Winklevoss proposal was to list the Bitcoin ETF on the Bats BZX exchange, which is one of the largest equities market operators in the United States. The exchange then decided to file a petition with the SEC, kindly asking the exchange commission to review last month’s decision. Luckily, the petition was accepted, therefore the SEC will proceed to reconsider their decision.
In a recent statement posted on their website, the U.S Securities Exchange Commission mentioned that: ‘The Commission hereby established that any part to the action or other person may file a written statement in support of, or in opposition to the disapproval order, on, or before the 15th of May, 2017’.
While the value gains made in the last 24 hours may be temporal in case the ETF proposal will be denied once again, the recent events have put a bullishness trend around the digital asset, and will surely encourage its popularity.
Based on these aspects, it goes without a doubt that numerous members of the digital currency community are hoping that the SEC will proceed to accept the Bitcoin ETF proposal. What are your thoughts?
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.