Is Bitcoin-ETF Kicks Off? Or Are We Still Waiting?

 

Wow, here comes the long-awaited positive!

First, let’s start from a bit of formal:

The Washington court ruled in favor of Grayscale and demanded that the SEC stop blocking Bitcoin-ETF. Gary Gensler received a painful blow, perhaps stronger than the Ripple defeat.

Formally, Grayscale may move towards the release of Bitcoin-ETF. However, the SEC is unlikely to accept defeat - the confrontation with the crypto community has gone too far, and defeat means a reputation loss. The regulator still has a lot of tools, allowing not to block, but to postpone indefinitely the issuance of a permit.

What does the decision of the Washington court mean for crypto business?

I have announced positive news, but I must admit that this is only a moral victory. This decision fundamentally changes nothing.

Recall that the head of the SEC, whom we value so much for the frankness (which can be better than a man who frankly tells about his plans), said that of all cryptocurrencies, only Bitcoin does not consider a security. All the rest are securities for which everybody must obtain permission from the SEC. So, it is just a matter of time for Bitcoin derivatives to be authorized.

The same is true of anonymity in crypto business. The US Revenue Service required the entire "decentralized" sector to operate in KYC mode and identify all users. The crypto community was reasonably outraged and even talked about taking business outside the US. However, all this does not concern potential users of bitcoin- ETF. These guys work on traditional exchanges and trading platforms and don’t even know what privacy is. On the contrary, Bitcoin-ETF will make business look respectable and law-abiding.

So, I have two pieces of news:

First, the court made the right decision, it was possible to legalize Bitcoin even more in the traditional economy, and as result Bitcoin may grow.

Second, unfortunately, that changes nothing.

 

#BitcoinETF #Grayscale #SEC #GaryGensler #cryptobusiness