According to the ICO Journal, two sources seem to be ‘nearly certain’ the long-awaited Bitcoin ETF will be approved by authorities later this year.
The two sources were close to the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC). They both said that Bitcoin and other cryptocurrency ETFs will accompany the SEC and CFTC’s first set of regulations for cryptocurrency and ICO.
One of the sources from the CFTC believes that the current bitcoin ETF has a 90% chance of being approved. He said that the cryptocurrency market has eased, and regulators have seen no major problems with Bitcoin futures across several global exchanges. He continued, in January of this year, CFTC was worried about the market bubble and believed that a quick approval of product would attract speculators, causing losses and major lawsuits.
“Now, those factors seem to be mitigated significantly,” the CFTC source said.
People close to the SEC said that it is expected to have positive results in September. He said that regulation will focus on the ICO and the problems it poses for retail investors. Currently, many Americans invest their funds in unregulated projects abroad and have no recourse for losing every cent they’ve put at risk.
“ICO regulation will begin to help resolve related issues and keep investor assets in the country,” the SEC source said.