- The US SEC has published a solicitation note asking for more control on blockchain data
- VanEck recently resubmitted their Bitcoin ETF proposal
- Crypto ETF remains a favorite among industry followers
On February 3, 2019, the US Securities and Exchange Commission (SEC) published a solicitation note whereby it asked businesses to come up with solutions to display blockchain data in a way that “there is no loss in data completeness and accuracy due to the data transformation tools and processes applied.”
The notice has once again sparked speculations in the cryptoverse regarding the possibility of the approval of the long-awaited crypto ETF in the US.
ETF Still a Distant Dream?
The global crypto community has long dreamed of a Bitcoin ETF which could potentially open the doors for digital currencies towards mainstream adoption. Signs have already started showing regarding the interest of institutional investors in the emerging space, as ICE’s Bakkt and Fidelity Investment’s digital asset trading desk look to go live in Q1 2019.
However, approval from a regulatory body as grand as the SEC could prove to be a watershed moment for cryptocurrencies. Optimists continue to hold onto the possibility despite the rejection of ETFs by the American financial watchdog time and again.
The recent solicitation notice published by the SEC reads in part:
“Provide blockchain data to support the SEC’s efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets. The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely used blockchain ledgers, including the universe of available information and transaction details.”
Clearly, SEC’s push for more supervision over digital assets and gathering data for the “most widely” used blockchain ledgers is a positive sign for the industry.
Encouraging Prospects for Crypto ETF
2018 was the year of hope and decimation when it came to crypto ETFs. After the monumental bull run early in the year, prices of the majority of the cryptocurrencies crashed in excess of 80 percent.
Seeing the unpredictable and volatile behavior of digital currencies, regulatory bodies the world over tightened the noose around them, and the US SEC was no exception.
BlockchainReporter reported on November 29, 2018, how the SEC chief Jay Clayton said that lack of safety mechanisms is a major roadblock for bitcoin ETFs. However, with a more cautious and conservative approach by regulatory bodies in recent times, one could expect 2019 to be a surprising year in a positive way.
