In a yet to be released post in Congressional Quarterly, the lone Democrat commissioner left at the SEC, makes several interesting claims in favor of an eventual Bitcoin ETF approval, and potentially multiple approvals.
Robert J. Jackson Jr., in a long form interview, set to be released on February 11th, believes that he expects an eventual applicant to meet the necessary standards for an approval.
A leak of the document can be found below:
As is pointed out in the first page of the article above, the last vote taken on a Bitcoin ETF (the Winklevoss ETF) was defeated by a vote of 3-1. A quick check via simple math says that a turn by Jackson into the potential ‘aye’ column would put the vote at an even 2-2. That is a profound step forward.
As reported last week, VanEck and Solid X resubmitted their Bitcoin ETF for consideration after pulling it just two weeks prior. This effectively restarted the shot clock for approval, thus taking advantage of market maturity and changing attitudes like Mr. Jackson’s.
VanEck Solid X has gone to get lengths to communicate with the SEC and its commissioners on a regular basis, hunting for the secret sauce that leads to an approval. It sounds like, based on the above rhetoric in the interview, they are having a positive impact on the SEC’s commissioners.
Ultimately the proof will be in the proverbial pudding – and that pudding is votes cast for an approval or disapproval of a Bitcoin ETF. As legal experts have pointed out, the VanEck Solid X pull and subsequent resubmission pushes the shot clock on an eventual decision into the second half of 2019. Given that regulatory agency watchers believe that the likes of Bakkt, Fidelity, Nasdaq, ErisX, and other larger crypto futures initiatives will have been in operation by that time, the specter of manipulation may have dissipated.
Again, time will tell.