Trump Appoints Cryptocurrency-Friendly SEC Commissioner
The cryptocurrency community is excited after President Trump has appointed a new SEC commissioner that is crypto-friendly.
United States President Donald Trump has appointed a new, pro-crypto individual to lead the Securities Exchange Commission (SEC).
Bitcoin ETF has endured a torrid time at the hands of the U.S SEC, with all the proposals submitted so far to the commission being rejected or delayed.
Most of the SEC commissioners are not fans of Bitcoin ETF as they believed that the markets are unregulated at the moment to warrant the approval of an ETF.
However, things might change soon as President Donald Trump approved the appointment of Elad Roisman as SEC commissioner. Roisman is known to be crypto-friendly.
Roisman reassessing the SEC’s mission
Roisman is a known supporter of cryptocurrencies and blockchain technology and becomes the third Trump appointee to the SEC, succeeding Michael Piwowar, who left his position last month.
Earlier this year, Roisman spoke at a Senate Banking Committee hearing where encouraged the regulators to treat the cryptocurrency sector with fairness and transparency in line with the mission of the agency.
In his speech, Roisman stated that the SEC will have to examine and re-examine its rules, regulations, and guidelines and ensure that they are within the limits of the agency’s mission.
Transparency and fairness should be should be paramount when the commission is dealing with data protection, cybersecurity and new investment vehicles and technologies such as ICOs and blockchain.
He further challenged the commission to implement rules that will hold market participants accountable for their actions.
With the appointment of Roisman, the five SEC commissioners are now complete and they are; Jay Clayton, Robert Jackson, Jr., Hester Peirce, Kara Stein, and Elad Roisman.
A Bitcoin ETF is closer than we think
This new appointment could work in the favor of Bitcoin ETF as three of the five commissioners are known to favor cryptocurrencies. Hester Peirce dubbed by many as the ‘crypto mum’ has been in support of the Bitcoin ETF for a while now.
Following the rejection of the Winklevoss ETF proposal, Commissioner Pierce argued that the officials were wrong in denying it as she feels that the industry is mature enough to handle an ETF.
Jay Clayton has also called for the regulation of the cryptocurrency market, with only Robert Jackson, Jr. expected to vote against Bitcoin ETF.
Asides that of the Winklevoss, the commission has also rejected ETF proposals from the likes of ProShares, Direxion, and GraniteShares. The agency, however, revealed that it is reviewing the recently rejected Bitcoin ETFs.
Bitcoin ETF likely to be approved by February 2019
With the SEC rejecting several Bitcoin ETFs this year, cryptocurrency analyst Brian Kelly believes that the commission will approve it by February next year.
He might be right as the commission has set a March 2019 deadline to make a decision on the much anticipated physical bitcoin ETF submitted by SolidX and VanEck.
Even though the Division of Trading and Markets has been tasked with handling the ETFs, the opinions of the commissioners will play a crucial role in the final decision.
The SEC will likely have another ETF proposal to deal with as sources close to Coinbase reveal that the exchange is looking to offer Bitcoin ETF to its clients.
The sources claimed that the exchange has sought the help of BlackRock for its ETF.