Discretion is often referred to as the better part of valor.
And when it comes to discretion, the Securities and Exchange Commissions decision to further explore the creation of Bitcoin-backed exchange traded fund products is good for the market, according to cryptocurrency industry insider Brian Sewell. He made his comments to Traders Magazine after Tuesdays SEC decision to postpone a ruling on whether to approve the SolidX bitcoin Shares ETF for trading on The Chicago Board Options Exchange.
I believe the postponement suggests that the U.S. regulatory agency wants to issue a well-thought-out ruling on how to protect cryptocurrency investors while nurturing innovators,” Sewell said. I agree with the CBOE that ‘investorsare better servedby products traded on a regulated securities market and protected by robust securities laws.’ And I would rather see the SEC make a methodical decision to approve a cryptocurrency ETF, with thoughtfulguidelinesthan a rash decision to reject one.
The investment worldis focusedon what experts consider the best chance of an SEC-approved cryptocurrency ETF which he said was the SolidX bitcoin Shares ETF.
SEC approval would likely unleash a rise in institutional investment, quite possibly triggering a surge in the price of bitcoin and other cryptocurrencies, a notably volatile sector, Sewell said.
