Things are coming to a head as March 11, the day of the SEC decision, is approaching. Experts admit that suggestions and insights of outside counsel, independent consultants and the public can play a critical role in the possibility of the approval of Winklevoss twins’ Bitcoin ETF COIN.
Last month, the organizations and officials related to the approval of the Winklevoss twins’ Bitcoin ETF brought together in a roundtable discussion concerning the future of the ETF, if it is approved. The participants touched the questions of possible market reaction on the approval as well as potential issues and benefits of the public for having a Bitcoin ETF readily available.
The SEC met outside advisors of KCG Holdings and Susquehanna International to get independent insight into the launch of the COIN ETF. The SEC places a high priority on the opinion of these outside counsel and consultants to decide whether the COIN ETF is ready to be approved or not.
Along with the insights of KCG Holdings and Susquehanna International consultants, the SEC takes into account public comments, evaluates them and builds a consensus amongst public members that have contributed to the Bitcoin ETF commenting process.
Statistics shows that the majority of involved people tend to believe in the approval of the Bitcoin ETF. Opinions are divided as 72 percent of those who vote for the approval to 28 percent of those who oppose. This minority has mentioned some of the issues the Bitcoin network is dealing with. But taking into consideration the current state of the Bitcoin network, the problems aren’t necessarily urgent issues which the SEC should consider for the ETF approval.
The ETF opposers talk about the possibility of hard fork. They worry about the execution of a potential hard fork and the occurrence of a split chain that can result in the creation of another fork of bitcoin and essentially create two currencies.
Philip C. Chronakis, Attorney, Adjunct Professor of Law, is one of those who support the approval saying that this step will place the SEC in a unique position to oversee the development of Bitcoin. It will also place the US at the forefront of Bitcoin development.
Chronakis says: “Denial of the proposed rule will not stop Bitcoins progress, but approval of the proposed rule and the underlying COIN ETF, will put the SEC in the ideal position to oversee Bitcoins development as an investment asset – and provide fair, broad-based investment opportunities for not only the connected (or technologically savvy) few, but to all Americans who deserve the same chance to benefit from this technological breakthrough and financial opportunity.”
There are a few days ahead for the SEC to come to a final decision. It won’t benefit from the approval of the Bitcoin ETF as it isn’t incentivized for the performance of the ETF. However, the approval will allow the government to maintain a more regulated Bitcoin market which it can oversee.