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Good News for Bitcoin ETF With New Crypto Friendly Commissioner


The Bitcoin ETF has been a trending topic in the cryptocurrency industry for a few months now. The Bitcoin ETF by the Winklevoss brothers was rejected in July this year, and after that, the SEC disapproved 9 more Bitcoin ETFs from ProShares, Direxion and GraniteShares.

However, this time, a new ray of hope has lit up the crypto-sphere as the Trump government has appointed Elad Roisman, a pro-crypto Republican from Maine, as an SEC commissioner. The commissioner is in favour of promoting cryptocurrencies in a regulated environment, as it can be inferred from his statement in a hearing before the Senate Banking Committee in July.

"It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable. "

With the appointment of Roisman, the acceptance of Bitcoin ETFs seems to be closer than it was before. Now, the SEC has three pro-cryptocurrency members- Chairma-Jay Clayton, Commissioner-Hester Peirce, Commissioner-Elad Roisman.

Coinbase looking at a Bitcoin ETF too

Bitcoin wallet and exchange Coinbase is considering developing a Bitcoin ETF in collaboration with the world's largest asset manager, BlackRock. The popular cryptocurrency exchange is seeking guidance from BlackRock, a firm with an established name in the ETF space, on how to safely and compliantly navigate this space in the context of Bitcoin.
BlackRock, however, had earlier expressed its disapproval of Bitcoin, with its CEO commenting that Bitcoin is a an index of "money laundering". Reportedly, the company is big on blockchain technology, for which it set up a working group in July, but no so much on cryptocurrencies.

A Bitcoin ETF will enable the public to invest in Bitcoin without having to grapple with trading Bitcoin on cryptocurrency exchanges themselves.

Bigger players making waves in the industry

The crypto-sphere was recently abuzz with the news of Goldman Sachs' unconfirmed plans of developing a cryptocurrency trading desk, and the bank has confirmed that the news that it is ditching those plans is fake. The Chief Financial Officer at the bank, Martin Chavez, confirmed that the bank if working on a form of a derivative for bitcoin because "the clients want it."
"The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they're settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges," Chavez revealed at the TechCrunch disrupt conference in San Francisco.
The crypto-sphere is also eagerly waiting for November as the New York Stock Exchange's parent company, Intercontinental Exchange (ICE), plans to launch a bitcoin ETF on the 5th of that month. Cryptocurrency analysts have forecasted Bitcoin will cross the $10000 mark during that time.