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Bitcoin ETF Unlikely to be Approved Until 2022 or Later According to CNBC

What does the rejection of the pure-play bitcoin ETF mean for bitcoin bulls?

bitcoin ETF

Should Bitcoin Bulls Be Cautious Right Now?

On Monday, CNBC has reported that the Securities Exchange Commission’s recently rejected the pure-play bitcoin exchange-traded funds once again. The SEC disapproved VanEck’s filing for a physical bitcoin ETF this past Friday.

They reported it didn’t have the confidence that the crypto was free of fraud and market manipulation. This weighed would heavily on their decision in order to approve the product. In October two bitcoin-ETFs, ProShares Bitcoin Strategy ETF (NYSEARCA: BITO), and Valkyrie Bitcoin Strategy ETF (NYSEARCA: BTF) began trading.

Furthermore, VanEck’s Bitcoin Strategy ETF, the least expensive offering to date, starts trading Tuesday under the ticker symbol XBTF. Invesco withdrew its bitcoin futures ETF application because of the cryptocurrency’s volatile performance. They are now moving towards a pure-play bitcoin product.

Anna Paglia, Head of ETFs and Indexed Strategies, stated, “I wasn’t surprised that the SEC rejected the application last week. Issues like price manipulation and fraud have not been addressed yet. I do think that some more regulation is something that the SEC is expecting before approving the next application, but I’m counting on 2022 as the year for a pure-play ETF.”

Investors are looking to the SEC for clearer regulation for the bitcoin market, though investors could be waiting a while. During this waiting period, investors should tread with caution with the new cryptocurrency futures products.

By Adam Lawrence

Adam Lawrence is a serial entrepreneur and financial writer for StockMarket.com. He calls Miami, Florida his home but has a love for travel. He started his first digital marketing and website design business, in 2006 at the age of 23. He has worked with and consulted for hundreds of publicly traded companies. His vast knowledge of the public markets has allowed him to gain real-world experience in corporate communications. No matter what is going on in the stock market today, Adam is at the front of the line to track new trends and present them to readers.

As an active contributor to other financial sites like GuruFocus and Benzinga, Adam has gained prominence for reporting on several topics. These include biotech stocks, technology stocks, gold stocks, as well as marijuana stocks. These active stock market sectors have presented investors with some of the biggest opportunities in the stock market today. Adam's goal is to present readers with easily digestible content that is both informative and actionable.

Adam's years of experience in digital marketing have helped give him an edge above other financial writers. His ability to pick up on stock market trends before they hit Main Street is one of the things that has afforded him the opportunity to interact with and engage public companies. Reporting on current events is one thing but being able to dissect them and translate them for readers is of the utmost importance. In doing so, Adam has set a personal standard to deliver timely information that dives deeper than simple headlines and goes into the fine details of what's driving stock market trends. He also stays on top of the most current social media trends among top influencers.

With the emerging landscape surrounding new media, Adam takes an active approach to learn what drives interest in different social media and finds ways to tap into whatever is trending at that time then apply it to his approach to the stock market. In his free time, he enjoys being with his family and working on his house. He's also an avid car enthusiast.

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