More than 60 comments have been published on the website of the US Securities and Exchange Commission (SEC) , which since June 26 has opened a section that allows the public to comment on a request made by the Chicago Board Options Exchange (Cboe Global Markets) to open a Bitcoin Exchange Traded Fund (ETF).
With the vast majority of comments in favor of approval of an ETF, the users also took advantage of the section to mention the benefits of a product like this.
Some of the people who have expressed their comments have indicated that they are investors that use or have used the blockchain technology and that they are interested in the subject of crypto assets, which is why they mention some of the obstacles that arise due to the lack of a legal framework for the emerging ecosystem.
In that sense, commentator Kevin Thomas, who identified himself as an investor in cryptocurrencies and blockchain technologies, wrote that a properly regulated ETF would provide a safer way to invest in the assets. He adds that among the difficulties he has faced is being forced to use less secure and unregulated services. He ensures that with the approval of the Bitcoin ETF the government would protect investors.
Furthermore the president of LogicBox, Inc. Jeremy T. Goemaat said that an ETF backed by “real bitcoins” would be healthy for the market and would provide stability. While another commentator, Matt Hanna, spoke about the fact that thousands of Americans are currently investing in Bitcoin, using the centralized and decentralized exchanges, in which they face risks related to hacking, problems with custody, and even to the loss of private keys and digital wallets. He declared, therefore, that such threats would be mitigated by being able to invest in ETFs since they would have a safe investment vehicle.
The possibility of writing comments in favor or against remains open until August 10, when the consultation is closed. To participate people have three methods, having to choose only one of them: fill out a form online, send an email or deliver a letter written on paper. The regulators explained that all comments will be available for open reading on the website, and no data will be edited, so they advise interested parties to incorporate information that they can share publicly.
This new methodology of the US supervisory body, consisting of consulting the opinion of the public before deciding whether or not to approve the Bitcoin Listed Investment Fund requested by Cboe.
In addition, the fact that Cboe was the first company to receive approval from the SEC to deal with bitcoin futures also generates a wave of optimism.