The world’s leading public crypto exchange Coinbase Inc. tweedollared an official blog post titled “Coinbase Report: We Expect Growth in Crypto Fund and SEC Approved ETF Coming Soon.” However, the tweet was deleted shortly after it fueled speculation about possible Bitcoin ETF approval by the SEC in October. According to speculation, this recently deleted tweet offers a hint that a cryptocurrency ETF will be approved for the first time in the US.
Will the US approve Bitcoin and altcoin ETFs soon?
Demand for a cryptocurrency ETF is at an all-time high, and Gary Gensler, the new chairman of the U.S. Securities and Exchange Commission (SEC), was thought to have a good chance of approving these ETFs. After Gensler’s positive comments on futures-focused ETFs, several ETF managers have applied for the Bitcoin “Strategy” ETF. The number of those who made such applications reached six.
A Bloomberg ETF analyst pointed out that the response time for the Bitcoin Strategy ETF is around 75 days, which will end in October. Therefore, he stated that approval can be expected in this time frame.
Gary Gensler expected to greenlight ETFs
The analyst also claimed that if a Bitcoin Futures ETF is approved in 2021, it would not be impossible for a physical ETF approval to come by 2022. He noted, however, that these are purely based on the review period and the SEC does not guarantee a specific stance. Because, given their continued stance towards the crypto market, it was stated that they could reject them all together.
Crypto advocates hoped that the replacement of former SEC chairman Jay Clayton by Gary Gensler would lead to approval of the first crypto ETF in the US. Gensler, however, did not give such approval. Cryptocoin. com, as a result of the approval of crypto ETFs in Europe and Canada, the SEC was expected to give ETF approval, but this did not happen.
Is the Coinbase tweet really a bug?
Many crypto advocates believe that the tweet shared by Coinbase may have been posted in error, as the shared article appears to be a few months old.
On the other hand, several crypto skeptics thought that this was an elaborate plan to raise the price of Bitcoin and claimed that the SEC would not approve a crypto ETF anytime soon. Mr. A Twitter user named Whale said it was wishful thinking and the chances of real confirmation were pretty low.