Bitcoin ETF may become a reality rather sooner than later as the SEC gets another crypto supporter; market reaction is muted so far

Elad Roisman will become a new member of the Securities and Exchange Commission during the session of September 5, 2018 as the US Senate granted him the approval. Roisman, who served for several years as a chief counsel at the U.S. Senate Committee on Banking, Housing, and Urban Affairs, is known as a pro-crypto politian. He is expected to back cryptocurrency adoption initiative made by Comm Hester Peirce. 

Thus, with Elad Roisman the SEC panel will have three out of five members with a favorable attitude towards cryptos, which may make the positive the decision on crypto ETF highly probable. 

The cryptocurrency market reaction has been muted so far, however, this development may change the regulatory landscape of the industry in the USA and globally. Long-term investors might find it of great importance for future investments. 

Here's what Elad Roisman said about ICOs and  blockchain technologies speaking at a Senate Banking Committee hearing in July:

“The U.S. capital markets are the envy of the world, and the importance of the SEC’s role in this cannot be overstated. Throughout its history, the dedicated commissioners and staff of the SEC have worked to preserve confidence as our markets grew and evolved.

To continue this, the SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission.

This is most recently manifested in areas such as data protection and cybersecurity as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.

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.”

Bitcoin is changing hands at $6,520, gaining 1.25% on a daily basis; Ethereum stays at $229, unchanged since the beginning of Friday and 1% higher since this time yesterday; XRP is trading at $0.2946, capped by $0.30. The coin has gained 4% in recent 24 hours.