The hope for a Bitcoin ETF brightens as the SEC issues a solicitation notice

  • SEC requests data on blockchain in a bid to increase the efforts to monitor risk.
  • An influx of fresh funds from institutional investors is expected to ignite a reversal on the market.

Just days after Cboe resubmitted its proposal in support of the Van Eck and Solid X Bitcoin exchange-traded fund (ETF), the Securities and Exchange Commission in the United States has urged businesses to offer data and information regarding the common blockchains to ensure that “there is no loss in data completeness and accuracy due to the data transformation tools and processes applied.”

The solicitation notice was issued on February 3, 2019, through a publication by the regulatory authority. The SEC request told businesses to:

“Provide blockchain data to support the SEC’s efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets. The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely used blockchain ledgers, including the universe of available information and transaction details.”

Most people are interpreting this step as a significant direction towards the approval of the first Bitcoin ETF in the United States. Bitcoin and the entire market have been in the red for the longest time in history. A correction is required in order to see the market recover after hitting year lows in 2018 as well as 2018. An influx of fresh funds from institutional investors is expected to ignite a reversal in the prices of assets.

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