Bitcoin price is again exhibiting an upward movement, thanks to the latest announcement made by the SEC regarding Bitcoin Exchange Traded Funds (ETF). The regulatory body had earlier last month rejected the listing of Bitcoin ETFs, almost putting an end to the dream of Winklevoss Twins. A recent regulatory filing indicates that the SEC is now planning to review its earlier decision.
According to media reports, SEC’s review of the previous decision follows the review petition filed by Bats BZX, which was recently approved by the agency. As the news about SEC’s reconsideration of Bitcoin ETF spread across the media, the demand for popular cryptocurrency has further increased. Bitcoin’s value is heading towards the previous record levels as its price hovers around the $1300 mark (Bitcoin price @ $1285 at the time of writing).
Bitcoin price is expected to follow a trend similar to the one exhibited by the cryptocurrency, days before SEC’s decision last month. During that time, the value of Bitcoin outdid its previous performance to reach an all-time high.
One of the business magazine quotes the SEC’s approval statement,
“Pursuant to Rule 431 of the Rules of Practice,11 BZX’s petition for review of the Disapproval Order is granted. Further, the Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017”.
The outcome of the review may not be any different from the regulatory agency’s earlier verdict. The chances of Bitcoin ETF receiving approval remains slim. However, there is a renewed hope due to the pending decision on Ethereum ETF, filed last year by the EtherIndex Ether Trust. Ethereum has already gained recognition among the public, private companies, and even the governments due to its potential applications. The increased trust in Ethereum platform may influence the SEC to take a favorable stance.
Ref: Reuters | Econotimes | Image: NewsBTC