Another Brian Kelly ETF prediction[1] surfaced yesterday. In an interview[2] on CNBC’s Fast Money, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019.
Brian Kelly ETF Prediction Two
But why February? That is quite specific, isn’t it?
Well, according to Kelly, in July the SEC postponed its decision on two high-profile BTC ETF applications from investment firm VanEck and financial services company SolidX, to September.
But the Government regulator has, in fact, the option to defer its final decision again until February at the latest.
Kelly believes it will take that option in order to buy itself time as it continues to survey the volatile market.
Rejection
Only on August 22nd, the SEC rejected another nine BTC ETF proposals[3] from three separate applicants. Along with these rejections the SEC also controversially rejected[4] Gemini Exchange founders, the Winklevoss twins, who also made a proposal in July.
The SEC has been citing major concerns as the basis for all the rejections; it claims that cryptocurrencies:
- Are vulnerable to “fraudulent and manipulative acts and practices”
- That the BTC futures market is “not mature enough”
- That cryptocurrency is not defined yet as a viable asset.
>> China Banning Cryptocurrency Events—Further Bans Expected[5]
Kelly Speaks Up
But Kelly argued that:
“[When] the SEC talked about fraud and manipulation, it wasn’t so much about preventing it, but how do they surveil it? Do they have an arrangement with other [globally or nationally regulated] exchanges [that would enable them to] surveil what’s going on?”
He then also challenged the Bitcoin Future’s
