New SEC chairman revealed: how does he look at cryptocurrencies?
Elad Roisman became the new chairman of the U.S. Securities and Exchange Commission (SEC) after Jay Clayton left office.
The SEC has been on the cryptocurrency market’s agenda a lot lately. The institution acted almost like The Sword of Damocles on the market. Finally, the SEC, chaired by Clayton, sued Ripple and his two executives, shaking up the market.
The new president, Elad Roisman, is known for his constructive attitude towards cryptocurrencies.
Roisman, 39, joined the organization on September 5, 2018, by a U.S. Senate resolution. During a speech at a Senate Banking Committee hearing that year, Roisman expressed his thoughts on ICOs and Blockchain technology. Roisman, select new market to comply with standards, rules, regulations and guidelines examine, review, and approach to these new challenges in a fair and transparent manner, should provide legal certainty to markets and investors.
“Roisman is a pro-crypto, so the odds of a Bitcoin ETF are much higher now, “Bloomberg senior ETF anaologist Eric Balchunas said after Roisman took the seat. However, it is unclear how long it will remain in place., ” he said.
Roisman is a Republican. Joe Biden said a new name could be assigned to the SEC by Biden when he takes office. Biden will take office on January 20.
What is an ETF and why is a Bitcoin ETF important?
ETF stands for Exchange Traded Fund, i.e. Exchange Traded Fund or Exchange Traded Fund. Simply put, as the name suggests, it refers to the Exchange-Traded version of ordinary mutual funds. ETFs bought and sold at spot prices, such as stocks, can have one or more underlying assets. The fund copies the returns of these assets and presents them to investors. Assets under the management of the top 10 largest ETFs, which are hugely popular in the world, exceed $ 1 trillion.
If a Bitcoin ETF is approved, Bitcoin will also receive a share of this trillion-dollar market. It is thought that this will have a significant impact on the price.
The first ETF for gold was approved in March 2013. After that, the price of gold increased by more than 300%. There is an expectation that the ETF could affect Bitcoin in a similar way.