SEC consults with external advisors, 72% agree to approve Bitcoin ETF

March 11 is the final decision date for the US Securities and Exchange Commission on Bitcoin ETFs, and everything about Bitcoin ETFs will be finalized. Experts admit that the advice and opinions of external lawyers, independent consultants and the public can play a crucial role in the possibility of the Winklevoss brothers' Bitcoin ETF being approved.

Last month, organizations and officials involved in the approval of the Bitcoin ETF participated in a roundtable discussion on the future development of the ETF after its approval. Participants discussed the market's reaction to the approval of the Bitcoin ETF and the potential problems and benefits to the public.

The SEC met with external advisors to KCG Holdings and Susquehanna International to get some independent insights on launching a Bitcoin ETF. The SEC attached great importance to the opinions of these external advisors on whether they are ready to approve a Bitcoin ETF.

Together with insights from advisors to KCG and Susquehanna, the SEC will consider public comments, evaluate them, and build a consensus with members of the public involved in evaluating a bitcoin ETF.

Statistics show that most of these advisory participants tend to believe that this Bitcoin ETF will be approved. Specifically, 72% of participants agree to approve the Bitcoin ETF, while 28% oppose it. The 28% who oppose it also mentioned some problems that the Bitcoin network is facing. However, considering the current state of the Bitcoin network, these problems are not urgent issues that the SEC needs to consider when approving this Bitcoin ETF.

Opponents of the bitcoin ETF talk about the possibility of a bitcoin hard fork. They worry that the bitcoin network could perform a hard fork, which could cause the bitcoin blockchain to split and create another bitcoin blockchain, thus creating two currencies.

Philip C. Chronakis, an assistant professor of law and lawyer, is one of the people who supports this Bitcoin ETF. He said that the Bitcoin ETF will put the SEC in a unique position to regulate the development of Bitcoin. This will also put the United States at the forefront of Bitcoin development.

Chronakis said:

“Rejecting this Bitcoin ETF will not stop Bitcoin from continuing to grow, but approving this ETF will put the SEC in an ideal position to oversee the growth of Bitcoin as an investment asset — and provide fair, broad investment opportunities so that Bitcoin investment is not just the privilege of a few connected (techies), but should include all Americans who should have the same opportunity to benefit from this technological breakthrough and financial opportunity.”

The SEC’s final decision date is approaching. The SEC will not benefit from the approval of a Bitcoin ETF, as the performance of the Bitcoin ETF has no incentive for the SEC. However, if the Bitcoin ETF is approved, the government will be able to maintain a more regulated Bitcoin market that they can regulate.