SEC Commissioner Caroline Crenshaw blocked a rapid approval process on several Crypto ETF products. More specifically, it has delayed several new applications and dissident on the trading of options, basket ETF, etc.
In other words, the Commission will need a full vote to approve these measures, and other delays are likely. Atkins and the other Pro-Crypto commissioners can easily overcome it, but it will take time.
Why is the dry slow on Crypto ETF?
Since the SEC was part of the new management this year, the cryptographic community has expected a wave of support for new ETFs.
However, in recent weeks, we have seen repeated delays and minor losses, with bullish developments that nevertheless strike the hooks. Greg Xethalis, Advocate General of Multicoin Capital, has disseminated something that could be very relevant:
ETF analysts quickly noticed this observation, using it as proof of a broader theory. Essentially, the SEC has a “delegated authority” procedure which allows rationalized decisions, but only one commissioner can force the slower process.
In one day, the most anti-Crypto commissioner of the SEC invoked this authority for several voices concerning the cryptographic ETF.
What is the size of a problem?
Since the lobbyists of the cryptographic industry managed to thwart Caroline Crenshaw’s offer for the re-nomination of the dry, she constantly opposed the new pro-Crypto change of the Commission. These votes signal his firm opposition to Crypto ETF, and the dry must entertain it.
So what are the damage? Crenshaw voted against 13 different proposals on Crypto ETF, including things such as multi -conductive basket products, optional trading, etc.
However, at least some of these proposals were made despite its dissent. The dry can always adopt a friendly ETF friendly policy, it may well be more complicated.
However, it is a remarkable setback. The dry has tried to rationalize the approvals of Altcoin ETF, and this plan may not materialize.
For the moment, expect the commission to require a slow calendar on all the proposals related to the FNB. Progress will always occur, but the community will continue to undergo delays.
Post-sec’s internal disagreements could be bad news for Crypto ETF appeared first on Beincrypto.
