Elad Roisman, the newly-appointed member of the Securities and Exchange Commission (SEC) could play the key role in tilting the balance in favour of a Bitcoin ETF finally being approved. Elad Roisman, a Republican from Maine, is the second Republican appointee to the SEC, following Commissioner Hester Peirce.
Mr. Roisman will join the SEC after working for several years on the Senate Banking Committee, and will succeed Michael Piwowar, who stepped down in July.
Another Trump nominee has been appointed to the SEC, it is now back to full strength with 5 members (until one leaves in Dec). Elad Roisman is said to be in favour of Bitcoin ETFhttps://t.co/jncQU6l0pP
Does this breaks a 2-2 deadlock at the SEC, with 3 to 1 now in favour?
— Alistair Milne (@alistairmilne) September 6, 2018
Roisman has mostly kept his views on financial matters to himself and never come out in the open about his inclinations, but in a statement before the Senate Banking Committee in July, he touched on the future of cryptocurrencies and the role of SEC, thus making his stand clear:
“…the SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”
He stressed, “It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.”
Roisman’s addition raises hopes for the first-ever Bitcoin ETF being approved
The U.S. Securities and Exchange Commission is run by its chairman, Jay Clayton, who has taken a measured and cautious approach so far towards regulating cryptocurrencies. The agency’s four commissioners must vote to approve any new regulations as well as litigation that arise from enforcement investigations.
The next Bitcoin ETF up for review is SolidX/Van Eck, and it is a well-known fact that this is the strongest and most comprehensive proposal so far. The SEC is expected to reach a decision on this proposal by March next year.
Roisman’s addition to the SEC, along with Stein’s departure, changes the whole dynamics of the Commission. There’s every possibility now that the presence of Roisman could tip the balance in favor of the first-ever crypto ETF.
The Winklevoss review was voted on by Chairman Clayton, two Democrats and a Republican, resulting in a 3–1 denial. But now things acquire a whole new dimension and there’s every chance that Chairman Clayton, two Republicans and a Democrat might provide a very different result this time.
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