The United States Senate had during its last sitting confirmed Elad Roisman as member of the Securities and Exchange Commission (SEC). Roisman who was specifically nominated by President Trump; will now complete the required five member executive positions within the Commission.
The 37 year old Republican had previously served as Chief Counsel to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and will now replace fellow Republican commissioner Micheal Piwowar as a SEC commissioner; after the latter resigned to take up a new executive role at Milken Institute.
A huge positive from Mr. Roisman’s appointment is his public view as a crypto supporter and this notification sure suits the plot for crypto enthusiasts. Notably in July, while speaking at a Senate Banking Committee hearing, he had expressed his thoughts as regards cryptocurrencies, ICOs and Blockchain technologies stating that the SEC should;
approach the new financial markets in a fair and transparent manner, with a clear need to examine and re-examine its rules, regulations and guidelines in order to adapt to new standards of a market that has ‘evolved’.
To this end, many expect him to ideally support and offer a formidable voice in unison with present SEC Commissioner Hester Pierce who is also unequivocally open to the world of cryptocurrencies and hence, this pitches a number of 3 pro crypto-supporting SEC Commissioners out of a total five(5) members.
At this time, the SEC looks to make critical decisions on a few major financial points with the Bitcoin ETF which has received much publicity being the most important to the crypto community; with previous rejected applications called back for review and the CBOE ETF set to be decided by 30th September 2018; the crypto community views the new appointee as a likely sure card to the EFTs approval.
Over the past few months, lots of FUD reports have taken their toll on the crypto market with the Goldman Sachs rumour being its most recent antic. However it is expected in some quarters that the ETF approval will trigger a significant market reaction or pump, attract more institutional investors and increase perceived legitimate participation in the sector as a gateway for more future investments. It is yet to be seen if these assumptions will play out as expected or if the markets will remain dormant irrespective of the ETF decision.
What are your thoughts on this? Is the Bitcoin ETF a big deal?
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