How the Efforts of Bakkt Could Lead to the Approval of the First Bitcoin ETF
After read the full news about Bakkt ETF proposal, I think perhaps Bakkt could get ETF approval from SEC. There are enough reason to expect Bitcoin ETF approval for Bakkt.
Those ETF proposal rejected by SEC, there are some main reason;
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- Lack of trusted price formation
- Reliance on futures markets and derivatives
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The Bakkt exchange satisfies both requirements from the SEC and if Bakkt continues to establish its focus on finding a trusted price formation, it is possible that it could impact the approval of the first bitcoin ETF.
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More importantly, Bakkt, which is targeting to serve institutional investors in the US market, said that its exchange will not allow BTC to be traded on margin or leverage, which is the primary reason why the nine ETFs from ProShares and Direxion were rejected this week.
For above reason we can expect Bakkt can get first Bitcoin ETF approval from SEC. What is your thought?
All quote collected from CCN for reference.