Coinbase Deletes Tweet That Sparked Speculation SEC May Approve Bitcoin ETF

This article comes fromCoinGape, original author: Prashant Jha

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Odaily Translator | Institutional Investor Coinbase once retweeted its

A PR release, titled "Coinbase Report: Encrypted Fund Growth Expected and US SEC Approves ETF Soon". However, the tweet was quickly deleted after sparking speculation that the SEC could approve a bitcoin ETF in October. It has been suggested that a recently deleted tweet could hint at the approval of the first U.S. crypto ETF.Demand for crypto exchange-traded funds is at an all-time high, and SEC Chairman Gary Gensler's recent comments that futures ETFs are more likely to be approved have led several ETF managers to apply for Bitcoin strategy ETFs instead Physical ETF, currently nearly six companies have applied for this type of fund.Bloomberg ETF senior analyst Eric Balchunas pointed out that

The response period for the Bitcoin Strategy ETF is around 75 days and ends in October, so one can expect approval within that time frame.

The analyst also claimed that if a bitcoin futures ETF is approved in 2021, a physical ETF will not be out of reach by 2022. However, he pointed out that these are purely speculations based on the timing of the review period and are not guarantees of the US SEC’s position, as they may reject it all together given their consistent stance on the crypto market.Crypto proponents hope that the opening of former SEC chairman Jay Clayton and the addition of Gary Gensler will pave the way for the first U.S. crypto ETF., Jay Clayton has served on the advisory board of the encryption security company Fireblocks, and Clayton will help Fireblocks navigate the current regulatory environment in the United States. However, Gensler proved to be more of a threat than Clayton. Many expected that approval of crypto ETFs in Europe and Canada would lead the US SEC to agree to launch such products, but that also did not happen.

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Was Coinbase's Tweet a Mistake or a Fluke?Many cryptocurrency supporters believe that, the tweet from Coinbase may have been a mistake, as it shared reports that appeared to。

It has been published for several monthsOn the other hand, some cryptocurrency skeptics believe that this is an elaborate plan to push up the price of Bitcoin and claim that the SEC will not approve a crypto ETF in the short term.Twitter user Mr. Whale said