The U.S. Securities and Exchange Commission (SEC) has been flooded with public comments regarding Cboe's application for a bitcoin-based exchange-traded fund (ETF). According to recent reports, the agency received over 90 opinion letters from individuals, marking a tenfold increase compared to the response volume during a similar solicitation last April.
Surge in Comments Reflects Market Hopes
Since Cboe filed its application to list shares backed by the VanEck SolidX Bitcoin Trust, the topic has become a focal point of discussion among cryptocurrency enthusiasts. Many investors believe that ETF approval could trigger a significant bull run. In fact, crypto markets have already shown signs of reversing their bearish trend, indicating anticipation of a positive outcome.
Reports also indicate that the popularity of Cboe's Bitcoin ETF has prompted the SEC to postpone another cryptocurrency-related listing until September. Analysts suggest that digital asset prices could rise ahead of the SEC's decision, and potentially surge even further if the ruling is favorable.
Discrepancy Over Decision Date
There is ongoing confusion about the exact date of the SEC's ruling. Many initially assumed August 10, but a Reddit user claiming to be a securities lawyer argued that this date is incorrect. According to the user, the formal notice must be published in the Federal Register, and the 45-day comment period begins from that publication date. Since the notice was published on July 2, the SEC has until August 16 to decide. The period can be extended, and the SEC may initiate proceedings to aid its decision-making.
With over a month left before the potential August 16 deadline, spot markets could see significant movement. Proponents point to Cboe's successful launch of bitcoin futures in December 2017 as a positive precedent. Growing volumes in derivatives markets at both Cboe and CME Group signal mainstream investor interest in regulated crypto products.
Arthur Hayes: A Positive Decision Could Fuel Next Bull Run
BitMEX CEO Arthur Hayes stated on CNBC's Fast Money that a single positive regulatory decision—such as ETF approval—could propel bitcoin past $20,000 and even to $50,000 by year-end. “We’re one positive regulatory decision away—maybe an ETF approved by the SEC—to climb through $20,000 and even to $50,000,” Hayes said.
While the decision date and outcome remain uncertain, the overwhelming public response underscores real demand for a bitcoin ETF. The SEC's final verdict will be a pivotal moment for the cryptocurrency market's long-term trajectory.