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The U.S. Securities and Exchange Commission (SEC) has released its 2021 Regulatory Agenda. It seems the regulatory body has no plans of regulating Bitcoin and the crypto market this year as there is no mention of Bitcoin o other crypto assets.
There were some hopes among many crypto enthusiasts of possible market-friendly crypto regulations. There was a change in administration along with a growing nationwide adoption of Bitcoin. However, with crypto not on the regulatory agenda, strict policies and continuous calls for caution against crypto investments by top regulatory bodies could point to the opposite.
Despite major banking giants including JP Morgan, Morgan Stanley, and many others having started offering Bitcoin exposure amid growing clients demand, regulators remain passive towards crypto.
Since the SEC has not placed cryptocurrency on its regulatory agenda, it remains to be seen what will happen with the pending Bitcoin ETF applications. There have been 8 Bitcoin ETF proposals submitted by various institutions this year, for example Valkyrie Digital Assets. Two of these applications have had their review period extended by the SEC. Considering the latest news, it is possible that the ETF proposals might take a backseat again.
While in the United States regulators might have their reservations, Canada has already approved both Bitcoin and Ethereum ETFs that have turned out successful. Canada’s first Bitcoin ETF by Purpose Group became an instant hit that raised the hopes of many American counterparts since the US market is 10X the size of the Canadian market.
When Gary Gensler replaced Jay Clayton as the the new SEC chief, it was believed this would improve the odds of Bitcoin acceptance and regulation by the SEC. Gensler is considered more pro-crypto than his predecessor was and initially hinted towards regulation. However, hopes of crypto enthusiasts are somewhat shatters as so far there hasn’t been much difference in the SEC approach towards crypto.