New SEC Commissioner hits the ground running, and based on who he's been meeting with - something BIG could be coming...

Previously on the U.S. Senate Committee on Banking, Elad L. Roisman took his position as the new SEC Commissioner just last month, and the rumor is - he's pro-cryptocurrency.  However, it's not exactly to clear to what extent.

What we do know, is when given the chance to speak on cryptocurrencies while at the Senate banking committee - he wasn't among the few who didn't grasp the topic entirely, saying.

“The SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain. It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.”

Now in newly obtained documents outlining a meeting he took on October 9, we see he's been talking to the companies many believe are "most likely" to pull off getting approval for a Bitcoin ETF.  In that meeting there were representatives from all three - CBOE, SolidX, and VanEck.
Document outlines who was in attendance at a recent meeting with the Commissioner...
Among the topics of discussion - the reasons why their previous attempts were denied, and what "significant changes" have they implemented to address those issues since then.

Summed up, the SEC's main concerns back then revolved around how new Bitcoin was, at least to them.

In my opinion what it comes down to is regulators fear it's a market that could still surprise them, for good or for bad - and getting someone who is ultimately still part of the political system to put their signature on something related to Bitcoin, will be a challenge. Their fear of the unknown was apparent by their emphasis on it being a market still in it's "early stages" in their previous ruling.

Having heard those concerns, on the topic of why the VanEck SolidX Bitcoin Trust should now be approved, they argued that long gone are the days of Bitcoin markets being the 'wild west' of investing, saying "Concerns around price manipulation have been mitigated" and pointing out "Cboe, bitcoin futures, OTC desks are regulated". 

I'm not even going to attempt to make a prediction on what happens next. Because what's happening now is interesting enough - the new SEC Commissioner is paying attention, and evidenced by this meeting happening within his first few weeks, he's giving it priority.

Author: Ross Davis
E-Mail: Twitter:@RossFM
San Francisco News Desk