Analysts: Winklevoss Bitcoin ETF to pass SEC approval

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Analysts: Winklevoss Bitcoin ETF to pass SEC approval

As the Winklevoss twin’s highly-anticipated, not to mention first of its kind bitcoin exchange traded fund, inches its way towards becoming a reality, ETF analysts are weighing on the likeliness of the fund securing the SEC’s approval. 
Chief Investment Officer of, Dave Nadig, tells International Business Times
“I don’t see very much in the way of impediments to it at this point, “everything I see in the Bitcoin filing is by the book so it would be a surprise if they officially deny it. If they pocket veto it and kind of ignore it for a while… that’s a possibility.”
The Winklevoss twins, who have claimed to own as many as 1% of all bitcoins in circulation, recently revealed in their fourth filing since the ETF’s initial proposal that the fund will trade on the NASDAQ under the ‘COIN’ symbol.
The twins’ bitcoin ETF seeks to appeal to investors who want to get in on the digital currency under regulated conditions, which further opens the door to large institutional investors who cannot yet hold bitcoin directly on brokerage statements. Furthermore, the fund hopes to mitigate the risk often associated with storing the digital currency while providing a template for tax reporting. 
ETFtrends web editor, Todd Shriber explains: 
“If the Bitcoin ETF is classified as a commodity ETF, the rate of tax they’ll be paying will much higher than if they bought a currency ETF.” editor and president of Global Trends Investments, Tom Lydon says that given the twins’ openness about the status of the ETF, which can only go so far due to SEC laws and procedures, the likeness of it securing approval is highly likely: 
“I would feel strongly it’s going to happen it may not be as soon as people would hope, I wouldn’t imagine they would continue talking about it and making progress if in fact it would not come to fruition.”
Lydon tells IBT that the largest impediment in terms of acquiring investors will lie in the education of those interested parties. However, thankfully, he adds, “they’re pretty good at explaining what Bitcoin is.”

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