Home / Coin Payment / What hope is it for Bitcoin ETF, Cryptocurrencies and Bakkt with Trump Administration On Lockdown? Cryptocurrency news today

What hope is it for Bitcoin ETF, Cryptocurrencies and Bakkt with Trump Administration On Lockdown? Cryptocurrency news today

The cryptocurrency industry has not been able to recover from the cryptocurrency winter started in 2018 and now, the closure of the US government is going to make it all the worse. You see, even if things did not go so well in the industry, the launch of big projects like Bitcoin ETF would have to overturn the tides in the market. Everything is ready and the only thing that remains is the approval of the United States Security and Exchange Commission. However, the SEC announced that it had limited its operations to critical functions. Since Bitcoin's evaluation of ETF is not a critical function, it is certain that we will not hear anything about it at any time.

Longest Shutdown in recent history

In addition to the SEC, the Commodities and Futures Trading Commission also announced that it would limit staff during closing. Without the timing for the arrest, we can only expect the worst. The key elements that the community has eagerly awaited may not be coming soon. The cryptocurrency industry will be hit in the United States and this could have a knock-on effect on the whole system. Bakkt will be affected by the closure because most likely the CFTC will not leave the staff to regulate it when there are more critical problems to deal with. It is no wonder that Bakkt announced that his futures launch has been postponed indefinitely. You can not really blame them because they can not function without the necessary regulatory approval.

Most likely the closure by the government will lead to the longest halt of the SEC operations in recent history. Even if the Bitcoin ETF will remain on the table until they return to full capacity, there will be a backlog. The size of the backlog depends on how long the shutdown lasts. Already, the CFTC and SEC issued orders to freeze all pending administrative processes when the federal government canceled the closure.

Will Bitcoin (BTC) be affected by the government's arrest?

Bitcoin is a decentralized system. However, history has proven to be still influenced by external factors. The positive aspect is that the influence will not be significant because even though things like Bakkt and Bitcoin ETF will increase adoption in the industry, Bitcoin can still stand alone. These projects are awaiting regulation by the SEC and the CFTC because they are designed for institutional investors on Wall Street. If the industry has been able to hold the fork for so long without Wall Street, be assured that it can hold up a little longer.
Bitcoin (BTC) Price today – BTC / USD

At this time, the federal government can not perform most of its functions, but state agencies are still operating. Furthermore, innovation is still happening amid the dysfunction of the federal government. True, closing will delay the long-awaited influx of institutional investors, but will have no drastic effect on Bitcoin and the industry as a whole. Many blockchain-based projects are still ongoing and will ensure that fundamental growth is stable as we wait for the government to resume its operations.

What do you think? Will the shutdown permanently interrupt the entrance of Wall Street investors?

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