SEC Delays ETF Ruling Until September

SEC Delays ETF Ruling Until September

There was a sigh of relief when bitcoin did not immediately react to the announcement by the SEC to delay their decision on approving the CBOE ETF proposal but, this was short-leaved, since a couple of hours later the price plunged by around 7%. The agency previously denied an attempt to list the ETF in March 2017.

An SEC decision on VanEck/SolidX is due out September 30. Later on July 2, published for comment in the Federal Register, receiving more than 1300 comments on the proposed rule change. The most prominent and the most important of these ETFs is the VanEck SolidX Bitcoin Trust ETF put forward in June. Because it is the first with real chances to be approved by the regulatory agency.

Investment firm VanEck teamed up with Solid X, a financial service company, earlier this year in a bid to launch an ETF that is backed by actual bitcoins rather than futures. An ETF offering was to further legitimize BTC and cryptos to the investing public. And interest in the virtual currency appears to have increased. The SEC received more than 1,300 comments on the proposed rule change as of August 6, it said.

"Accordingly, the Commission ... designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change."
Canaccord predicts that the SEC will not decide on current ETF applications this year, and will exercise its right to postpone the decision to 2019 next year.

"The ETF decision is going to be the next catalyst for the market".

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Within the last 24 hours, the crypto market has dropped nearly $20 billion. Bitcoin was down around 8 percent from 24 hours ago at 10.53 a.m. London time, trading at just over $6,500, according to data from CoinDesk.

"I believe the postponement suggests that the US regulatory agency wants to issue a well-thought-out ruling on how to protect cryptocurrency investors while nurturing innovators", Sewell said. He urged them to feel optimistic about the positive news.

The SEC's official note on the decision delay can be found here.

However, given the recent price plummet, it would seem that there is really need for much emphasis on bitcoin ETFs and a real need for a bitcoin ETF to be approved.

Meanwhile, there hasn't been any major news regarding ethereum and ripple, the second and third-largest cryptocurrencies by value respectively, that has moved the price for those coins. The organization has repeatedly postponed all decisions regarding such ETFs or outright rejected them.

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