On Monday, May 20, the U.S. Securities and Exchange Commission (SEC) postponed its decision on VanEck/SolidX Bitcoin ETF, filed earlier this year. The new deadline for the SEC to decide on this proposal on August 19, 2019.
The Bitcoin ETF filed by VanEck/SolidX is a year-long saga now. Last year in July 2018, the two companies filed for a Bitcoin ETF, the shares of which would be listed on the CBOE BZX Exchange. However, after all the hullabaloo, VanEck/SolidX decided to pull-back its proposal citing the U.S. government shutdown.
Although the two partners made a fresh application, Monday’s decision by the SEC shows little development in this regard. Director of digital assets strategy at VanEck, Gabor Gurbacs tweeted on Monday saying that they won’t give up their efforts to bring Bitcoin ETF in the market.
Last week, the SEC also postponed its decision on a Bitcoin ETF filed by Bitwise. On Sunday, May 19, attorney Jake Chervinsky already intimidated the Bitcoin community about the VanEck/SolidX Bitcoin ETF delay.
The SEC has been open about the inefficiency of the exchanges and lack of proper infrastructure and tools to deal with market manipulations. In the past, the SEC Chairman Jay Clayton said that unless the exchanges and the crypto market in general, deal with frauds and manipulative acts, there’s a little chance that the SEC would approve an ETF product.
Bitcoin Community Not Perturbed
Today’s decision seems to have little effect on the Bitcoin community. At the press time, Bitcoin (BTC) is trading at $7897 with a market cap of $139.8 billion. In the last 24 hours, Bitcoin price is down by just 1.2% even after the news broke out.
It looks like investors are not heavily weighing down on the arrival of Bitcoin ETF, as was the case last year. It looks as if the market will continue to rise with or without a Bitcoin ETF. Here are some of the reactions from popular crypto personalities.
Bitcoin ETF Not Coming Anytime Soon
Speaking to CNBC, ETF expert Dave Nadig said that crypto enthusiasts will have to wait for the exchange-traded products for some more time. Nadig said:
“Based on the comments we saw last week around one of these filings, it’s clear the SEC is still in information-gathering mode.”
Nadig further stressed that the ultimate decision is in the hands of the SEC, and you won’t get the Bitcoin ETF just because the crypto market wants it. He said:
“Technically, there are deadlines, but, honestly, it’s the SEC. They can do what they want. They can kick this can down the road until they’re comfortable.”
However, pouring some optimism, he added that there’s a “reasonable” chance that a Bitcoin ETF could be approved by the year-end. “I think things are pointing towards a positive resolution for bitcoin bulls, but I don’t think it’s imminent. I still think we’re at least a quarter out,” he said. “We need to see this market mature, and as it matures, the regulators will get more comfortable.”
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