Bitcoin: SEC postpones decision on VanEck Bitcoin ETF again
Home News Bitcoin: SEC postpones decision on VanEck Bitcoin ETF again
Marcel Knobloch –
The approval of a Bitcoin ETF’s is regarded as a great hope among crypto investors in a new Bitcoin Bullrun launch, since this is the market with fresh capital, could be flooded. The SEC announced yesterday that the request of the ETF’s need again more time than I thought.
The Securities and Exchange Commission (SEC) has postponed the decision on the application of the VanEck-Bitcoin-ETF (Exchange Traded Fund) up to the 27.02.2019. The delay, however, is no big Surprise, since almost the entire crypto market is currently in an ongoing bear market. The SEC wrote in its yesterday’s message (freely translated):
The Commission considers it appropriate, a longer period within which a decree for the approval or rejection of the proposed rule change can be arranged so that it has sufficient time to consider this proposed rule change.
The opposite of this message VanEcks Director for Digital Asset strategy was very optimistic and said that he was confident that the SEC are about to grant their request for the approval of the submitted Bitcoin ETF. However, this was not a major setback, because it is, in his opinion, only a matter of time until the market is ready for such a financial product (freely translated):
We’re pretty sure that America wants a Bitcoin ETF. We believe that we have fulfilled all of the market structure, obstacles and requirements in terms of pricing, safekeeping, valuation and custody. Therefore, we are cautiously optimistic.
The SEC had postponed the decision about the ETF from VanEck, and SolidX Bitcoin Trust, in this year several times.
The SEC had previously rejected all of the submitted applications, with the continuous equal to valid reason that the legal requirements as well as the potential impact on the crypto market is not yet sufficiently clarified. Some critics also accuse the SEC of pure arbitrariness to a steered delay of a re-Lift of the market.
Regardless, Nasdaq has announced that they are laying on Bitcoin Futures in the first half of next year. This could show in connection with the approval of an ETF’s have a positive impact on the development of all crypto-currencies.