Bitcoin, Crypto currency, Blockchain

U.S. securities and exchange Commission: decision on VanEck/ Solid Bitcoin ETF moved again

37f5782c7938766b7cbad7f443993255 - U.S. securities and exchange Commission: decision on VanEck/ Solid Bitcoin ETF moved again

U.S. securities and exchange Commission: decision on VanEck/ Solid Bitcoin ETF moved again

Home News U.S. securities and exchange Commission: decision on VanEck/ Solid Bitcoin ETF moved again

Of
Marcus Misiak –
21.05.2019

The decision on the Bitcoin Exchange Traded Fund (ETF) from VanEck, and SolidX, was yesterday postponed in the evening again by the U. S. Securities and Exchange Commission (SEC). In the published document U.S. securities and exchange Commission announced that it will make use of its right to postpone your decision.

In a Letter, that on Monday evening was released, said the U.S. securities and exchange Commission that they’ll make the right decision for an additional 90 days to on the 19. August move to look “interested persons, and to encourage comments to the proposed rule change to make”. The main concern of the Commission in relation to the VanEck Bitcoin ETF continues to focus on market manipulation and the measures that will be taken by the stock exchange for the protection of its investors.

It is looking for comments on 14 different topics – divided into several questions, including:

  • the relationship between the Bitcoin Futures and Bitcoin spot markets
  • the trading relationship between the market for Bitcoin Futures contracts and the proposed Trust
  • the proposal of the trust, its Bitcoin holdings on the basis of an Index of the MVBTCO – to, which is calculated according to a proprietary, non-public method
  • the intention of the Trusts, no Over-the-Counter (OTC) to report Trades to
  • if the volume of US-Dollar-trade of Bitcoin is an appropriate level for the Bitcoin market volume or not.
  • the statement to the stock exchange that Bitcoin is less susceptible to manipulation than other commodities underlying the Exchange-Traded Products (ETPs)
  • the proposed security, control and insurance measures of the trust

Anyone who wishes to comment on these and other topics, can this 10 to to. June do.

Furthermore, the document includes in particular concerns, such as the prevention of “fraudulent and manipulative acts and practices”, probably in reference to the recent Tether and Bitfinex – news and Bitstamp-Flash-Crash, the decision to substantiate.

Expert Nadig: “the SEC is continuing to gather information”

David Nadig, Director of ETF.com, told CNBC yesterday that the SEC is still a ruling about Bitcoin-seeking ETFs and the power to delay their decision in spite of deadlines more:

It is clear that the SEC is still in the information gathering mode. Technically, there are deadlines, but to be honest you can do what you want, you can bring the on the path, until you feel comfortable, it is clear from what we hear.

While investors and crypto enthusiasts today rather than tomorrow, a Bitcoin ETF want to have, it does not seem to have the SEC continue to be in a hurry, to approve the establishment of an exchange-traded Bitcoin Fund. According to Nadig, it is conceivable that the SEC is awaiting a further market cycle, at a possible rate case / BTC could be a burglary of the contents of the notice. Nadig believes, however, that a Bitcoin ETF will eventually get the green light.

The news about the postponement of the VanEck Bitcoin ETF comes just days after the SEC has made a similar judgment about the Bitwise Bitcoin ETF, which has a very similar premise, but on a completely different System based.

Although the displacement was the expected result. Still hoping a few that the SEC could, for the first time to approve a Bitcoin ETF. As we reported, today in the United States, a conference on the topic of Exchange Traded Funds (ETFs) the SEC, where Hester “Crypto Mom” Peirce holds the Keynote. Since the Deadline for the VanEck Bitcoin ETF, and today was the day, there was speculation that Hester Peirce could überbingen positive news for the crypto market.

Despite the disappointing news, the crypto market is currently only slightly lower. The BTC exchange rate has fallen from 8.044 USD $ to 7.902 USD (at the time of writing). The Altcoins are also only small price declines.

Featured Image: funtap | Shutterstock

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