US SEC Delays Decision Concerning Bitcoin ETF Until September 30

Daniel Fowler
August 11, 2018

On Thursday morning, the cryptocurrency market saw a nice influx of buying volume, with Bitcoin quickly recovering by 3% and altcoins following closely behind.

Although the VanEck-SolidX Bitcoin ETF and the Chicago Board Options Exchange (CBOE) Bitcoin ETF, according to many experts, have the highest probability of being approved by the SEC, the majority of experts believe that the Commission will postpone its decision. They often provide access to every major asset class and are seen as great investment options since they are easy to use, transparent, flexible, and reasonably low cost. In July SEC decline to approve Winklevoss twin's bid to create an ETF and the regulator is still silent about the ruling on other institutions which have applied on the same. "The SEC is likely to delay until February of 2019 and the chances of a Bitcoin ETF approval in 2018 have always been low". After reaching a high of $20,000 last December, the price of Bitcoin has fallen unceremoniously.

Dan Morehead the CEO of Panthera Capital has sent a message to Bitcoin investors. The US regulatory agency - regarded as one of the most important regulatory bodies all over the world - will deny, approve, or again delay the decision on the ETF come September 30.

Bitcoin fell by over $500 today as a result of an SEC announcement, which formally delayed the verdict regarding the VanEck-backed ETF for 45 days.

I still think it will be quite a long time until an ETF is approved.

Created by Intercontinental Exchange (ICE), the operator of the New York Stock Exchange (NYSE), Bakkt has already inked partnerships with Microsoft and Starbucks to develop ways to take cryptoassets mainstream.

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The presentation points out that there have been major changes since the SEC made a decision to reject the proposed rule change for Solidx Bitcoin Trust in March past year.

After the SEC postponed its decision on a Bitcoin 00 ETF Wednesday, a bearish dip ensued.

The American Securities and Exchange Commission (SEC) is now in the process of deciding whether they want to accept or reject an number of different Exchange Traded Funds (ETFs).

This is VanEck's third attempt to push a bitcoin ETF through.

When asked by CoinDesk about how he feels about the likelihood that his firm might have the green light to trade Bitcoin ETFs, Gabor Gurbacs said that he doesn't know an answer to this question.

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