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SEC Postpones 3 Bitcoin ETF Applications: Decisions Fall in October

August 13, 2019 at 12:30 PM | By Jit Sutradhar News

The US Securities and Exchange Commission (SEC) has finalized the final decision on the eligibility of three Bitcoin ETFs. Both Bitwise’s and VanEck / SolidX’s claims are the last possible reprieve. The final decisions for or against ETF will be made on October 13 and October 18, respectively.

The SEC has not yet reached a conclusion on the approval of a Bitcoin ETF. In several documents, which the authority published yesterday, Monday, August 12, the SEC justified the renewed delay.

The Commission considers that it is appropriate to extend the period within which authorization or rejection of the introduced rule change has to take place […]. To this end, the Commission has designated 18 October 2019 as the final date for the admittance or rejection of the rule change,

is the text from the official SEC document on the VanEck Bitcoin ETF.

VanEck’s Garbor Gurbacs comments on Twitter that the delay is the last possible one. By 18 October, the SEC decision must stand.

The VanEck SolidX #Bitcoin #ETF decision was postponed by the SEC to October 18, 2019, when the SEC must either approve or reject the proposal. A physical, liquid, insured Bitcoin ETF can serve the public interest.

In addition to the VanEck / SolidX Bitcoin ETF, the SEC also adjourns its decisions regarding requests from Bitwise Asset Management and Wilshire Phoenix – with justifications that are similar in wording. While the SEC may postpone the approval of the Wilshire application, it must have made a final decision by October 13, similar to VanEck.

SEC does not announce reasons

In the respective documents, however, the stock exchange supervisory authority does not give reasons for the repeated delay. However, it has been known for some time that the authority is first and foremost concerned about possible market manipulation of the crypto markets. Reliable price indexing is another regulatory requirement that applicants have apparently been unable to meet to the satisfaction of the SEC.

But Bitwise, in particular, has seen relentless efforts to end the regulators’ concerns. Finally, in March of this year, the company put together a 227-page presentation for the SEC outlining why a Bitcoin ETF is perfectly approvable from its point of view.

There were no public statements from Bitwise regarding the postponement of the ETF application. Even a press request by BTC-ECHO remained unanswered.

Most recently, the listing was postponed by VanEck’s exchange-traded bitcoin index fund on May 20 this year . As in the past, yesterday’s announcement had little impact on the Bitcoin price. Cryptocurrency # 1 is still in a low volatility phase; For about a week, a unit of digital gold has traded between $ 12,000 and $ 11,000 – market watchers are talking about a kind of accumulation phase.

Image via Shutterstock

This article is translated by Google Translate from btc-echo.de

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