SEC Claims: Bitcoin ETFs Launch Last Chance In October

SEC claims that the launch for the Bitcoin ETFs will happen in October or that will be the end of it as we are reading today in the coming altcoin news.

The US Securities and Exchange Commission has to approve or disapprove at least two Bitcoin ETFs by the end of October. In the filings that were released on August 12, the SEC chose to delay the final judgment on three ETFs and that it is currently considering. The offerings sponsored by Bitwise, VanEck and Wilshire Phoenix came before the regulator earlier this year. According to the filing:

 “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.’’

An ETF is a kind of financial instrument for all of those institutional investors that want to gain exposure to the price of Bitcoin. The SEC has refused to allow an ETF to the market because of regulatory concerns while officials informally stated they will open to a Bitcoin or Ethereum-based product. The process to get an ETF to the market started even back in March 2017 and when the industry saw its first rejection from the SEC. The proposals since then have been withdrawn and reformulated multiple times with VanEck and SolidX most recently filing again in February as noted in the latest cryptocurrency news.

According to the law, the SEC has about 240 days from the date of application to give an answer as to whether it can legally operate in the United States. VanEck will soon find out whether they will finally get its product around the regulator on October 18 while Bitwise will be notified on October 13. Reacting to the SEC claims Gabor Gurbacs, the digital asset strategist and director at VanEck stated:

 “A physical, liquid, insured Bitcoin ETF may serve the public interest. Onwards!”

The founder of Ethereum Vitalik Buterin was quoted saying:

 “I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores.’’