The latest cryptocurrency news show that the United States Securities and Exchange Commission (SEC) has again delayed its decision regarding the three Bitcoin exchange-traded funds (ETFs). Now that SEC postpones decision on the Bitcoin ETFs, we could expect BTC to tumble again, experts say.
According to some of the documents which were published on August 12th, the SEC has put off a formal decision on the proposed rules changes by the NYSE Arca and CBOE BZX Exchange on three Bitcoin ETFs, by the asset managers which include the names of VanEck SolidX, Bitwise Asset Management, and Wilshire Phoenix – as many best cryptocurrency news sites reported.
The news that SEC postpones decision on listing VanEck to October 18th, managers are quite angry. The Bitwise listing on NYSE Arca will be delayed for five days earlier, October 13th. The decision on the Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust, on the other hand, has been postponed until September 29th this year. As the SEC stated in each case:
“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.”
For those of you who aren’t following our Bitcoin and altcoin news, ETFs are basically a type of security that tracks a basket of assets which are proportionately represented in the fund’s shares. They are in that way seen as a step forward for the adoption of digital assets, according to many.
SEC postpones decision on the three ETFs – meanwhile – what is interesting is that all of the proposals have been filed this year. The VanEck was filed in January, Bitwise in February and the Wilshire Phoenix ETF proposal was published in the Federal Register on July 1, 2019.
Currently, securities laws are designed in a way to give the SEC the right to postpone its decision on proposed financial products in order to gather information or deliberate on a rule change which would allow the listing.
The SEC decision marks the latest in the series of delays on Bitcoin ETFs. So far, the SEC has delayed its decision on VanEck and Bitwise’s ETF applications in March, and again in May this year.
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