Topic: [2018-12-7]SEC Delays Decision on Bitcoin ETF, Sets Deadline for Late February (Read 173 times)

They don't have to think about anything. I'm certain they don't even have the documents and all the comments near them on their desk or computer.

If you think logically, and look at the past, it's rejected already, people should accept it for once. How on earth will the market improve to whatever the SEC wants it to be in just a couple of months? It's nonsense. I sincerely hope that they finally do what they wanted to do from the very beginning, which is to wipe all existing ETF proposals off the table.


https://www.ccn.com/pro-crypto-sec-commissioner-dont-wait-on-bitcoin-etf-could-take-days-or-years/

Hours later;

https://www.ccn.com/vaneck-were-cautiously-optimistic-on-bitcoin-etf-approval/

Because the US is a great world power and if they approve, then the governments of poor countries like mine may be they see bitcoin with other eyes and maybe they can legalize bitcoin. I would say that an approval will be a way to bitcoin win a big reputation in the world. even if the price of bitcoin did not increase, but if it gained a great reputation and was legalized in many countries to be used as a means of payment, then it would be worth it. Entry of institutional investors will bring more credibility to bitcoin


they are putting off and leaving people in the expectation, I hope that with this they have time to think and approve.

Exactly. I find it way more likely to have one of the leading Asian countries in this market to be the first to approve an ETF. It also makes sense with how Asia accounts for the far majority of the volumes being generated.

I think the US doesn't like that the compliant exchanges such as Coinbase aren't able to steer the market forward, but rather have a following role. In other words, whatever happens in Asia, Coinbase and the rest will bravely follow.

I wonder how the SEC will think about an ETF when Bakkt and Nasdaq have been granted the approval they need to launch their futures platforms. I think that it will increase the odds of an approval more than anything else.

On the other hand, everything look good on paper, the main point still is that Bakkt and Nasdaq aren't guaranteed to obtain an approval.

Why this would ever have been of any surprise to anyone by now escapes me. The SEC has made it crystal clear. Volatility and market regulations. Two thiings we know for certain cannot yet describe Bitcoin markets for any foreseeable future. Forget the coyness of any of its commissioners. Forget the soundbites of "soon" and "sooner than you think". It's not happening now or next year, not to the form people would imagine and even if it does, this isn't the precursor to a bull run.

Think those mythical institutional investors are waiting in the wings? At this price especially?

The SEC should not determine the future for Bitcoin and people should just except that. Their ruling on Bitcoin might be more damaging to Bitcoin, if they allowed institutional investment to enter the Bitcoin scene.

Everyone is holding their breath for large amounts of institutional investments capital to be pumped into Bitcoin, but have they considered that these funds can also be pulled at the drop of a dime, if these traders become trigger happy at the slightest uncertainty in the market?

Why are everyone looking at the USA for Bitcoin ETF's? Where are all the other regulators in other countries?

The United States Securities and Exchange Commission (SEC) has again postponed its decision on a Bitcoin (BTC) exchange-traded fund (ETF), according to an official document published Thursday, Dec. 6.
The SEC set the new deadline for Feb. 27, 2019 in order to further review the rule change proposals to list a Bitcoin ETF by investment firm VanEck and blockchain company SolidX on the Chicago Board Options Exchange (CBOE):
“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.”
Under the Securities and Exchange Act, the commission must “issue an order approving or disapproving the proposed rule change not later than 180 days” after the date of publication of notice. If the commission deems it necessary, it may subsequently extent that period by 60 days.
As the proposed rule change was first published in the Federal Register on July 2, 2018, the maximum period of consideration falls 240 days later, on Feb. 27, 2019.
Both VanEck and SolidX firms filed with the SEC to list a Bitcoin-based ETF on June 6. Subsequently in August, the commission delayed its decision on listing the ETF until Sept. 30.
The commission then requested further comments regarding the decision, claiming that the agency has not “reached any conclusions with respect to any of the issues” on the rule change.
In early October, the commission set a deadline for submitting comments about proposed rule changes related to a number of applications for Bitcoin ETFs.
Last week, the SEC published a memorandum on a meeting with representatives from VanEck, SolidX and CBOE. The applicants claimed there was precedent for a Bitcoin ETF based on other commodities with ETFs — like gold and crude oil.
Recently, SEC commissioner Hester Peirce, who is known for her pro-crypto stance, receiving the title of “Crypto Mom,” claimed that a Bitcoin ETF could come “tomorrow or in 20 years.” She said:

Source: https://cointelegraph.com/news/sec-delays-decision-on-bitcoin-etf-sets-deadline-for-late-february