Following months of speculation, the inevitable has happened and the U.S. Securities and Exchange Commission (SEC) has delayed a decision on the VanEck/SolidX Bitcoin exchange-traded fund (ETF).
Bloomberg reported yesterday on the SEC’s announcement to postpone a decision on the ETF until September 30. While the news brings further lows to the price of Bitcoin (BTC) it’s not entirely surprising. Recently the SEC denied a Bitcoin ETF application from the Winklevoss twins and delayed a decision on the Direxion Bitcoin ETF approval.
Despite receiving 97 percent positive sentiments from 1,300 replies during its request for comment, the SEC maintains it is still uncertain that markets are ready for a Bitcoin ETF.
SEC Commissioner Hester Peirce publicly announced her dissent at the decision to disapprove the Winklevoss Bitcoin ETF. Despite being outvoted three to one by her colleagues, she believes the markets would benefit from the influx of liquidity Bitcoin would bring to traditional exchanges.
The statement from the SEC on the decision reads:
“The Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040),” the official statement read.
Bitcoin (BTC) is down seven percent since the announcement, trading at $6,536 at time of writing.
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