The SEC keeps delaying decisions on Bitcoin ETF applications--could this be a sign of hope, or doom?
The SEC has published an official statement saying that it is postponing its decision on the approval of the CBOE’s application to be able to trade shares of the SolidX Van Eck Bitcoin ETF (Exchange Traded Fund.) Following initial delays, a decision was expected by September 30th; now, a decision isn’t expected until February of 2019.
However, proceedings to make the decision are indeed underway.
“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change,” an official statement by the Commission reads. “Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”
The SEC also said that it is seeking public opinions and information from the public in order to inform its decision and that it had received more than 1400 letters about the matter so far.
Multiple Delays
The SEC originally announced that it would be delaying its decision on the ETF until September 30th.
The delay amounted to much frustration among Bitcoin bulls, who believe that a Bitcoin ETF will revitalize Bitcoin’s stagnant markets. Indeed, positive price movements have been seen in the days preceding decisions regarding Bitcoin ETFs, indicating that hopeful investors are increasing their supplies in preparation for a valuation boom.
(This time, the news of the delay doesn’t appear to have had any sort of terribly negative effect on the price of Bitcoin.)
However, not everyone sees the delays with such vitriol. “Being delayed was a best-case scenario. It was never going to be approved,” another Reddit user wrote.
Indeed, it could be that the delays are some sort of a sign that the SEC is slowly warming up to the idea of a Bitcoin ETF. Certainly, delays are more promising that outright denials, of which there have been many. Most recently, the SEC denied an application for a Bitcoin ETF submitted by Cameron and Tyler Winklevoss, the twin founders of the Gemini crypto exchange.
Several weeks ago, the SEC also said that it would be reviewing some of the denials that it made to Bitcoin ETF applications earlier this year.
CBOE Argues that Bitcoin is 'Less Susceptible to Manipulation' than Other Markets
The SEC’s denial of so many applications for Bitcoin and cryptocurrency ETFs because of concerns about market manipulation. An official statement from the Commission read that CBOE had argued that “the Exchange argues that the geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin.
In fact, “in many instances, the bitcoin market is generally less susceptible to manipulation than the equity, fixed income, and commodity-futures markets,” the Exchange said.
The CBOE’s ETF will offer investors the opportunity to buy ‘Baskets’ of SolidX shares, which are currently valued at roughly 100 BTC. The baskets will then be able to be traded on CBOE. The ETF will be physically backed by Bitcoin holdings in the Vaneck SolidX Bitcoin trust, which will trade Bitcoin on OTC (over-the-counter) exchanges to maintain Liquidity .
The SEC has published an official statement saying that it is postponing its decision on the approval of the CBOE’s application to be able to trade shares of the SolidX Van Eck Bitcoin ETF (Exchange Traded Fund.) Following initial delays, a decision was expected by September 30th; now, a decision isn’t expected until February of 2019.
However, proceedings to make the decision are indeed underway.
“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change,” an official statement by the Commission reads. “Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”
The SEC also said that it is seeking public opinions and information from the public in order to inform its decision and that it had received more than 1400 letters about the matter so far.
Multiple Delays
The SEC originally announced that it would be delaying its decision on the ETF until September 30th.
The delay amounted to much frustration among Bitcoin bulls, who believe that a Bitcoin ETF will revitalize Bitcoin’s stagnant markets. Indeed, positive price movements have been seen in the days preceding decisions regarding Bitcoin ETFs, indicating that hopeful investors are increasing their supplies in preparation for a valuation boom.
(This time, the news of the delay doesn’t appear to have had any sort of terribly negative effect on the price of Bitcoin.)
However, not everyone sees the delays with such vitriol. “Being delayed was a best-case scenario. It was never going to be approved,” another Reddit user wrote.
Indeed, it could be that the delays are some sort of a sign that the SEC is slowly warming up to the idea of a Bitcoin ETF. Certainly, delays are more promising that outright denials, of which there have been many. Most recently, the SEC denied an application for a Bitcoin ETF submitted by Cameron and Tyler Winklevoss, the twin founders of the Gemini crypto exchange.
Several weeks ago, the SEC also said that it would be reviewing some of the denials that it made to Bitcoin ETF applications earlier this year.
CBOE Argues that Bitcoin is 'Less Susceptible to Manipulation' than Other Markets
The SEC’s denial of so many applications for Bitcoin and cryptocurrency ETFs because of concerns about market manipulation. An official statement from the Commission read that CBOE had argued that “the Exchange argues that the geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin.
In fact, “in many instances, the bitcoin market is generally less susceptible to manipulation than the equity, fixed income, and commodity-futures markets,” the Exchange said.
The CBOE’s ETF will offer investors the opportunity to buy ‘Baskets’ of SolidX shares, which are currently valued at roughly 100 BTC. The baskets will then be able to be traded on CBOE. The ETF will be physically backed by Bitcoin holdings in the Vaneck SolidX Bitcoin trust, which will trade Bitcoin on OTC (over-the-counter) exchanges to maintain Liquidity .
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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