Cboe Tried Twice: SEC Again Postpones Decision on Crypto ETF

Hopes for a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange-traded fund are being dashed, again. Today, the US Securities and Exchange Commission (SEC) has once again rescheduled its decision on yet another proposed bitcoin ETF.

In a bid to launch an ETF that is backed by actual bitcoins rather than futures, which would have been the first financial product of its kind, the application was initially filed by Cboe in collaboration with money management firm VanEck and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company SolidX in June 2018.

On this occasion, the SEC said that it is pushing out its decision on the proposed ETF for another three months, namely August 19, 2019, after it has rejected the same application three times previously.

“You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-CboeBZX-2019-004 and should be submitted by [insert date 21 days from date of publication in the Federal Register]. Rebuttal comments should be submitted by [insert date 35 days from date of publication in the Federal Register],” the SEC explained.

SEC repeatedly denies the long-awaited bitcoin ETF

Earlier in January, Cboe BZX Exchange shelved its proposal for a coveted bitcoin ETF license after the SEC delayed its approval/disapproval decision for the third time. However, the exchanges operator resubmitted its joint proposal with VanEck and SolidX in February, saying the decision to pull their application was only to prevent an automatic rejection due to US government shutdown, which could have complicated the entire situation.

SolidX was the second company to file for a bitcoin exchange-traded product with the U.S. regulators. Some had argued that the proposal from New York-based VanEck, the ninth biggest ETF provider, was more likely to gain approval thanks to plans for a high minimum share price that would discourage retail investors.

The SEC repeatedly delayed deciding on the application, first extending the time it had to act on the proposal in August, then instituting formal proceedings to determine approval in December, and again extending its deadline to 2019.

Despite investor interest, it seems unlikely that the SEC would be comfortable using bitcoin as an underlying asset in a regulated investment vehicle any time soon.

The SEC also deferred a request to approve the Bitcoin ETF proposed by asset manager Bitwise last week.