Bitcoin ETF: SEC adjourns decision again
WBitcoin ETF? the new one seems When Lambo? to be part of the crypto community. Expectations of the Exchange Traded Funds are accordingly high. With a possible approval, this should suggest, as the sometimes well-known narrative behind the exchange-traded funds, more security for potential investors. If approved by the US Securities and Exchange Commission, the idea behind it would have to be a (more or less) secure affair.
SEC still needs time
With regard to the admission of exchange-traded funds for the mother of all crypto-currency, the SEC now decided to push the decision a little further. Their official statement states that the agency still needs some time to make the right decision.
On 20 June 2018, the CBOE filed a motion to amend a 1936 law to obtain approval for the SolidX Bitcoin Shares or the VanEck SolidX Bitcoin ETF. On July 2, the SEC then published the motion and gave citizens the opportunity to post their comments on the issue. As can further be seen from the Authority's communication, they reached a total of more than 1,600 comments by 6 December. The final decision should now be made by February 27, 2019 at the latest.
Jay Clayton expressed concern
Lastly, VanEcks said that the approval of the Bitcoin ETF was as close as ever – the agency's catalog of demands was considered fulfilled in the eyes of the company. However, Jay Clayton, the chairman of the SEC, voiced concerns over admission. In the eyes of Clayton, cryptocurrencies like Bitcoin are still not safe from manipulation, so they can not be approved without reservation:
"What investors expect is that trading […]underlying the ETF is a meaningful trade that frees […] of the significant risk of manipulation. This type of safeguard does not exist in many of the markets where digital currencies are traded. "
Now the various Exchanges have some time left to take these security measures by postponing the decision. Whether they manage until February 27, 2019, remains questionable.
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