The SEC postpones ETF decision. However, it doesn’t seem as if the news has made much of an impact on the market today. The SEC ruling will either approve or dismiss a proposed Bitcoin exchange-traded fund (ETF) by Van Eck Securities Corp. and SolidX Management. The results were supposed to be released end of September. Sigh.
SEC postpones ETF decision
It has been a long crypto winter and most crypto hodlers are looking forward to seeing green in the crypto market again. News that the price of Bitcoin is sure to increase leading up to the announcement of the Security Exchange Council (SEC) possibly approving a Bitcoin ETF, followed. Since the beginning of September, the price of Bitcoin has steadily been increasing as all eyes are on the SEC pending their decision to approve the Bitcoin ETF by end of September.
However, earlier today it was announced that the SEC is postponing again. This time, no date has been given. This is the second time the SEC has postponed the matter. According to the SEC, they are seeking views on market manipulation and surveillance. Basically, they want to know if it is easier to manipulate the Bitcoin market than for instance, other commodities such as gold and silver.
Also, the ETF is inviting more parties to comment on the proposed ETF. Thus far, more than 1 400 comments have been received.
The proposed Bitcoin ETF would allow VanEck and SolidX to make a Bitcoin trust and list shares. It has been said that the price of Bitcoin would soar, but this is not confirmed. Some are speculating that in all likeliness the SEC would only make their final decision by February next year. Then again, it could happen at any time.
Last month, the SEC rejected nine similar proposals.
How is Bitcoin reacting to the news?
Surprisingly Bitcoin has increased by about $300 in spite of the news that the SEC is postponing their ruling. At the time of publishing, the price of Bitcoin was at $6 717. 82, according to Coinmarketcap. Let’s see if the price continues to rise.