Will the SEC Give a Different Verdict on Bitcoin ETF?

SEC Hester Peirce Bitcoin ETF

Observers believe that even though the VanEck-SolidX Bitcoin ETF and the Chicago Board Options Exchange (CBOE) Bitcoin ETF are considered to have a high possibility of approval by the U.S.

The fact that Bitcoin's dominance in the cryptocurrency market is now up to 48.8% also spells bad news for the market as it indicates that investors are pulling out of altcoins and into Bitcoin, after which they could be converting their funds into fiat currencies.

The broad based market sell-off has been particularly telling, with the total cryptomarket cap sliding from $300bn levels to sub-$220bn levels before support kicked in, Bitcoin's market cap pulling back to a Wednesday low $107.08bn.

"The Commission is extending this 45-day time period".

The SEC have now extended their deadline to the 30th of September 2018, this has been decided in order to give the agency more time to ponder the Bitcoin ETF, in order to explore its effects and of course, in order to explore notions of regulation and other restrictions that could be imposed by the SEC.

Bitcoin attempted a short-lived recovery on Tuesday, but bulls' hopes for recovery were ruined by SEC's decision to postpone a verdict for VanEck, the first bitcoin-related exchange-traded-fund. "As of August 6, 2018, the Commission has received more than 1,300 comments on the proposed rule change", the agency wrote. Last month, the SEC denied the Winklevoss twins' latest bid to create such a financial instrument, and the agency has delayed ruling on almost a dozen other bitcoin funds.


Since the news of the SEC's delay in taking a decision broke, the cryptocurrency market's capitalization has dropped by nearly 11%.

During the interview, she was asked, "One of their [SEC's] concerns is that there may be price manipulation in bitcoin, the underlying asset, and what you are saying is that the SEC has no jurisdiction to look at the underlying asset, is that correct?"

As we have seen in today's markets, Bitcoin has reacted very badly to this and thus, as have the rest of the markets.

Morehead went on to say that the same ETF story has been repeated over the last five years, and he doesn't see the narrative changing anytime soon given how the SEC has treated other approvals in the past.

What this means is that if VanEck-SolidX is attacked by hackers after SEC approves their ETF, then any loss suffered during the incident will be shouldered by the company while the investors' assets are insured. Let us know in the comments section below.

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