Bitcoin Forum

We all were eagerly waiting for 10th august to know the SEC's decision. Now we have to wait a bit more to know that :)
https://www.coindesk.com/sec-delays-decision-on-direxions-bitcoin-etfs-until-september/

Personally I think it's good for the market and also it shows that SEC members are thinking a bit more before coming to any decision. Since the proposal asked for the wider public comments, 100's of comments have been made on there proposal and needless to say mostly in favor of supporting the ETF approval move. Also it keeps the hope alive among the investors and crypto world people.


Update 1: It's mentioned in the article that this delay doesn't include CBoE Bitcoin ETF application and "none of the ETF proposals being postponed are from VanEck and SolidX", and CBoE will trade BTC shares backed by VanEck and SolidX trust. In total there are 5 ETF applications in process, one of them is from CBoE. So decision on CBoE application still may happen on 10th Aug.

Update 2: Out of 5, one of the ETF application filed by Winklevoss twins has been declined by SEC:
https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html
https://cointelegraph.com/news/cnbc-winklevoss-twins-bitcoin-etf-application-rejected-by-sec

Update 3: (This is in context for the above update 2 where SEC rejected Winklevoss ETF application) - SEC commissioner disagrees with the SEC’s rebuttal - That's a very good sign
https://globalcoinreport.com/sec-commissioner-disagrees-with-sec-bitcoin-etf-rebuttal/

Update 4: SEC delayed the ETF for remaining 9 ETF's to 30th sept. Fate of all the 9 ETF's will be revealed in under 2 months. They're going to the same path as they did in last year.
https://www.coindesk.com/the-sec-will-decide-on-9-bitcoin-etfs-in-the-next-2-months/

Someone here on the forum had mentioned that it could be delayed and if
I remember right this also happened last year, there was a delay then also.

I also think it is good for the markets as it gives more time for them to
grow and for more people to speculate.

Personally im not sure why they would need another 8 weeks to make a
decision and i recon it will be approved anyway,

Prolonging the decision opens more room for speculation, market movement, analysis etc., only for the ETF to be turned down again and cause the build up of the price to end in a grimly manner. While I like that they are trying to get some more time to think and reconsider all things that an ETF might bring, I'm quite anxious as to whether they'll really approve it or not. We've been through several ETF talks and none of them really materialized, so it might be the same scenario, just prolonging the anticipation of people and make the deep pockets profit from the hype.

maybe they will delay it again just as they are delaying it since 2017

I think SEC will finally approve bitcoin ETF this year. Some well known companies already entered and more are willing and SEC will see it. I think it is more on big companies in the US willing to consider bitcoin.

I saw some hilarious comments there lol

Seeing those comments I guess the SEC might move the dates again to may til December of this year due to these comments. You wouldn't thought those users have actually acquired bitcoin for themselves with such logic in theirs. If maybe those who have the right judgments and those who really knows who all these ETF works and bitcoin users can be at one page and agree to something that will convince the authorities.

Once again, an attempt is made by the opponents of bitcoin to put the poles in the wheels of the cryptual currency that is already flying at all pairs of the train.
My opinion is that this pause in 8 weeks only strengthened the position of bitcoin.

Yes right, for the past as well these news becomes the profit makers for the big players or market movers. This is the first time though they asked for public opinions and posted the comments as it is. I like that they're trying to be more open and transparent with there this time. This news will give a breather to altcoins which were bleeding because of BTC's run on the upside, as well as BTC too will get stabilized around 8k now as it's already trading with 4,6,12hrs and daily RSI above of 70, which happened only in dec-jan bull run.
Let's see how this ETF drama pans out in the end, hoping for the best like all others :)

Yeah, that's what I think too. BTC already at higher side of RSI, so it needed bit of breathing before another bull run, but because of this ETF news going to come on 10th aug, it wasn't getting that breathing space. Now it can stabilize around 8k for a week or so and start another bull run.

But it doesn't include the CBoE Bitcoin ETF application isn't it? They only delay is the Direxions so the Aug 10 is still on scheduled unless they postponed it as well. The most critical ETF application is CBoE, all eyes are watching because its going to make ror break the ecosystem. This delay with Direxions applications will be moot when the CBoE decision is given out in Aug 10.

This is the biggest reason for a rise this year, we can have a new price level in the case of approval, FOMO has already begun, and if approved, should exceed 10k and have strong support in this area.

Yes correct, I have updated the same in the original post too. Let's see if it will stay as per schedule or get postponed too.

FOMO is clearly there, even though BTC having RSI well above 70 for 2,4,6,12hrs and daily, still people buying it and not letting it consolidate. For BTC to start another bull run, we need RSI to be under 60 for couple of days atleast.

This delay is actually kind of a good thing because it will give the team and the project to be more mature and will be able to fix all the errors.

i wish the ETF news weren't as hyped up as it is these days. things like this never end well no matter the result of the decision. for example back in the times of block halving we had similar hype and price went up a lot and when the halving happened we had a correction and a rather long period of nothingness!

The delay is affecting the market in a positive way, the more delay the more hype and interest created, which has a chance to lure in possible investors. People, who get interested can invest further, during this deya time, which will bring more positive outcome for the project as a whole.

Sorry? What project are you talking about? Bitcoin ETF is not another project, if that's what you're thinking.

But these investors will vanish as soon as any negative news comes. First instance already visible, BTC drops from 8300 to 7800 as soon as news comes that ETF application by Winklevoss brothers have been rejected by SEC, and this happens within couple of hours.

I hope SEC will accept bitcoins ETFs as soon as possible because almost 90% comments review positive with ETF. No matter SEC take time if it accept ETF.

John McAfee says:
Yes..!! Possible Chance of ETF to Get Approved 👀
 See This 👇

https://www.forbes.com/sites/youngjoseph/2018/07/27/sec-commissioner-bitcoin-is-regulated-and-mature-enough-to-have-an-etf/amp/?__twitter_impression=true

Let's wait and see.

The more they delay the sanction, the more hype will be created. Many new investors are likely to get interested during the delayed time. Recent public opinion has shown the SEC a 97% positive response which might have forced them to think and come to a decision which will be profitable for all the parties involved. So,  :-\ the delay is affecting the market in a positive way.

Everyone is waiting for this decision on September
But what I understand from this position
The market is not yet mature
So that it affects one decision
We are still at first

I think what will happen in the SEC decision will compromise the price of bitcoin. If they against with ETF then it will inflict a bad result for bitcoin and vice versa. I don't know if this is the reason why does the price fall down last days but I heard some rumors that this is the cause why bitcoin price decline.

I don't know why, but we're not ready for ETFs yet. look at the ICO market, it almost all consists of a bench. And look at their product? Almost every one of them is a test. I'm not talking about those projects that promise to implement in the distant future. The approval of the ETF will result in the flow of money with which honest the developers will not do it, and it will take advantage of crooks

SEC delayed Bitcoin ETF (expected)
Previous statement is on 2nd july on which they stated we hear bitcoin ETF's within 45 days means up to 16 august.
Resulting BTC dump of $700 from $7100 to $6400 within a period of 10 Hrs.
5 commissioners are given responsibility to decide on Bitcoin ETF's in which One commissioner, Hester Peirce, dissented from that decision

The pump of bitcoin from $6100 to $8400 from 12 july to 25th july was just fomo arises in people that SEC will give positive favour to bitcoin. When multiple fud arises that ETF will not be heard on August it crashes on 26th july resulting loss of $2000 in bitcoin just in 2 weeks.
People makes in their mind that without ETF's their is no bullrun. So sooner or later we need ETF's to pull the market in right directions.

Exactly, US has already made some regulations regarding ICO and excluded BTC and ETH from security. The worse thing is that SEC didn't come with any reason to reject them.

Don't think bitcoin is even ready for etf..  Because to be approved for etf btc has a long way to go.. Need to be regulated worldwide..  After that maybe sec will accept the ETF application..

I just hope, hopefully this delay does not drag on. So that it can cause uncertainty in the bitcoin community. SEC should see, there are big names involved. So, it is a major consideration in making decisions

as far as i know bitcoin has never been considered a "security" by the US government to now want to change. it was considered a "commodity" and as for ETH they never defined it because they couldn't define a premined platform.
i also would love to see the link to where they made regulations regarding ICO because i have not seen any yet.

I think I misunderstood that SEC has implemented regulations, it's actually SEC chief Clayton said during hearing on BTC, ETH and ICO regulation that all ICOs are Security and should be regulated. Much info is here:
https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/
https://cointelegraph.com/news/sec-chairman-jay-clayton-says-bitcoin-not-a-security-most-icos-likely-are

Also in the SEC website too, they've mentioned that ICO's can be security offerings - https://www.sec.gov/ICO

While we are in waiting process they postponed the decision to make the EFT a reality for us, so now we are in Long swim, while we will be swimming only down to the river stream, lol.