Bitcoin Forum

Hello,

yesterday was deadline for SEC to approve/reject VanEck-SolidX Bitcoin ETF.
Do you know any news?

thanks
S.

I've searched across different crypto media agencies but I haven't seen any news regarding an update about VanEck-SolidX's bitcoin ETF proposal.

Let's wait for some more time, we will eventually know that if an article is made from a reliable source after it comes out.

Nothing has come out as of now. Please keep on checking the "press release" page of the SEC website.

https://www.sec.gov/page/news

If anything has to come, it will be uploaded in this page for public viewing. However, since the deadline was yesterday, wait till Monday to know the outcome and an official press release. Also don't keep high hope!

most likely it will get extended just like what happened previously. don't put your hope too high, i'm pretty sure ETF won't come soon, US has a lot on their plate.

sunsilk&avikz, I'm not surprised that newbie is asking such question, but you are both old members of this forum, and there is dozens of threads on this forum, and on internet regarding CBOE/VanEck-SolidX Trust. The date given in the title does not make any sense, proposal is withdrawn (https://www.coindesk.com/cboe-withdraws-proposal-for-vaneck-solidx-bitcoin-etf) on January 22 2019.

However they made a new proposal (https://www.coindesk.com/cboe-re-files-vaneck-solidx-bitcoin-etf-proposal) on January 30 2019, and new 240 days to final decisions is start running from day when proposal is published in Federal Register.

dont expect much.
seems the SEC has only just unlocked its doors and got back into its offices recently after its january-february vacation (which they dramatise as 'government shutdown')

they only just appointed new people into roles. so dont expect their cogs to be turning super quick this week

I used to have hopes for it but not anymore because they are deliberately taking their time and delaying it. It wasn't denied and there were no additional requests for paperwork or anything from the SEC. You really don't need more than a month to review a proposal and doing this for a year is a joke. Especially with the paychecks those commissioners are getting.

The SEC's acceptance or rejection will not have a significant impact on the market
The reason is the many times of rejection in previous times
The market has already been negatively impacted several times and is not paying attention
Traders are not interested in this.

If there was such an innovation, you would understand the change in price. Do not research, as far as I know, the decision was extended until April, although they said it would be the last extension. Personally I stopped thinking about this decision. I do not think they can make a decision, while we can not make a decision.

This SEC of a thing has really taken some time now and no one seems to know where they are going with it. The last time I heard late last year, it was extended to early this year. First two months is already out, yet no word on it. One thing for sure is that it will happen this year, it's already due to happen. Maybe in the later part of the year.

No news yet about this one so possible its extended again. The hype on ETF is dying already because of so much delays on this one, but I hope in the future this kind of development will trigger investors again to buy and hold. Let’s wait for more days because I think this is already forgotten.

I don't know the news yet, and I think and hope that there will be good news about bitcoin, so that the price of bitcoin can go back up higher.

The proposal didn't take place again because of the USA government shut down. If they later resume with the proposal, there will have a maximum of about 240 days to decide whether to approve or reject the proposal. But seriously, you shouldn't keep your hopes high.
Many have been hoping for a price increase through it but there is no strong guaranty that such will happen.

That is expected if ETF was approved but right now, there is no news that can drive the market up. I think there will be another delay on this one or what, let’s wait for some announcement. It looks like cryptonews are still have no idea about this one.

think deeper

the companies applying for SEC acceptance wont cause market changes, as these companies would have already bought their 'baskets' of coins months/years ago. they have to for audit/liquidity reasons of just bing able to apply
but...
once the first ETF gets accepted. it then becomes the precedent/prototype. and then many other new companies will have a template to follow to get easy quick acceptance because they know the first one got accepted for the same thing

thus new companies not yet filing will grab coins, use the first mover as the template and bam its the second movers that will cause a market shift.
this is why many companies are waiting for news of a first mover before doing anything. as its way cheaper to get others to do the hard work, and then just copy the success

its much like an olden times armies. a general sends its first line troops onto a mine field.. stands back and waits for the path to clear, and then follows footprint for footprint only the tracks of the guy that made it to the other side

SEC approval opens a great opportunity for large investors to enter this market and help it grow quickly. But that doesn't mean that the development of the Cryptocurrency depends entirely on SEC. Blockchain and Cryptocurrency will still grow even without a SEC agreement, I think sooner or later the SEC will approve Bitcoin ETF.

I think people are too obsessed with the SEC, we absolutely cannot bother with the SEC, just focus on the development of Blcockhain. I believe in the future Blockchain can grow to become popular in many areas of life, so I do not pay much attention to SEC.

As far as I know, the new proposal was submitted 2/20/2019.

[1] The VanEck/SolidX proposal filed with Cboe - https://www.federalregister.gov/documents/2019/02/20/2019-02732/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-of-proposed-rule-change-to-list

So from 2/20/2019 + 45 days or 3 weeks, the general public will have to file their initial response (again) and then SEC can decide, whether to extend it to another 15 days, on April 5 (again).

I just grew tired of all of this like the rest of you guys, I wouldn't put too much weight on this one. It will just be extended as usual and possibility denied (again).

interesting point.
what you said is more like the long term effects of these things on the price but you are also forgetting about the "hype" of these things in the market. the rejection part had some effects the first couple of times as it created some panic and now it is over since they have rejected/postponed hundreds of times. the acceptance however is going to be new and it can cause a hyped up situation where price shoots up temporarily and at this stage in the market that kind of shoot up can act as a catalyst that starts the rallies sooner.

'hype' is temporary. its just drama that is not sustainable. its just 2 sides of people fighting each other, one optimistic one pessimistic. and they just day trade off each other just hot potatoing coins between each other to get some profit, like like most day tradrs. not really taking coins out the exchang to lock up for years.

however actual coin purchasing and then taking the coins off the public markets to then use as ETF reserves. is different

imagine it this way. each day on one exchange there are only say 5000 actual coins and thy are day traded back and forth at 20 oppertunities a day to make 100,000 volume
the coins are still available and the following day still there being traded. thus no REAL lasting impact.

now imagine a company NEEDING 100,000 coins and actually taking 100,000 coins out of circulation to hold for ETF reserves.
then imagine in another month another company NEEDING 100,000 coins

it requires far LESS THAN 170 companies to take all coins (well we know not all coins are/have been available on the market)

so 'hype' is just playing with the same coins day in day out. where as ETF fresh applications requiring reserves upfront require actually grabbing coins and taking them out of public exchange circulation

I don't have any news here. Maybe because of the control of our country, the people can't receive more information. And I find that our country's Bitcoin enthusiasts are not particularly concerned about whether the SEC will pay through.

Why are we thinking that large investors entering the market help it grow quickly? I mean look at Wall Street and the large investors there. Haven't they caused great crashes and all the bubbles, fake valuations for penny stocks, things like that?

SEC also knows this and they want to enssure Bitcoin markets cannot be manipulated but if you have whales that is a huge concern.