There are actually three ETFs pending aproval:
https://fintechlab.com.br/index.php/2017/02/07/will-the-sec-approve-a-bitcoin-etf-cryptocoinsnews/After New York venture capitalists the Winklevoss brothers filed for the first listed Bitcoin ETF with the SEC back in July 2013, two others have done so: finance and technology firm SolidX Partners in July 2016, and Grayscale Investments as recently as the third week of January 2017.
The SEC designated March 11 2017, some three years after the Winklevoss brothers first put the ETF in registration, as the date it should either approve or disapprove the proposed rule change; March 30 for SolidX. Given the delay patterns seen for the first two, the deadline for the Grayscale ETF could similarly be drawn out. The SEC has typically 45 days to approve a measure from the time an application is filed in the federal register. As we’ve seen, this can be considerably prolonged.
As previously mentioned, there are a few reasons the SEC could refrain from approving the new form of investment in its bid to protect consumers and markets:
Past volatility
The SEC could be unnerved by the by the volatility of Bitcoin as an asset. Adam White, General Manager at digital currency platform Coinbase, tracked the volatility of Bitcoin from roughly 2011 in a recent white paper in conjunction with investment firm ARK Invest. The report found daily per cent price changes of 50 per cent. “In contrast, on any given day, stocks and bonds rarely fluctuate by 50 per cent in the absence of a severe financial crisis,” said the report.
A Shady Reputation
Bitcoin prices tended to drop as negative headlines appeared, creating further uncertainty for investors. Such negativity surrounding Bitcoin included:
numerous Bitcoin gambling sites operate with anonymity and minimal to no regulation. The cryptocurrency’s decentralised status means there is little protection of player funds.
according to a Reuters report, Anthony Murgio, former operator of coin.mx, this month pleaded guilty to Bitcoin related cybercrimes. These included conspiracy to operate an unlicensed money transmitting business, wire fraud and bank fraud.
earlier this month, Italian politician Lucrezia Ricchiuti went as far as connecting Bitcoin to money laundering through mafia-controlled gambling sites (during the recent debate in Italian senate on its anti-mafia commission report).
there have been a number of accounts of Bitcoin exchanges being hacked, one being the story of Bitfinex, a major Bitcoin exchange provider that lost 119,756 in Bitcoins (currently the equivalent of more than $110 million), following a breach in August 2016.
Chinese influence
More than 90 percent of Bitcoin trading activities occur on Chinese shores according to Reuters; the SEC could be wary of approving a new ETF product where prices were indirectly controlled by China
