idirben (OP)
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July 29, 2018, 11:06:49 AM |
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Investment firm Direxion has had the review of its Bitcoin exchange-traded fund (ETF) application postponed until September 21. The news about the delay comes from an official document released by the U.S. Government Publishing Office July 24.
An announcement from the U.S. Securities and Exchange Commission (SEC) said it was “appropriate” to delay its decision, which only affects Direxion’s offering.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” it states.
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taylorsara
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August 01, 2018, 09:46:10 AM |
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I have also heard that, the SEC said that it would only receive two comments on the proposed of ETFs. And the crypto community largely seems excited at the prospect of a bitcoin ETF.
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avikz
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August 01, 2018, 10:10:57 AM |
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Everyone seems so excited about the launch of bitcoin ETF. But can anyone guide me to understand whether the proposed ETF by Direxion is a synthetic or a physical one?
If it is a physical one, we have a reason to cheer because large buy orders will follow as soon as the ETF is approved by SEC. These coins will be removed from circulation pushing the price higher.
However, if it is a synthetic one, the community will have no reason to cheer because no physical bitcoins will be bought by the ETF management. So before cheering about the proposed ETF by Direxion, we need to know the truth. Can anyone point me to the right documentation here?
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MatthewNaccarato
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August 02, 2018, 01:20:56 AM |
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The delay is a good thing. That way, they will have time to further solidify their case and present it as a stronger one. But what the end result will be is still unpredictable. Let us be optimistic about it.
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Fetwerivid
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August 02, 2018, 04:38:17 AM |
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This is a no new news for me. Most probably the ETF decision will be declined by the govt as already declined one. Thus, it made an effect in Direxion's offering which is a bad news. Though RTF declining, the BTC price will rise high as it survived recent hype, as my prediction. The more, we need to wait and see.
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manfredmann
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August 02, 2018, 04:48:08 AM |
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Hopefully that the decisions to be made by the US government will favor on the system. As we all know that we are benefited on this already. Anyway whatever result it may take we have to respect the decision. As the US government was an influential country so we expect other country to follow as well.
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dire-2002
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August 02, 2018, 04:51:36 AM |
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Until this moment. Downtrend trend is still causing psychological and panic for the investor community. However, new moves indicate that the SEC's ability to accept bitcoin ETFs may affect the value of the market.
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Leo Barnes
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August 02, 2018, 05:09:25 AM |
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I think bitcoin ETF will not launch this year because last week, the US Securities and Exchange Commission (SEC) officially rejected the Bitcoin ETF proposal of the Winklevoss twins, who operate Gemini, a major cryptocurrency exchange in the US.
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BitcoinNewbie15
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August 02, 2018, 05:23:39 AM |
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The delay is a good thing. That way, they will have time to further solidify their case and present it as a stronger one. But what the end result will be is still unpredictable. Let us be optimistic about it.
It's hard to be optimistic at this point though, as both of the Winklevii ETF proposals have been rejected. It's good that the SEC commissioner is pro ETF, but it is difficult to think that this delay is a good thing. If I recall, the initial Winklevoss ETF proposal was delayed several times before the SEC finally rejected it. most of these ETFs will be rejected. Eventually though... There will be an ETF that is approved, and when there is, expect the pump of a lifetime IMO. This will likely happen by 2020 at least. Fact of the matter is, the Bitcoin market is plenty more regulated than what it was several years back. This regulation will increase (KYC for example) as time goes on as well. The SEC will soon no longer be able to use the "lack of regulation" excuse. Starting to think they are afraid of Bitcoin because its a sign of decentralization taking hold.
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hasimkamal
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August 02, 2018, 05:29:07 AM |
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From my point of view it’s very hard to take decision within very short time. It a vital decision for every one. The popularity of digital currency is increasing also lot of people feel interest to invest here. So SEC took time to make a perfect decision about it. I think it will be approved.
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Kakmakr
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August 02, 2018, 05:31:21 AM |
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Why would this decision be any different to the Winklevoss twins outcome? The main gripe with Bitcoin ETFs according to them, is the threat of manipulation and I cannot see why this has changed? I think this delay in the decision does not bode well for these applications, because an extension gives them time to prepare for a denial of the application and to properly motivate why they denied it. ^grrrrrr^ The SEC is just buying time to give silly excuses for their denial of these ETFs.
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Vladislav2306
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August 02, 2018, 05:38:12 AM |
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Maybe this decision of the SEC will postpone the bullish trend until September. On the other hand, it may be good if you compare the price chart for gold after the introduction of ETF.
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Pursuer
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August 02, 2018, 05:44:26 AM |
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The delay is a good thing. That way, they will have time to further solidify their case and present it as a stronger one. But what the end result will be is still unpredictable. Let us be optimistic about it.
It's hard to be optimistic at this point though, as both of the Winklevii ETF proposals have been rejected. It's good that the SEC commissioner is pro ETF, but it is difficult to think that this delay is a good thing. If I recall, the initial Winklevoss ETF proposal was delayed several times before the SEC finally rejected it. most of these ETFs will be rejected. Eventually though... There will be an ETF that is approved, and when there is, expect the pump of a lifetime IMO. This will likely happen by 2020 at least. Fact of the matter is, the Bitcoin market is plenty more regulated than what it was several years back. This regulation will increase (KYC for example) as time goes on as well. The SEC will soon no longer be able to use the "lack of regulation" excuse. Starting to think they are afraid of Bitcoin because its a sign of decentralization taking hold. there were more reasons for rejecting Winklewoss ETF than just lack of regulations. I don't think that was even mentioned although I don't really follow it since it doesn't matter to me that much. I read that one of the main reasons was the fact that they were fully relying on the price of bitcoin from their own exchange and nowhere else but other ETFs are using an average of multiple big exchanges to get the bitcoin price. I also don't expect a big "pump of a lifetime" from ETF. it is mostly hyped up and that hype is actually preventing the real rise from happening because everyone is waiting for the ETF decision to invest. they fear a rejection can drop the price so they are waiting for that drop to buy cheaper coins or see the rise and then buy missing a chance.
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cryptocrabs2
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August 02, 2018, 06:09:50 AM |
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I think it’s a very important decision for SES. It can impact over the whole world. The bitcoin investor, normal people all waiting for this decision. It will change the whole digital currency world. If it approved the price o bitcoin increase also many people want to invest on this sector. I think because of this they take time.
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Dells
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August 02, 2018, 06:33:37 AM |
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There is a possibility of SEC approving the Bitcoin-only ETF in the next 18 months. It is not likely that an order approving or disapproving the proposed rule will take effect on September 21
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cryptotezi
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August 02, 2018, 06:44:10 AM |
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It’s will take time that’s no matter I think. That’s the matter early or lately the approved Bitcoin etf’s and these should be effect good one bitcoin obviously.
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Nilda
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August 02, 2018, 06:52:59 AM |
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This is good. It gives us time to raise more funds to invest more, before the next run to another record high. Just a speed bump.
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DavidCallahan
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August 02, 2018, 08:04:09 AM |
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The delay indirectly is good. In between the time of specualtion BTC will see a increase in demand and gain public support. Chances of it getting approved in ETF will get higher.
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talkbitcoin
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August 02, 2018, 08:56:40 AM |
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it seems like they are delaying their decision making as much as they can in a way so that there is at least 1 ETF for rejection per month and at that rate they may be hoping to keep the bitcoin price down with their decisions!
i wonder how long would it take before people wake up and start talking about how pointless it is to wait for SEC to approve something that doesn't need their approval!
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KennethDarnell
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August 03, 2018, 12:51:16 AM |
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The delay is actually good for the community. In this time of speculation BTC will see a increase in demand and more public support. Hopefully, Direxion firm has presented a functional and foolproof model of ETF, then the chances of it getting accepted will go higher.
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