US SEC Delays Decision on Direxion Bitcoin ETF Until September

[PhilipCornel01]

There was a massive public response who were in support of Bitcoin ETF when SEC asked for their opinion. This incident might have forced them to delay the actual decision. I hope, the framework for the proposition is flawless so that SEC has no other option available than accepting it.

[dothebeats]

We don't know much about what's going on within the SEC, or whether they really are reconsidering on approving the ETF. I just hope that they really take public opinion into consideration on their deciding pricess. A month seems to be a long time already for the deciding process, and by then people can overspeculate and hype the shit out of the market. Whatever the results are for the ETFs lined up, it will be a huge deciding factor on where the market will go in the coming months.

[DavidSalomon]

SEC has again delayed their decision regarding Bitcoin ETF. Hopefully, they will take into account the recent public reaction where 97% of the people voted for bitcoin ETF to gets approved by the SEC. If Direxion has proposed a well formulated structure which is fraud proof and sustainable then ETF is very likely to get approved.

[LogitechMouse]

To be honest, I expected this to happen because I watched videos on youtube regarding this and they all say that it will be delayed. Now the sudden pump of bitcoin in the last few days is because of the Bitcoin ETF. Many expected that it will be approved this month and they bought Bitcoin hoping that it will pump more (buy the rumor). My opinion is, lets just hold bitcoin until the SEC gives the decision.

[Pursuer]

SEC has again delayed their decision regarding Bitcoin ETF. Hopefully, they will take into account the recent public reaction where 97% of the people voted for bitcoin ETF to gets approved by the SEC. If Direxion has proposed a well formulated structure which is fraud proof and sustainable then ETF is very likely to get approved.

in a perfect world that might have been right.
but I am starting to think that SEC may not want to approve anything bitcoin related at all. and that may even be for the best. people have to realize that we don't need SEC's approval of bitcoin to succeed. the real success is when they reject bitcoin and bitcoin grows.
so far in the past month or so they have caused a lot of fluctuations in the market which wouldn't have existed otherwise. we could have seen $9k by now if there were no ETF proposals.

[bubblebubble]

Probably this was the cause of actual dip.
Indeed I didn't explain why this new bearish phase after last negative months.

[MaxApple147]

It will be really great If SEC approves BTC ETF. There will be more investments which will create impact on the price of bitcoin as well as other alt coins.

[enhu]

We'd all still be keeping out coins this is what will happen and the market goes on. Bitcoin will stay and nothing stops this train and I'm sure they'd figure this up by now so I might expect it to be approved though. Its long been discussed too. If ETF will be approved, I think the price may not really go that high like how it did happen last year.

[JohnLowry]

I don't know why they are taking much time. They should give a clear decision on it soon. Because i think this decision going to cause changes in Bitcoin price.

[CharlesCorley]

I don't think BTC ETF is going to approved. But it won't be a big deal for bitcoin. I think there will be bad time for btc if they SEC rejects BTC ETF. But it will be recovered soon.

[Coin-1]

SEC has again delayed their decision regarding Bitcoin ETF. Hopefully, they will take into account the recent public reaction where 97% of the people voted for bitcoin ETF to gets approved by the SEC. If Direxion has proposed a well formulated structure which is fraud proof and sustainable then ETF is very likely to get approved.

I think that delaying is better than refusing Winklewoss' Bitcoin ETF. If the SEC would adopt this decision, I guess the price of BTC will grow significantly. That's why I expect a positive trend on the crypto exchange markets in September 2018.

[BennieMartin]

I don’t think SEC will approve ETF and I also don’t think it will create any impact. With or without this approval cryptocurrency will be spread in the whole world and hopefully be the common currency. Just wait and see.

[TradeParty]

If SEC approved ETF it will help to rise up the market. But I don’t think without this approval cryptoworld would be down. Now it is just matter of time to see the crypto world raise steady.

[shadyrifles]

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.

The SEC requires to be done according to law, the issue of any decision should no longer than 180 days old. The ETF filing notice case was filled on 24 January 2018. Therefore the SEC commission had time to approve/disapprove before 23 July 2018.

There is also a provisional rulebook which states the commission can extend the time frame to approve or disapprove the proposed rule change by not more than 60 days if the Commission determines that a more extended period be appropriate and publishes the reasons for such determination.

[regadly]

it is a very important situation because the approval of BTC ETC will definetely rise up the price of BTC so the market will be saved. I believe that almost all investors wait for this day

[Lizzyflower]

I just wish we could stop having sleepless night over this ETF that is currently causing FUD in this space. At the right time, the concerned authorities will beg to approve ETF.

[coinwizard_]

After the recent rejection our hopes are riding on this one now, there are still applications in progress so we shouldn't give up hope. These delays means they are studying the proposal thoroughly, and it is better than an outright rejection. We should all think positively

[darkangel11]

After the recent rejection our hopes are riding on this one now, there are still applications in progress so we shouldn't give up hope. These delays means they are studying the proposal thoroughly, and it is better than an outright rejection. We should all think positively

This was never going to work. Derivative based ETFs like Gemini are not going to get accepted. They knew the previous rulings and applied anyway trying to push the same thing. What they were hoping for? That the SEC will get bored with the same proposals over and over and start accepting them?
The only ETF that has a chance is the one pushed by CBOE based on real bitcoin holdings. If this one gets rejected we can forget about ETFs for some time, which still isn't a bad thing. We went to 20k without them, so anything is possible.

[letecia012]

After the recent rejection our hopes are riding on this one now, there are still applications in progress so we shouldn't give up hope. These delays means they are studying the proposal thoroughly, and it is better than an outright rejection. We should all think positively

In my opinion u.s. sec would delay or pospone agsin their decision and with the current rejection of other etf application from the past the chance of this etf application would ne slim. nevertheless the market seems already absurb the fud of previous etf rejection as it shhows no huge effect from the current price of bitcoin.

[kotajikikox]

That's is was true US government delay the decision of the ETF i think have some technicality need to learn but don't worry bitcoin still strong without ETF decision all we need to do is continue support in bitcoin to keep strong.