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Author Topic: US SEC Postpones Decision Regarding Bitcoin Exchange Traded Fund  (Read 73 times)
ICOKite
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August 09, 2018, 01:42:49 PM
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The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the listing and trading of a Bitcoin exchange-traded fund (ETF) until September 30, according to an official document released by the SEC August 7.
 
ETFs are securities that track a basket of assets proportionately represented in the fund’s shares. They are seen by some as a potential step forward for the mass adoption of cryptocurrencies as a regulated and passive investment instrument.
 
The fund under consideration is powered by investment firm VanEck and financial services company SolidX, and is expected to list on the Chicago Board of Exchange (CBOE) BZX Equities Exchange. The SEC now has almost two more months to consider a proposed rule change by CBOE Global Markets Inc. that would allow the fund to list. 
 
Today's notice states that the SEC has received more than 1,300 comments on the proposed rule change to list and trade shares of SolidX BTC shares issued by the VanEck SolidX Bitcoin Trust. Per the document, within 45 days of a filing of a proposed rule change, or within 90 days should the Commission deem necessary, the Commission will approve, disapprove, or extend the period of consideration. The document says:
 
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040).”
 
VanEck and SolidX first announced the physically-backed Bitcoin ETF on June 6. As per the SEC filing, the price of each share of the VanEck SolidX Bitcoin Trust is set to $200,000. SolidX CEO Daniel H. Gallancy told CNBC, that the high price reflects the fund’s intention to focus on institutional, rather than retail investors.
 
Last month, the SEC delayed its decision on investment firm Direxion’s application for a Bitcoin ETF until Sep. 21. The regulator also rejected an appeal by Bats BZX Exchange, Inc. (BZX) to list and trade shares of the Winklevoss Bitcoin Trust, originally filed in 2016.
 
The agency cited the largely unregulated nature of Bitcoin markets as the principal reason for refusing the application, stating, “When the spot market is unregulated — there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”
 
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anil_saini01
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August 09, 2018, 03:47:43 PM
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Yes, the SEC has again delayed its decision to 30th September and this has caused the bitcoin price to go down. Also to keep in mind that due to bitmex manipulations we might not see the approval happening any time soon.
cmarquez
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August 09, 2018, 03:51:52 PM
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This might be not good in the current situation and we will see a movement of price going down to the bitcoin. Bitcoin Exchange Traded fund is needed to have huge movement to the price of Bitcoin since many institutional money will get on board to bitcoin. The unregulated nature of cryptocurrency really affects the decision to the SEC and unsure if this process will be a secure.
tokenjob
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August 12, 2018, 06:03:19 AM
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This might be not superior in the present situation and we will see a group of value going down to the bitcoin. Bitcoin swap trade support is needed to have vast movement to the price of Bitcoin since many institutional currency will get on board to bitcoin
Exprow
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August 12, 2018, 06:56:13 PM
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It seems that bitcoin’s hard time is yet to pass. US SEC has postponed the permit of bitcoin to trade from this August. It has extended the permission till late September. Users of bitcoin are getting frustrated because of it.
maryriver
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August 12, 2018, 07:05:14 PM
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This might be not superior in the present situation and we will see a group of value going down to the bitcoin. Bitcoin swap trade support is needed to have vast movement to the price of Bitcoin since many institutional currency will get on board to bitcoin

One more thread about the ETF getting postponed. Well I'll tell you what guys, the ETF is not as glorious as it seems. It just opens the door for hot money and speculative capital to come in and out when it pleases. Think about it. If major banks and institutional investors can buy or sell whatever they please, do you really think that they'll be standing behind Bitcoin and supporting it? That they'll be fueling the movement that is putting them out of business? No way! They'll be crushing it with every spare Benjamin Franklin they've got on hand!
Hilows
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August 12, 2018, 07:11:28 PM
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It was shocking for the bitcoin users. US SEC decided to permit bitcoin trading during this August but they turned out the decision and extended it till late September of this year. So bitcoin’s hard time extends for a bit long.
jgaspar
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August 12, 2018, 08:26:06 PM
 #8

I wish all the countries would make a United decision about the crypto currency and they would develop something like the common law relations that would be applied to a country which decided to accept cryptocurrency.

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Humne1965
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August 13, 2018, 06:32:01 AM
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Yes, US SEC has extended the decision to permit bitcoin for trading. It was supposed to be permitted during August but the SEC has turned out of it postponed it till late September. It is a very sad news for the users of bitcoin.
Brood Siren
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August 13, 2018, 06:47:31 AM
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The recent delay from SEC is not having the same effect over the coin market like it had during the last hearing of bitcoin ETF's proposition. But, it is in a sense a good thing as we have finally moved on from the idea of ETF approval dictating the market. The recent drop in price was caused by the correction not the delay, at least, in my opinion.
CryptoGamblingSites
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August 13, 2018, 07:11:53 AM
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Bitcoin doesn't care what the SEC does though. Bitcoin just holds value.


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stellaekun
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August 13, 2018, 08:46:57 AM
 #12

This announcement is probably what caused the crash in the price of bitcoin last weekend, plus the possible price manipulation that followed, hopefully we will be able to move past this and have a market driven by mass adoption.
Allaboutcryptos12
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August 13, 2018, 09:02:25 AM
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Its bear market running after its postpone that havent manuplated a lot for the price drop. but if etf have been approved would be different marktet now.
Catesknee
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August 13, 2018, 10:06:35 AM
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I'll look into the brighter side of the delay to be honest. Because of the announcement of delay a lot of new people will get to know about bitcoin ETF and how it would function and they might eventually get interest. Moreover, delaying the decision means more time for the public to create pressure on SEC. No matter what happens next but I will always look into the positive side of it because the recent negativity is making me sick.
Aigerim
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August 13, 2018, 11:59:14 AM
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The delay is a good thing. At least the people realized that they had over reacted to that news and the market took a hard hit because of it. Hopefully the market will steady a little bit.
Soeracyone
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August 13, 2018, 02:04:12 PM
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For bitcoin price movement bitcoin needs Exchange Traded fund and SEC decision can also affect this market situation.
awosesun
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August 13, 2018, 02:10:13 PM
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To be candid, i don't trust the SEC anymore, i think there is something fishy, how can they postpone something like that when they know quiet right that this judgment will go a long way to determined if crypto is the way or not. Now bitcoin is going down because there are a lot of speculation here and there.
Aloon
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August 13, 2018, 02:17:11 PM
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This was an unexpected event in this year for the market of crypto currency. This is really a bad news and this has affected the market negatively and for this the market again gone down. Things will be right very soon.
Zumulong
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August 13, 2018, 02:24:39 PM
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It's really disappointing that they again postpone the decision. It will cost bitcoin a lot. Hope next time they won't do it and will give the proper and exact decision.
megasynk
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August 13, 2018, 02:33:52 PM
 #20

Bitcoin doesn't care what the SEC does though. Bitcoin just holds value.


Exactly, despite what other decide or say, Bitcoin and blockchain don't go anywhere.
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