How Crypto Reacted to This Week's SEC Bitcoin ETF Delay

[Leizl]

How Crypto Reacted to This Week's SEC Bitcoin ETF Delay


It was an expected result at an unexpected time.

The news broke on August 7 that the U.S. Securities and Exchange Commission (SEC) is kicking the can on its decision to approve or disapprove a proposed rule change that would let the Cboe BZX Exchange list a bitcoin exchange-traded fund (ETF). Now, the next deadline for something is September 30, though ultimately, the U.S. securities market regulator could push it forward again into 2019.

As CoinDesk reported previously, if approved, it would allow for the first-ever listing of a bitcoin ETF in the U.S., done in partnership between investment firm VanEck and blockchain startup SolidX. The two companies submitted their proposal back in June.

More broadly, the listing would be seen in some quarters as a sign of maturation for the cryptocurrency market and likely open the door for investors to gain exposure – albeit indirectly – to the nascent asset class.

Twitter yawns as market yells

The delayed decision was, as posts on social media suggest, largely expected by members of the crypto community.

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[avikz]

I am really worried to see the community is largely depending on the SEC's decision and the market reaction is not good. Aren't we moving away from the original goal of cryptos? Aren't we giving away the powers to the hand of regulatory authority and becoming dependent on their decision??

The proposed ETFs are not even meant for the small investors like us! They are made for institutional investors and we don't yet know the type of ETF yet, whether it is a synthetic one or a physically settled one? Without knowing deeply about the proposed ETFs, community is being dependent on it!

We don't need bitcoin ETF, rather they need us! The ETF decision has been delayed and it will be further delayed. Mark my word! We shredded enough blood by depending on SEC who are generally against cryptos. This way we are just giving away powers to the regulatory authority and loosing our own freedom! Think about it! 

[1Referee]

I am really worried to see the community is largely depending on the SEC's decision and the market reaction is not good. Aren't we moving away from the original goal of cryptos? Aren't we giving away the powers to the hand of regulatory authority and becoming dependent on their decision??

People in general aren't doing anything other than following the hype, and they have little to no power to prevent this from happening with how bearish the sentiment is.

It's not the small fishes that we see affect the market, but well coordinated market movers trying to utilize every bit of the mainstream rubbish the noobs think hold importance. If these market makers want, we are back at +$8000 tomorrow and then a couple of days later back at $6000. It's purely manipulation that drives the market without any legitimate form of demand being added to the market. We have to suck it up and accept that it happens.

It wasn't all that long ago where people were hyping up the negative impact of Facebook's ad ban. People here are just empty headed chickens following the price activity in relation to what the mainstream media tells them is the reason for that activity.