As some of you may already know about it, that SEC finally rejected the ETF that was proposed by Proshare Capital Management LLC. The rejected came in today and SEC released the official document confirming the same.
SEC document Link:
https://www.sec.gov/rules/sro/nysearca/2018/34-83904.pdfNow my point is that, it is actually good for the market. The market was living on a false hope and SEC finally pulled the plug out. No more false hope will certainly help to recover the market. Newbies were excited about the news of ETF without knowing the fact. Let me point out a few for noobs.
1. The proposed ETF was meant for institiutional investors and not for common people like us.
2. The underlying asset for the proposed ETF was CME future contracts. No physical bitcoins were proposed to be purchased resulting zero impact.
3. SEC used your excitement to control the market price of bitcoin to some extent. With every delay announcement, market took a dip because you guys thought this ETF will be a great addition to the market. Wrong!
Now the ETF has been rejected by SEC, please don't let your emotion to ruin the market. The less numbers of regulated products around crypto, the better! The decision will help the market survive without intervention of SEC. So rejoice and cheer!
I wouldn't say that it's "great news". But it's certainly not as bad as some people think.
If the SEC approves the ETF, great. But it's not going to benefit any of the average bitcoin users which bitcoin is actually designed to serve, but rather they are aimed at institutional investors and speculators in general, as you mentioned. So even if it does get approved, there are no real tangible benefits.
Secondly, people think that this is a stance that the SEC is taking on bitcoin itself. It's far from that. They're making an evaluation on the fund, whether it can be offered to investors, not bitcoin itself.
Overall, I'm glad to see that people are starting to realize how irrelevant ETF approval really is to the market. But if it does get approved, we really can't do anything about it, nor is it going to affect people much at all.
Agree, If you do look out on most people who do know Bitcoin and with their stance or beliefs about ETF it is really on opposite matter.They do make it as
a big issue regarding on how the market will move on having these decisions.It can really make some effects but wont really be that general and as you clarified
this wont really make any differences at all since this ETF will only serve out those people who doesnt even know about Crypto.
Just another thing which theres another rejection happened yesterday as far as i remember which eventually decreased out value of bitcoin itself but not really much since its still climbing to recover once again.
