Proposed ETF rejected by SEC - great news for the market!

[creeps]

i think the etf would be good for the market. it would add a sense of legitimacy to the whole thing.

We don’t know yet not until it happen. The market reacts normal during those rejection days, and maybe because of that we can really say ETF is not that big thing in this market. Maybe people are really just hyping the market and make false news to dump more the market.

[sheenshane]

i think the etf would be good for the market. it would add a sense of legitimacy to the whole thing.

We don’t know yet not until it happen. The market reacts normal during those rejection days, and maybe because of that we can really say ETF is not that big thing in this market. Maybe people are really just hyping the market and make false news to dump more the market.

Precisely mate, ETF rejection will not be having an effect into the bitcoin price in the market, it will depend on the demand and supply that people holding or just having a hype by them. If we compared last year there is no ETF implementation but the market will grow more than we expected. So, it clearly means that even SEC knows that ETF is nothing and they rejected this proposal recently.

[Cryptogid]

Price hike and no price hike,must everything revolve around the ETF,Americans,I strongly believe that by the time more of the technology through block chain,and the mass adoption is increasing,ETF and USA,will play along bitcoin and blockchain technology..

[magneto]

Some intriguing points against ETF that I think everyone needs to know about.

Is it great news though? Probably not really. It's certainly not bad news like a lot of media is trying to make it seem like. ETFs have nothing to do with the bitcoin blockchain, and its importance is really been a result of hype rather than reason. You're spot on with the first point, big investment banks are whats going to be benefited by ETFs, not us.

There are actually still plenty of people who care about the upcoming September ETF decisions, which I think is just worth completely ignoring at this point. Not only is there minimal chance that they'll actually be approved, even if they do, they will not help any bitcoin user with their on chain transactions one single bit.

[stomachgrowls]

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.pdf

Now 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.

[KorakPawon]

It is true that there is now that the situation is indeed true that good news for the market and good news for investors is that investors will be safer and more flexible.

[Kemarit]

It is true that there is now that the situation is indeed true that good news for the market and good news for investors is that investors will be safer and more flexible.

How can you be more safer when you don't know your bitcoins. Its the bitcoin custodian (in this case, VanEck/Solid X). I advise you to read all about ETF's mate.

Its possible that we won't see the decision this September. Most probably SEC will get to postponed it, citing more time again. So people will still hope that a approval will renewed investors interest on crypto space, and will make a dramatic change into mainstream adoption, which is not. Smarter investors knows that, but casuals will cling into this hope without realizing it's possible that it can bring the price even more volatile in the foreseeable future.