SEC delays decision on ETF again, Vaneck, SolidX withdraw proposal

[bbc.reporter]

Mark that date because this is the final extension. As mentioned in the article, on February 27, 2019 the SEC will need to make a decision if they approve or reject VanEck's proposal. What a terrible time to put bitcoin in a period of uncertainty.

What are your predictions, will the ETF be approved or rejected? I know my answer, but I reckon you would not like it. If the SEC really wanted to approve it, it would have been approved already.


Tom Lee waiting for the SEC's decision


The U.S. Securities and Exchange Commission (SEC) extended a rule change proposal allowing the nation’s first bitcoin exchange-traded fund (ETF), pushing the decision deadline to next year.

In a notice posted online, the securities regulator said it was extending the review period for the ETF to Feb. 27, 2019. The proposal was first submitted by money manager VanEck and blockchain startup SolidX, who partnered with the Cboe exchange earlier this year.

Under SEC rules, a decision on the proposal cannot be delayed any further, meaning the next notice must either approve or reject the ETF.

Read in full https://www.coindesk.com/sec-again-delays-decision-on-vaneck-solidx-bitcoin-etf

[gentlemand]

100% rejected. It won't happen for years. When it does the market won't bear the slightest resemblance to this one and it'll need not to to happen.

The gold ETF took something like seven years to happen and that's only one of the oldest markets in history.

[bbc.reporter]

@gentlemand. What would then be your trading strategy? Buy more after February 27, keep holding or sell everything today and buy after the announcement of the rejection?

[gentlemand]

@gentlemand. What would then be your trading strategy? Buy more after February 27, keep holding or sell everything today and buy after the announcement of the rejection?

I don't trade. I just float like a lonely turd at sunset.

Thanks to my enormous mind I've theorised that it'll be the final hammer blow that marks the end of bearishness and turns the corner into utter drudgery.

But I don't have a bleedin' clue. It's possible that everyone's so battered no one'll care by that point.

[el kaka22]

I don't get why the market is reacting to this news like they are reacting right now. It was suppose to be decided on 29th of December if I am not wrong and and postponed about 2 months later from that date. This is not some year long huge deal, its just 2 months and it will be really early of 2019 when this happens.

Whats going to happen the price will go back up in a month to redo all of this again? What did people think they can hold their coins right now and sell after it gets accepted but decided 2 months is a long enough time to sell and rebuy to wait again? Why not keep it and not sell it for another 2 months before the price goes back up ?

I really don't understand people and their overreactions, market is going down for no reason and people are idiots to think this has too much difference in bitcoins life span.

[figmentofmyass]

I don't get why the market is reacting to this news like they are reacting right now. It was suppose to be decided on 29th of December if I am not wrong and and postponed about 2 months later from that date. This is not some year long huge deal, its just 2 months and it will be really early of 2019 when this happens.

Whats going to happen the price will go back up in a month to redo all of this again? What did people think they can hold their coins right now and sell after it gets accepted but decided 2 months is a long enough time to sell and rebuy to wait again? Why not keep it and not sell it for another 2 months before the price goes back up ?

I really don't understand people and their overreactions, market is going down for no reason and people are idiots to think this has too much difference in bitcoins life span.

i don't think the market is selling because of the ETF anymore.

when bitcoin trends, it trends strong. there's been an exodus from the market and investors are continuing to sell every bounce. we've seen this before. it's just like the end of the 2014 bear market---really painful and despair-inducing.

[bitbunnny]

I don't know why so many delays for this decision.
On the other hand I don't think that because of that we have such situation on the market and panic selling, this is not connected.
People are expecting too much of ETF thinking this would bring some extraordinary effects but I don't think that something revolutionary will happen. And market is definetely not reacting to ETF connected news anymore.

[pptIox]

Even a person who not goot at pitch, give you unlimited opportunities to pitch, you will eventually score.
So bitcoin is accepted by the SEC is only a matter of time.

[target]

Rejected or not, I think I'd be happy to finally see an end to what this delay had done to crypto users.  If rejected, I think we should rejoice from it at least we can now continue to grow without them. BTC had survived and them declaring it dead  more than a hundred times, who cares. Investors are just left hanging if this delay is going to be delay still.

[talkbitcoin]

is there anybody left who is actually waiting for SEC's decision about ETFs? i seriously doubt that. people have been burnt by SEC enough times that they already know that the approval is not going to happen or at least the chances of it are so minuscule that they don't matter at all.
not to mention that ETF is not going to do anything for bitcoin really!

[Bitcoinwaist]

I dont think it will ever be approved. There is just too uneven disribution of coins. A select group of whales control the market and always will. They have too many coins to ever be challenged. Wall street isnt going be at the mercy of a select few individuals.

[gabmen]

is there anybody left who is actually waiting for SEC's decision about ETFs? i seriously doubt that. people have been burnt by SEC enough times that they already know that the approval is not going to happen or at least the chances of it are so minuscule that they don't matter at all.
not to mention that ETF is not going to do anything for bitcoin really!

It' all psychological i think. People probably believe an approval will save the market and pull the value up. What they don't realize is what you said. There' a chance that etf will be denied and those that anticipated to be saved would likely end up panic selling with huge losses.

[cindygirl]

What are your predictions, will the ETF be approved or rejected? I know my answer, but I reckon you would not like it. If the SEC really wanted to approve it, it would have been approved already.

If the SEC really had big issues with it and wanted to reject it they'd have done it already, instead of wasting time and resources prolonging the inevitable. I think the truth is that they've not yet decided. Hopefully they come down on the positive side but I think all the price turmoil lately might be contributing to the uncertainty.

[TheAndy500]

I'm starting to believe that they are doing it on purpose to manipulate the price. Maybe someone of a high rank already knows that the decision will be positive and wants to buy more cheap bitcoins?!? I do not think that their bureaucracy is so huge that it would pass this decision forever!

[cindygirl]

I'm starting to believe that they are doing it on purpose to manipulate the price. Maybe someone of a high rank already knows that the decision will be positive and wants to buy more cheap bitcoins?!? I do not think that their bureaucracy is so huge that it would pass this decision forever!

Maybe they've been advised by friends in power to delay a little and offered some sort of underhand payment for doing so. We can never be certain, but if that is the case then the decision would be yes whenever they do make that decision.

[gentlemand]

I'm starting to believe that they are doing it on purpose to manipulate the price. Maybe someone of a high rank already knows that the decision will be positive and wants to buy more cheap bitcoins?!? I do not think that their bureaucracy is so huge that it would pass this decision forever!

I don't think they give a shit about crypto and probably wish it had never darkened their door. It's taking up large amounts of their time and they at least know it's a total waste. The main man is now overtly stating that it's not going to happen with markets this shitty and every previous decision has made the same point.

[exstasie]

I'm starting to believe that they are doing it on purpose to manipulate the price. Maybe someone of a high rank already knows that the decision will be positive and wants to buy more cheap bitcoins?!? I do not think that their bureaucracy is so huge that it would pass this decision forever!

Based on what Clayton and the other commissioners (besides Hester M. Peirce) have said, I doubt a positive decision is coming. Nothing about the market and exchange infrastructure has changed since they rejected the Winklevoss ETF. If the market was prone to fraudulent and manipulative practices then, it still is now. Speaking of which, the DOJ and CFTC are in the middle of an investigation into Bitfinex and Tether for market manipulation.....

[Oceat]

What are your predictions, will the ETF be approved or rejected? I know my answer, but I reckon you would not like it. If the SEC really wanted to approve it, it would have been approved already.

If the SEC really had big issues with it and wanted to reject it they'd have done it already, instead of wasting time and resources prolonging the inevitable. I think the truth is that they've not yet decided. Hopefully they come down on the positive side but I think all the price turmoil lately might be contributing to the uncertainty.

I have a strong feeling that they would not approve it but my real question is that why and what is their main reason why they have to prolong this. If they have a problem with ETF why just they don't tell it already so that there is no waiting game. I don't think so if they would really come down on the positive side of approving it.

[The Sceptical Chymist]

100% rejected. It won't happen for years.

I wouldn't be so sure about that, but it'll at least be interesting once February comes and they have to make a decision one way or another.  Part of me thinks you're right, but this is the US government we're talking about and they're not globally famous for being consistent, fair, or even smart.

Not to stray off-topic, but OP can you please not insert those completely unnecessary pictures into your posts?  This is a discussion forum and you're not writing articles for news sites when you post here.  The picture above adds absolutely nothing to your post and there's always the risk that idiots will reply to the OP and quote the whole thing, including the picture.  Just stop doing that, please.

[Xardasim]

Firstly the last extension is the good news. I doubt that the decision will be positive I can not imagine being accepted anyway.
Acceptance may be within the limits. So if the limits are used to counteract the volatility of the price why not?
The situation is too complicated and in my opinion we are closer to the negative decision.