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

[figmentofmyass]

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.

sadly, i've noticed there are still people hopeful about SEC approval. the narrative changed from "there are so many ETF applications, which one is gonna get approved?" to "vaneck/solidx was the only one that matters anyway because it's physically backed!"

i don't think traders are "buying the rumor" anymore, but they might have used this as an excuse to sell.

[exstasie]

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.

Come to think of it, I'm pretty eager to hear their final decision in February because of the timing. How a market reacts to news can tell a lot about sentiment (i.e. whether you're still in a bear market or not). My thinking has been this leg down is a final capitulation bottom, similar to January 2015, so I'm looking for a bottom between now and early Q1 next year.

I'm definitely expecting rejection though, just going by the chairman's stated position and the Winklevoss decision (which heavily focused on market manipulation). There was just an article last month about how the DOJ has joined the CFTC in investigating Bitfinex and Tether for market manipulation. As long as that's ongoing (or perhaps as long as they're still standing), there will be no approval. I also don't think Bitfinex and Tether are the only actors they're concerned about.

[magneto]

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.

I honestly think that there is a relatively low chance that any bitcoin related ETFs would be able to be approved in the near future. There is a slight chance, but it's slim to none. Otherwise the SEC would not have rejected all the previous applications and kept postponing their decisions.

I'll pretty much continue to accumulate during this bear market without regard for this news, because I don't think that even if ETFs do get approved, there will be any longer term impacts that is able to be established into the market. People say that they are buying in anticipation of an approval, but I'm not expecting that.

Even if it does get approved, all there will be is a short term spike in prices due to the hype generated. There is nothing more than that - ETFs do not help actual bitcoin users that conduct on-chain transactions one single bit.

[Siren]

I am thinking that how many cryptonians are still waiting for this ETF decisions?

Because for me i would rather say WTF than that ETF that always keeping the delays in giving decisions,and sometime i come to the idea that this will never really happen,and we are just being lured to believe but reality will never come.hope i am wrong but thats how i look in this area

[rickadone]

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

I am not too sure if this is a bad thing or not. I know prices got affected by this but in reality maybe they couldn't find a reason to reject it and wanted to postpone it to take a look at it again to find any mistakes or problems with it ? I mean think about it don't you think if they had a cause to reject it they would postpone it, if they were going to reject it and had a reason to do so they would just reject it right away without taking extra time for it.

Since, they postponed it that has to mean they couldn't find a reason to reject it and trying to look for it. Not that SEC wants to reject it but it is clear that rejecting something is easy but accepting it takes time since it could mean bad things if they accept something bad hence they need to be really careful. That is why I think this delay is great for us and shows promise of getting accepted.

[DeathAngel]

There ain’t going to be a Bitcoin ETF any time soon. The market doesn’t give a shit any more. The recent dumping is because of the BCH fork fight & all the shit that’s going on with those assholes selling bitcoin to prop up their shitcoin’s.

Bitcoin doesn’t need an ETF & we’re unlikely to get one approved for at least a couple of years imo.

[cellard]

These freaking gamblers will get their fingers stuck when ETF+BAKKT start buying BTC at whatever prices to meet contract ends. The short squeeze will be epic. Look at the amount of shorts right now, we are over leveraged, shorts are getting out of hand, once big pockets can easily buy Bitcoin it's going to be one big clusterfuck of shorts going down and a big green candle going up.

[thecodebear]

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

I am not too sure if this is a bad thing or not. I know prices got affected by this but in reality maybe they couldn't find a reason to reject it and wanted to postpone it to take a look at it again to find any mistakes or problems with it ? I mean think about it don't you think if they had a cause to reject it they would postpone it, if they were going to reject it and had a reason to do so they would just reject it right away without taking extra time for it.

Since, they postponed it that has to mean they couldn't find a reason to reject it and trying to look for it. Not that SEC wants to reject it but it is clear that rejecting something is easy but accepting it takes time since it could mean bad things if they accept something bad hence they need to be really careful. That is why I think this delay is great for us and shows promise of getting accepted.

Yeah I agree, while I'm not expecting it to get approved in February, the fact that they've delayed it half a year now suggests they really don't know what to do and think acceptance is a possibility. I think they are waiting for BAKKT to open as having a Wall St regulated exchange seems to be what they are looking for in terms of eventually accepting an ETF. But I think it'll take a while longer until they finally decide to accept it. But I could see it happening in 2019.

[bbc.reporter]

There ain’t going to be a Bitcoin ETF any time soon. The market doesn’t give a shit any more. The recent dumping is because of the BCH fork fight & all the shit that’s going on with those assholes selling bitcoin to prop up their shitcoin’s.

Bitcoin doesn’t need an ETF & we’re unlikely to get one approved for at least a couple of years imo.

However, @rickadone has made a good argument on why the delay is more towards the approval of an ETF than a rejection. If the SEC wanted to reject it, would it take them this long to analyze the situation? I reckon, no.

[gentlemand]

However, @rickadone has made a good argument on why the delay is more towards the approval of an ETF than a rejection. If the SEC wanted to reject it, would it take them this long to analyze the situation? I reckon, no.

There's no reason for them to speed it up. They have plenty more on their plate with hammering ICOs alone so they may as well take their time. They may also intend to learn a little more too. They've made repeated requests for opinions on the matter, not that it attracted much more than psychos and brain dead moon kids.

And once again this guy is on the money - https://twitter.com/jchervinsky/status/1072216015801585664

It's not looking promising, not that anyone should've expected anything else.

[bbc.reporter]

@gentlemand. However, there is also no reason why they should slow it down if they have too much on their plate. To which I reckon they don't. They can always declare that some ICOs are securities but enforcing that rule is the problem because they are corrupt.

in any case, rejection is my original prediction.

[WatchMaker]

SEC is playing politics. Bitcoin ETF was supposed to be approved months ago but SEC is not ready for that. Now, only God knows when bitcoin ETF is going to be approved. Let's hope it will be approved in the coming year 2019.

[b3j0]

there is something strange here, they have postponed this problem for quite a long time. I still don't understand what they really want, this is the last time they delay an ETF.

[ThankThake]

I am thinking that how many cryptonians are still waiting for this ETF decisions?

Because for me i would rather say WTF than that ETF that always keeping the delays in giving decisions,and sometime i come to the idea that this will never really happen,and we are just being lured to believe but reality will never come.hope i am wrong but thats how i look in this area

We do not have to disappoint because in the coming month we will see ICE exchange starting the Bitcoin futures which will give a more stability to the market and this is what the SEC needed to approve the ETF. So it is inevitable for the SEC to approve ETF.

[24Kt]

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.

Maybe they feel very important in crypto community why they keep on delaying. It is as if everyone is looking forward on that decision though.  Crypto life will go on without them. I guess.

[bbc.reporter]

Another delay by the SEC. However, Tom Lee's prediction of an all time high of $25k might become true on the day before the approval of the SEC's deadline day, October 18. I speculate that it might be the last of the delays.


Tom Lee in the eyes of everyone after all time high of $25k

The SEC has again delayed its decision on whether to allow a proposed rule change that would enable the VanEck SolidX Bitcoin Trust exchange-traded fund (ETF) to issue and list its shares.

According to a filing published on Thursday by the SEC, the public has 21 days from when the order is published in the Federal Register to submit comments on the ETF, and rebuttals to those comments are due 35 days after such publication.

As highlighted by attorney Jake Chervinsky in a recent tweet, the SEC has a new deadline of August 19, but investors should fully expect there to be another delay pushing things to the final deadline of October 18.

Source https://sludgefeed.com/bitcoin-remains-steady-after-sec-delays-etf-decision/

[omonuyak]

there is something strange here, they have postponed this problem for quite a long time. I still don't understand what they really want, this is the last time they delay an ETF.

The most important thing in this was that it was not "disapproval" this time but delaying. It mean the sec is going to approve etf one day and that day is closer now than when the idea of etf come up. It has affected bitcoin price no doubt but that do not mean when it is finally approved it is not going to influence the price.

[batang_bitcoin]

Another delay by the SEC. However, Tom Lee's prediction of an all time high of $25k might become true on the day before the approval of the SEC's deadline day, October 18. I speculate that it might be the last of the delays.

They keep on delaying it and won't be surprised if by the final deadline, they will declare another delay and extension.

Are we still considering it as something big? well it's kind of big if it will be approved but we're too tired of it. I'd guess that we're focusing now with the bull run with or without these ETF approvals.

[1Referee]

Another delay by the SEC. However, Tom Lee's prediction of an all time high of $25k might become true on the day before the approval of the SEC's deadline day, October 18.

No ETF will be approved by the SEC in 2019 and very likely not even in 2020. We aren't even sure if Bakkt will manage to pull off a launch with how hesitant the CFTC is, and that with how the CFTC has been pretty loose with its approvals in the past, so don't hope for things that you can't exercise control over.

If anything, the odds of an ETF have turned against us more than ever before with plenty of volume manipulation, Bitfinex & Tether, etc.

I speculate that it might be the last of the delays.

Unless the proposal gets withdrawn and refilled.

[UNOE]

SEC delays decision on ETF again, so that is their problem. This was expected to me, and to the most of people. Look at the market, no one cares about ETFs. USA could miss the train.
Crypto does not need ETFs. ETFs will be something like fake BTC, and you can not do anything with ETF other than speculate on BTC price.