PRESS RELEASE: SEC Jolt for Bitcoin ETF, Verdict Expected on August 19

PRESS RELEASE: SEC Jolt for Bitcoin ETF, Verdict Expected on August 19
May 21, 2019
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The Securities and Exchange Commission of the US has postponed its decision on CBOE’s Bitcoin ETF once again. The regulator has stretched the time till August 19 this year to decide the fate of Bitcoin derivatives.

Hopes thwarted once again

Several players have tried to launch a Bitcoin ETF with permission from the Securities and Exchange Commission. Since 2018, ambitious players seeking to bring regulation to the cryptocurrency markets, including Gemini operators Winklevoss twins, have tried to launch these derivative products. Their efforts were constantly subdued by the regulator.

The most anticipated of the ETF products came from CBOE, which is created in collaboration with blockchain company SolidX and money management firm VanEck. The ETF was announced In June 2018 and has been delayed constantly because of the SEC’s reluctance to bring a Bitcoin derivative to the market. It has rejected the same application thrice already and now wants time till August 19, 2019, to decide if the product is suitable for a market launch.

It explained,

“You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-CboeBZX-2019-004 and should be submitted by [insert date 21 days from date of publication in the Federal Register]. Rebuttal comments should be submitted by [insert date 35 days from date of publication in the Federal Register].”

The struggle has been long and stressful

In January this year, CBOE decided to shelve the Bitcoin ETF proposal after the SEC delayed the decision for the third time. In February, it reapplied with a joint proposal from SolidX and VanEck. It said that the proposal was pulled because it would be automatically rejected because of the ongoing US government shutdown. This would have complicated the situation further.

New York-based VanEck is the ninth biggest ETF provider and was expected to gain approval due to the high minimum share price. This was expected to keep the retail investors away from the ETF product. SolidX, on the other hand, also filed for a Bitcoin derivative product last year.

Investor interest in the ETF product is very high, but it seems unlikely that the regular will be allowing such a product to trade on the market anytime soon. Last week, the SEC deferred a similar Bitcoin derivative product proposal by asset management company Bitwise. This goes on to show that the SEC wants to take its time and isn’t keen on launching a regulated Bitcoin product.

The post SEC Jolt for Bitcoin ETF, Verdict Expected on August 19 appeared first on FXTimes.com – Daily Cryptocurrency and FX News .

This is a syndicated post from https://www.cryptovibes.com/crypto-news/sec-jolt-for-bitcoin-etf-verdict-expected-on-august-19/

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