As expected, the SEC has delayed the decision on the proposal of commodity-backed VanEck/SolidX Bitcoin ETF. However, this may be the last time that the decision on Bitcoin ETF is being delayed and the hence the final result shall be out on 27th February next year.
The Securities and Exchange Commission has been continuously delaying the decision on the approval of Bitcoin ETF but yesterday’s date was crucial as in yesterday’s order, it is mentioned lawfully that the SEC needs to approve or disapprove the proposed Bitcoin Exchange Traded Product on 27th February 2019.
According to the statement mentioned in the order, pursuant to Section 19 (b) (2) of the Act, the SEC must either approve or disapprove the proposed ETF on February 27, 2019.
Bitcoin ETF: What Next?
If the Bitcoin ETF is approved on the coming date, then it may the best news for all cryptocurrency investors who have been eagerly waiting for the same since years now. Approval of Bitcoin ETF can lead to a mass adoption of Bitcoin throughout the world.
If the Bitcoin ETF is denied by some chance, VanEck/SolidX can file an appeal to have the SEC Commissioners which also include Elad Roisman, who was recently appointed as the SEC Commissioner by President Donald Trump review the decision of the staff. A similar case was experienced during the Bitcoin ETF proposal by the Winklevoss Twins which was earlier denied by the staff and later affirmed by the Commissioners.
The cryptocurrency market has been facing the coldest winters this year with the price of bitcoin falling to around half in just a few weeks. Bitcoin was trading around $6500 at the start of November and crashed down up to around $3300 earlier today. Bitcoin Exchange Traded Product approval was the only hope left for the market to recover back but the news of the delay has only poured more snow.