The SEC has just revealed that it will delay the verdict related to the Bitcoin ETF supported by three well-established companies, including CBOE, VanEck and SolidX.
As expected, the SEC exercised its right to an extension on the Van Eck ETF – new date 30 September.https: //t.co/g0VpimsxJf
– Ran NeuNer (@cryptomanran) 7 August 2018
This information is provided through a double page document published by the American regulatory agency Tuesday afternoon. In the document, it was noted that, instead of the verdict that would be completed around August 16, it would be rejected until September 30, with the SEC stressing that it was only exercising its rights to do so. Eduardo A. Aleman, an assistant secretary at the SEC, wrote:
The Commission believes that it is appropriate to designate a longer period within which to act on the proposed rule change so that it has sufficient time to consider the proposed rule to change . The Commission, pursuant to Article 19 (b) (2) of the Act, 6 designates 30 September 2018 as the date by which the Commission will approve or disapprove or initiate a proceeding to determine whether to disagree, the amendment of the proposed rule .
At the release of this announcement, cryptocurrency industry leaders and influencers took to Twitter to express their views on this unfortunate outcome for the expected encrypted ETF.
Jake Chervinsky, an American lawyer with cryptocurrency / fintech, wrote :
Expected result, before the scheduled execution. New deadline: Sunday, September 30th, exactly 45 days from the previous deadline of August 16th. I had expected on October 1, thinking that the SEC would have carried the deadline until the following Monday.
Chervinsky, who keeps an ear close to the base of this industry, added that he actually expects a further extension, with the US Securities and Exchange Commision that could add an additional 45 days (or so) on the date of verdict. While some have questioned this sentiment, Chervisnky stressed that it is in the Commission's right to "institute proceedings", allowing the regulatory body to change the date of the decision legally until 29 December.
This stop was expected by some industry leaders and analysts, with Brian Kelly, CNBC's leading crypt analyst and CEO of the BKCM fund, noting that he sees the first Bitcoin ETF to appear in early 2019, not in 2018.
Bitcoin falls by $ 250 following the announcement of the SEC
expected, Bitcoin suffered a collapse after the release of the document, with the price of the good down more than 200 points in few minutes.
At the time of printing, Bitcoin is currently at $ 6,900, down about $ 250 from daily highs, or 3% in percentage terms.
This is interesting news, so Ethereum World News will be sure to keep you updated as the situation develops further.
Image Title Courtesy of Charles Rondeau