Decision of the bitcoin ETF postponed by the SEC until 30 September

The SEC today issued a statement stating that its decision on the CBOE BZX exchange application would be postponed by 30 September 2018 at the latest.

In a written note, the Commission established that a longer period of consideration was appropriate "To reach this conclusion.

The Securities and Exchange Commission received more than 1,300 comments regarding the proposed change of rules, which would allow Cboe to create Bitcoin Exchange Traded Funds (ETF).

The ruling without doubt disappointed Bitcoin supports those who hoped for a quick solution to the question, even if the markets are reacting with reasonable equanimity to the news at the time of writing, seeing a small sell-off from about $ 7,080 to about $ 6,960 at 21:20 UTC. [19659002] The Commission noted that the decision would be taken before 30 September, even if the language suggests that an earlier decision is possible

"Consequently, the Commission, pursuant to Article 19 (b) (2) of the Act, 6 designates 30 September 2018 as the date by which the Commission must approve or disapprove, or initiate a procedure to determine whether to disapprove, the modification of the proposed rule (File n. SRCboeBZX-2018-040). "

Exchange-traded funds, or ETFs, can be traded on a stock exchange in the same way as a regular company, typically composed to chart an index such as SPDR, which tracks the stock exchange. ; S & P 500, or QQQ, which tracks the Nasdaq 100.

Other ETFs are designed to track commodities or other assets such as gold or bonds.

The advantage is that these funds provide a simplified way to invest in commodities without having to worry about the constituent units, since the average hedge fund is probably not interested in understanding private keys (more than would actually own gold bars, oil barrels or wheat sacks), the current bitcoins would remain under the control of a custodian, who groups them together and issues representative actions

The Fund currently proposed by VanEck SolidX Bitcoin Trust, would issue single shares of 25 bitcoins, in a panier i of five shares each.

There is also an element of security: from the I bitcoin of the ETF will be stored in insured portfolios, a large-scale investor has much less cause for concern.

This is a developing story.

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