The Securities and Exchange Commission (SEC) will take place on November 6th. The regulatory decision is keenly watched from any positive decision could totally change the overall atmosphere of the cryptocurrency market. The previous rejections were two to the delegation of some tasks to the regulator's staff.
Decisions two to additional rules. Earlier, after the SEC said that it was reviewing the 9 bitcoin ETFs, a fresh deadline of October 26 was set. Though several people thought that the regulator would decide by that date, it was not the case. The latest supporting documents indicated that the SEC will review five ETF proposals from Direxion, two ETFs each from ProShares and GraniteShares. From the party before November 5.
ETFs focused on the most valuable digital coin. A statement from the regulator said, "Accordingly, IT IS ORDERED, pursuant to the Commission Rule of Practice 431, that by November 5, 2018, any party or another person may file a statement in support of, or in opposition to, the action pursuant to the delegated authority. "
Make a Ruling
ETFs. The latest development meant that the SEC would give its ruling on the pending digital currency. Therefore, this will have its potential impact on not only the bitcoin price but the entire virtual currency market. For quite some time, there has been silence on the cryptocurrency ETFs front, and the market is eagerly waiting for the outcome. Has been very much of enthusiasm among the supporters of bitcoins since the regulator has not given its approval for any ETFs focused on digital coins.
There have been skepticisms among the regulators about the cryptocurrency ETFs since the prices are fluctuating highly. In fact, bitcoin price surged unimaginable level in 2017 from less than $ 1000 to whopping close to $ 20,000 through the price sharply in the currency year. The most valuable virtual asset price.
Currently, institutions are shunning the cryptocurrency ETFs mainly two to two reasons. One is the lack of regulations on the emerging asset class. In short, there is a lack of infrastructure that is curbing the entry of virtual assets ETFs. Unless this issue is addressed, institutions will continue to remain in the sidelines only.
Investors and traders are keen that institutions enter the sector thus helping the global market. At the same time, there is no guarantee that the SEC will take a favorable call after November 5.