Bitcoin Price Drops As US SEC Postpones Bitcoin ETF Decision

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What is Bitcoin ETF

Earlier this year, investment firm VanEck collaborated with Solid X, a financial service company to launch an ETF that is backed by actual bitcoins rather than futures. The fund under consideration is expected to list on the Chicago Board of Exchange (CBOE) BZX Equities Exchange. The decision for the same was to be released on August 10 and now SEC has almost two more months to consider a proposed rule change by CBOE Global Markets Inc. that would allow the fund to list.

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040).”

Several applications have been submitted to the SEC to get a bitcoin ETF listed, but the regulatory hasn’t approved any so far. A second attempt by Winklevoss Twins’ was recently rejected by the SEC.  The agency cited that the principal reason for refusing the application is largely due to the unregulated nature of Bitcoin markets. SEC stated:

The industry experts expected a similar result from SEC’s side, in fact, in their recently released quarterly report the Canadian wealth managers Canaccord Genuity predicts the approval to get delayed up till 2019

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