In the latest crypto news centered around regulation, we have the US Securities and Exchange Commission (SEC) and its official delay on the long-awaited decision regarding VanEck’s Bitcoin ETF (exchange-traded fund) application. According to the SEC, the decision will be postponed until February 27th, 2019 which may also lead to an ongoing crypto bear market.
As the SEC announced in an official statement on their website yesterday:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
Hours before that, Gabor Gurbacs who is the director of digital asset strategy at VanEck, expressed confidence that SEC approval was around the corner. He told Cheddar:
“It’s fairly certain to us that America wants a bitcoin ETF. We think that we’ve met all market structure obstacles and requirements on pricing, custody, valuation, and safekeeping, so we are cautiously optimistic.”
However, the SEC had the last say and delayed making a decision on the ETF by VanEck SolidX Bitcoin Trust many times this year. The organization has been understandably strict so far – especially after August this year when it rejected 9 Bitcoin ETF applications, citing their failure to demonstrate how they could prevent fraud and market manipulation.
— Brad Smith (@thebradsmith) December 6, 2018