SEC Postpones VanEck Bitcoin ETF Decision Until End of September 2018

The United States Securities and Exchange Commission (SEC) has postponed its decision on the Bitcoin ETF filing submitted by VanEck and SolidX. The Commission decided to extend the decision deadline by a further 45 days. Recently, the SEC rejected another BTC ETF filing by the Winklevoss twins.

SEC Extends Decision Deadline to September 30

In a press release issued on Tuesday, 07 August 2018, the securities regulator announced its decision to delay the approval/rejection of the VanEck/SolidX BTC ETF. According to the statement, the Commission wishes to have more time to debate upon the filing adequately. A portion of the statement reads:

“The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has time to consider the proposed rule change.”

The SEC also announced that September 30, 2018, is the new deadline date for a decision on the BTC ETF filing. VanEck and SolidX submitted their proposal in June 2018 and had reportedly elicited numerous comments from the public. Many in the cryptocurrency community believe that a Bitcoin ETF is the next logical step in the evolution of the market.

The postponement will most likely not come as a surprise to industry observers. Experts like Brian Kelly of BKCM LLC have earlier pointed out that an SEC-approved BTC ETF in 2018 is highly unlikely. The Commission could potentially issue another extension which would take the decision deadline to December 29, 2018.

Recently, the SEC rejected the ETF application by the Winklevoss twins citing numerous unresolved issues. However, Hester Pierce, an SEC Commissioner, disagreed with the ruling, saying that the decision was a disservice to cryptocurrency investors and innovators alike.

Bitcoin Price Slips Below $7,000

Unsurprisingly, the price of Bitcoin has reacted swiftly to the SEC’s announcement, dropping more than $500 to slip back below the $7,000 price mark. Earlier in the day, the top-ranked cryptocurrency managed to recover from the decline of the previous day to rise above $7,100.

However, in a matter of minutes after the SEC announcement went public, the price of the top-ranked cryptocurrency dropped significantly. At the time of writing this article, BTC is in the midst of a noticeable decline, slipping to $6,500.

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