US SEC delays decision on Bitcoin ETF for next year

The United States (US) Securities and Exchange Commission (SEC) has once more postponed its decision on the Bitcoin ETF set forward by finance company Wilshire Phoenix.

In an official statement released by the commission, it details that it still want to review the proposed Bitcoin ETF. This is why the SEC has decided to postpone its decision until the end of February 2020.

Bitcoin ETF

ETFs or exchange-traded funds are a significant investment option, which is why so many people have been pushing for a Bitcoin ETF.

Unfortunately, authorities, and specifically the SEC, is still reluctant to consider cryptocurrencies worthy of becoming legitimate ETF.

The latest postponement of the decision on the Bitcoin ETF is just another proof that the SEC is trying to delay the entrance of cryptocurrency in mainstream investment. However, there is a strong public push for this to happen, and the commission will have to reach a decision sooner or later. 

Since 2017, the SEC has rejected at least twelve cryptocurrency-related ETF proposals, which is not a good sign when it comes to this specific approval. Even so, cryptocurrency enthusiasts believe that the BTC ETF has a better chance of reaching the stage of approval.

Bitcoin price

While the price for one Bitcoin has been falling almost constantly ever since the big crash, approval of the ETF will mean only one thing – a price hike. 

Hopefully, the SEC will rethink their somewhat biased look on cryptocurrencies, and Bitcoin will become among the first ETFs in the crypto space. 

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