US SEC informs the public that it has decided to postpone CBOE Bitcoin ETF decision until September. The officials are reportedly giving themselves more time to take into consideration all the factors in order to make an appropriate decision.
8 August, AtoZ Markets – The US Securities and Exchange Commission (SEC) has postponed its decision regarding a proposed Bitcoin exchange-traded fund (ETF).
US SEC Postpones CBOE Bitcoin ETF Decision until September
The US SEC has published an order on August 7, where it has written that the officials were giving themselves a little more time to take into consideration all the factors in order to make an appropriate decision.
The decision to postpone the ruling is understandable, considering that this Bitcoin ETF would be the first exchange-traded product of its kind in the US. In addition, the US SEC already has a record of delaying final decisions related to Bitcoin ETFs.
According to the order from the US SEC:
“Accordingly, the Commission … 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.”
US SEC Bitcoin ETF Reviews
The postponed rule change from the CBOE would be quite critical in regards to listing a Bitcoin ETF. This is taking into consideration that the company along with money management firm VanEck and crypto startup SolidX have submitted their proposal back in June. This has fueled a heated discussion followed by a cryptocurrency community rally in a support.
The US SEC has notified a public about the delay in its decision-making process some days after its commissioners have completed a review on a proposed Bitcoin ETF from Winklevoss brothers. Their first application for a Bitcoin ETF has been rejected by the US watchdog back in February 2017. That time, the regulator has stated that it made this decision due to the largely unregulated nature of the cryptocurrency market, specifically, Bitcoin.
Then, after the rejection of the first proposition, the group has filed “a timely petition seeking Commission review of the disapproval by delegated authority.” The SEC has issued a new announcement, thus disapproving the petition. In the petition, Winklevoss brothers state that cryptocurrency markets are “uniquely resistant to manipulation.” However, the US regulator has noted that “the record before the Commission does not support such a conclusion.”
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