In its latest quarterly cryptocurrency report, wealth manager Canaccord Genuity says that we might see Bitcoin ETF approval in 2019, as opposed to common markets’ expectations.
7 August, AtoZ Markets – The wealth manager Canaccord Genuity has issued its latest cryptocurrency-related report, where the company has talked about an approval of a Bitcoin exchange-traded fund (ETF).
Wealth Manager Canaccord Genuity Predicts Bitcoin ETF Approval in 2019
As per Canaccord, we will not see the approval until 2019. The latest Canaccord quarterly update on cryptos discusses a variety of topics, including security tokens and some of the recent developments concerning crypto prices.
The largest independent investment dealer in Canada also touched a popular topic of Bitcoin ETF. The cryptocurrency community has been speculating on this matter for a long time now. Earlier this July, the CBOE has filed for a Bitcoin-based exchange-traded fund (ETF) with the US securities regulator, the Securities and Exchange Commission (SEC).
The notice has been published earlier this June. The page 51 of the document reads:
“Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding[…].”
This implies that the tentative date for the decision of the regulator falls on Friday, August 10. However, a 45-day extension is still an option, which means that the final decision should come no later than September 24.
However, according to Canaccord, the SEC will extend the decision timeline as far as possible, probably, until March 2019. The firm has stated:
“And although the VanEck SolidX Bitcoin Trust, seen by many as the most formidable candidate for a potential approval, is due for a potential decision as early as this month, it is largely believed that the SEC will extend its deadline, in which case a decision may not be made until March 2019.”
Canaccord has also highlighted that other investor-oriented products that are similar to Bitcoin ETF are already available on the market outside of the US:
“Meanwhile, we note that other bitcoin-based securities (e.g., Bitcoin Tracker One) have been available for trading on regulated exchanges as early as May 2015 in Sweden, while north of the border, Canada is working towards its own bitcoin ETF product, the Evolve Bitcoin ETF.”
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