VanEck SolidX Bitcoin ETF Decision Delayed Until After Christmas
The United States Securities and Exchange Commission (SEC) have had a huge burden to carry this month, that is, the deadline for a decision to be made on the VanEck-SolidX Bitcoin ETF application. Frustratingly, a decision was expected to be made this month as the deadline had already been further delayed, though it now seems apparent that the SEC do have the capacity to just keep extending deadlines, leaving the Bitcoin community in limbo.
This new extension will mean no decision needs to be made until the 29th of December 2018.
What does this mean?
Well, there are huge implications regarding cryptocurrency regulation in the balance here. With the SEC so unsure about ETFs, still, we have to consider the possibility that this will eventually be rejected off the back of stringent crypto regulations in the United States. Or, maybe they really do need more time to explore the âcultureâ of how this, and the other ETFs might work. The SEC have justified their decision, by asking for:
âA longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.â
The good news is, the markets havenât really reacted to this news - I guess thatâs because now, investors are so used to SEC decision delays, they no longer move their cryptocurrencies in response to them, therefore the markets have remained positive. We still expect that the markets will shoot up if and when a Bitcoin ETF is eventually approved, though many believe that this will be the trigger for the next bull run. As it stands, it looks like we canât expect this to happen during the rest of 2018 unfortunately though.
Some experts are now suggesting that come December, the deadline will be extended again right into the start of 2019. If the past few months are anything to go by, it wouldnât be too surprising if the SEC decided to take up a decision like this. Therefore, (even though it will be Christmas) try not to get too excited coming into the end of December. A further deadline extension is only going to frustrate the community further, hopefully the SEC finally understand this, and actually start to take action. Â
There is a chance a decision could be made before December, though this would require the SEC to work extra hard in their research and through their investigations. We hope that this is the case, but our message to you - donât get your hopes up.