Home>EXCHANGES>SEC Announces Another Bitcoin ETF Delay
EXCHANGES

SEC Announces Another Bitcoin ETF Delay



Bitcoin ETF

The question of Bitcoin ETF still remains in the air, as the US Securities and Exchange Commission (SEC) announces another delay. The regulator has been receiving crypto ETF applications for a long time now, and while most of them were rejected, several requests received high amounts of praise and attention.

The regulator was expected to finally reach the decision regarding one such proposal, submitted by the San Francisco-based asset manager, Bitwise, by tomorrow, April 2nd. However, the SEC recently announced that the decision will be postponed yet again. As things are now, Bitwise’s proposal will be considered once again in mid-May 2019.

Bitwise application sees another delay

In many ways, Bitwise application was similar to many others, asking permission for operating ETFs which would be backed by Bitwise Bitcoin Total Return Index. According to the company, the index would allow investors to tap the largest crypto asset in the world. Not only that, but it would also include all of Bitcoin’s largest hard forks.

The company’s proposal also implies that the assets would be 100% secure and that they would be held by a regulated, institutional third party, acting as a custodian. Meanwhile, the index would be based on prices listed on various digital currency exchanges.

However, the SEC is either unsure of the proposal, or it wishes to delay the decision for some other reason.

The SEC struggle with ETF requests

As mentioned, this is hardly the first time that the SEC has faced such a request — or that it postponed the decision. Previously, blockchain technology company SolidX, partnered with VanEck, also submitted a proposal which was highly-anticipated. The proposal was filed all the way back in mid-2018, and the US regulator was expected to reach the decision by November.

However, as the deadline approached, the SEC announced a delay which scheduled the decision for the final days of December. After the US government shutdown made this impossible, the regulator re-scheduled the decision one final time, stating that the final consideration will take place in late February.

As the government shutdown prolonged, it was impossible for the SEC to do proper research and consideration. Many speculated that the ETF request might be granted by default, according to current US laws. However, the companies seemed to believe that working officials might refuse the request simply to prevent this. Since the risk of being refused was too great, VanEck and SolidX decided to withdraw the proposal, and wait for better times before submitting it again.

The request has yet to be re-submitted, and Bitwise proposal took the stage as the next highly-anticipated request — one that is seemingly following in SolidX’s footsteps. The regulator now once again has a month and a half before reaching the decision, with many hoping that it will finally be a positive one. However, whether or not this will happen still remains to be seen, as the SEC gives no indication regarding the request and their stance towards it.

The SEC received numerous other requests as well, and in mid-2018, they rejected as many as 9 of them within a single month. However, soon after the rejection, the regulator announced that the requests would be taken into consideration once again. Even so, not one of them has been given grant as of yet.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of John M via Flickr

The post SEC Announces Another Bitcoin ETF Delay appeared first on Global Coin Report.

Read more at https://globalcoinreport.com/sec-bitcoin-etf-delay/

 

source: https://globalcoinreport.com/sec-bitcoin-etf-delay/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

Post source: SEC Announces Another Bitcoin ETF Delay

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary