So finally, US SEC released an update for the most-awaiting VanEck Bitcoin ETF on May 20, 219 – but not what everyone was most optimistically expecting. SEC’s decision by VanEck ETF is delayed yet again.
According to the official SEC filing on May 20, 2019, the exchange seeks more information on the proposed rule changed. The exchange has further inquired more information on the exchange-traded fund. Moreover, it stated that there are 25 comments lined-up on the proposed rule change. However, at present, SEC’s major concern is with 14 comments received regarding VanEck Bitcoin ETF.
“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”
Adding that, the key concern of commission is over the market manipulation and the most possible measures platform would take to protect its investors, the exchange noted;
“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a 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.”
Nevertheless, it is worth to remind that whenever there was SEC’s delay on ETF in the bear market, price further continued to crash – but at this moment, it is on the reverse route. As eToro Senior analyst says – the price of Bitcoin sees significant growth and back to $8000 figure. He took to Twitter and stated;
In addition, SEC’s decision for a few market enthusiasts was not the approval, rather the delay. As such, they even think such setbacks are actually the buying opportunity for investors and traders – and not the reason to panic.
So readers, what’s your view on SEC’s filing of delaying the VanEck ETF.? Let us know in the comment below
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com