SEC Punts on Bitcoin ETF as Unfazed Crypto Bulls Dig in Their Heels
By CCN: The U.S. Securities and Exchange Commission has decided once again to kick the can on its decision about a bitcoin ETF. In a ruling published today, the securities watchdog revealed that an answer on the VanEck/SolidX Bitcoin ETF as proposed by the Cboe would be postponed for another 90 days, pushing the deadline back to August 19. The crypto community wasn’t shocked by the announcement, but the bitcoin price has retreated modestly from Sunday’s fresh 2019 highs. Despite the pullback in the bitcoin price, the cryptocurrency market has several major catalysts this year that will continue to fuel the bull market. And the SEC can’t stick its head in the sand on bitcoin forever.
The bitcoin price pulled back modestly from Sunday’s fresh highs. | Source: CoinMarketCap
Gabor Gurbacs, director of digital assets strategy at VanEck/MVIS, responded to the latest delay on Twitter, basically saying the firm will not give up and adding:
“Bitcoin is too big to ignore. Vires in numeris!”
The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris! Public document and timelines: https://t.co/F9cV95CHKN pic.twitter.com/hgyhVE0nJr
— Gabor Gurbacs (@gaborgurbacs) May 20, 2019
The SEC Delayed A Different Bitcoin ETF Last Week
Last week, the SEC decided to delay another bitcoin ETF issued by Bitwise. Its decision to stay mum at the time about the VanEck product left many wondering what the fate of the most high-profile ETF would be with the May 21 deadline right around the corner. According to attorney Jake Chervinsky on Twitter, the fact that the SEC needed more time to issue its decision on the VanEck bitcoin ETF product was likely due to semantics.
15/ To be fair, the fact that the SEC delayed Bitwise & stayed silent on VanEck could mean nothing at all.
Maybe SEC staff just hasn't had time to finish the VanEck delay order yet. These things take time & there's no reason why the SEC has to issue ETF delays at once.
— Jake Chervinsky (@jchervinsky) May 19, 2019
