Commission United States securities and exchange Commission (SEC) has postponed deciding whether to approve five related to bitcoin ETF in September. This became known after the publication of the relevant documents on Tuesday.
In the latest edition of the Federal register, the SEC explained that it defers making any decision on proposals for the creation of ETFs, filed by Direxion Investments. One of the funds needs to match the price of bitcoin, and four of them are based on the price movements of the cryptocurrency. The SEC claims:
«The Commission considered it appropriate to designate a longer period within which the decision will be made regarding the proposed rules changes – positive or negative. Thus, the Commission will have sufficient time to consider this issue. Accordingly, the Commission appointed 21 September 2018, the date when the SEC will either approve or reject the proposed change.»
SEC added that it had received only two comments to the proposed ETF.
Although the cryptocurrency community is largely awaiting the approval of bitcoin ETF, chief investment strategist at Atlantis Asset Management Michael Kohn (Michael Cohn) said that such approval would be «madness», according to CNBC.
«In this case, they will label bitcoin as an asset, and I do not think that the authorities are ready to do it. I would not want to invest their client funds in the asset in any way. Such investments will not lead to anything good.»
It is noteworthy that the time taken to reach decisions on the proposals VanEck ETF and SolidX has not been transferred. In April, the SEC received another application for the opening of exchange traded Fund in bitcoin from the Chicago company CBOE Global Markets, operator of the eponymous stock exchange commodity futures. In this application, the joint interests of three major players in the American market.
It is expected that to manage the assets of the Fund will be a trust VanEck SolidX Bitcoin Trust, which is a joint venture between the companies VanEck and SolidX to promote cryptocurrency to the traditional markets. The first two applications submitted by companies individually, were rejected by the SEC in early 2017. According to a recent SEC proposal was presented more than 100 comments, and the decision thereon may be rendered in the next month.