SEC postpones decision on bitcoin ETF Again.
The U.S. Securities and Exchange Commission (SEC) said it needed more time to make a final decision on Bitcoin ETF (exchange traded fund) and listed 14 questions open to the public about the proposal, with the intent of using the comments from everyone to reach a decision.
“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”
The SEC has added a 35 day period for gathering more information and opinions on the proposal, which was initially filed by the Chicago Board Options Exchange (CBOE) last year.
And now the cryptoverse again discusses the need for this investment tool that could bring more institutional investors to the crypto space, but could also lead to other problems.
Gabor Gurbacs, VanEck / MVIS Director of Digital Asset Strategy, responded to the latest delay on Twitter, saying that the company is not going to give up and added:
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!
ETFs are securities valued as a percentage of the assets associated with them, making them functionally similar to traditional stocks. Some in the industry view the funds as a step towards the mass adoption of cryptocurrencies and the maturation of a sign crypto as an asset.