with the SEC. The first application for bitcoin-ETF was filed in early 2018 by Cameron and Taylor Winkloss, but the regulator declined their offer. Legal expert, jake Chervinsky took to Twitter on July 24 to clear up some of the confusion on when the SEC will decide on cboes VanEck/SolidX. Custodial cryptoservice is a set of services for the storage of financial assets. Now the regulator has a month and a half to make a primary decision. For Direxion, this deadline was July. SEC has taken a very tough stance on this issue. In particular, summary values from the spot and futures markets will be used to determine the current value of the asset. Then, Chervinsky expects 90 more days for the ETF to address grounds for disapproval, followed by 60 more days if again a longer period is appropriate. Share your thoughts below!
Chervinsky stated: The question will then be whether the bitcoin markets mature enough before the SEC makes its decision to adequately address all the issues that have killed ETF proposals in the past, such as valuation, liquidity, custody, and market manipulation. This means the real deadline for the SEC to approve or deny an ETF is 240 days after it files notice in the Federal Register (45459060 he explains. For example, Bitwise Asset Management announced that it wanted to file for a fund with nyse Arca. After the withdrawal of the proposal made by VanEck, SolidX and Cboe, the market remained stable and did not crash as many would have expected. He wrote : The SEC can, and probably will, delay its decision on the VanEck/SolidX commodity-backed Bitcoin ETF until March 4th, 2019.
But these arent the only Bitcoin ETF proposals in the pipeline.
Will the SEC approve the Bitcoin ETF or give us a hint next month with its ProShares decision?
Although 2019 was the awaited year to see the first Bitcoin (BTC) exchange -traded fund (ETF ) operative in the market, we might have to wait until 2020.
Even when there is a slight chance to have a Bitcoin -related ETF approved this year, the chances of the.S.
Valtio bitcoin, Banco central e bitcoin,
Although one of the commissioners of the Commission, Esther Pearce, is an ardent supporter of digital financial instruments, the other commissioners show great skepticism. Difficult bitcoin-ETF situation, financial contracts for cryptotrading have already become a legend for American investors. However, the decision has not yet been made. The main concerns related to this rejections were related to market manipulation. Chervinsky sees March 4th, 2019 as the most likely target for a decision, believing that the regulator will extend the period for as long as possible. In general, SEC negatively relates to the cryptomarket. Bitcoinist reported, its chances of getting approved are looking pretty good. For him, 10 months of development and work in the cryptocurrency space should be enough to approve a Bitcoin ETF. However, unlike cboes, the Direxion and ProShares ETFs are not commodity-backed. Extensions happen quite frequently, if not every time.