Public documents published on July 24 reveal that the U.S. Securities and Exchange Commission (SEC) has delayed making a decision on whether to approve five bitcoin exchange-traded funds (ETFs) until September 21.
In the Federal register’s latest edition, the SEC explains they are also postponing any decision over the possible approval of Direxion Investment’s ETF proposal, one of which matches Bitcoin’s price and four which will be based on the cryptocurrency’s market price movement.
The Waiting Game
The SEC state says that:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, … designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.”
The greater crypto community is excited and eager at the possibility of a Bitcoin ETF, but many aren’t sold on the idea. Atlantis Asset Management chief investment strategist Michael Cohn says approving any bitcoin ETF would be “insane” during an interview with CNBC yesterday.
Cohn adds that:
“Then they’re putting a rubber stamp on it as an asset, and I don’t think governments want to go there yet. It just seems as though it’s not something I’d want to put my clients into in any way, shape or form. You can only be embarrassed.”
None of the ETF proposals being delayed are from VanEck and SolidX, which are currently under scrutiny from the crypto community. More than a hundred comments have been submitted for their proposal, which may come to a decision in August.