VanEck’s Bitcoin ETF Delayed
The verdict on VanEck and SolidX’s Bitcoin (BTC) exchange-traded fund (ETF) proposal has just been delayed by the U.S. Securities and Exchange Commission. In a document released on Monday morning, the regulatory agency revealed that it will be exercising its right to delay its decision by another 90 days, to August 19th. The document cited concerns like the prevention of “fraudulent and manipulative acts and practices”, likely in reference to the recent Tether and Bitfinex imbroglio and the Bitstamp flash crash, to back its decision.
This news comes just a few days after the SEC issued a similar verdict on the Bitwise Bitcoin ETF, which has a very similar premise but is built on an entirely different system. As Ethereum World News reported previously, the other product was pushed back for similar reasonings.
As of the time of writing, the market has only slipped slightly. Bitcoin has fallen from $7,750 to $7,700, and altcoins are experiencing other minor losses.
A To Be Expected Result
In spite of this, some are hopeful that an ETF will make it through the regulatory gauntlet. In a comment made to CNBC earlier this year, Hunter Horsley remarked that cryptocurrencies as an asset class are in their “most viable” state ever. That led Horsley to his next point, as he remarked that considering the market conditions, a crypto-linked ETF could be the logical next step.
When questioned by the CNBC anchor regarding the SEC’s apparent fears of market manipulation, a byproduct of nascent, overseas-based markets, and custody, Horsley responded with confidence.
Interestingly, the SEC’s Hester Pierce is also bullish on a Bitcoin-backed ETF. According to Decrypt Media, the commissioner explained that “the time [for an ETF] was right a year ago”, adding that she is dismayed that regulators are hampering the adoption of this newfangled technology.
Title Image Courtesy of Elliott Engelmann Via Unsplash
