SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

SEC Hester Peirce Bitcoin ETF

Bitcoin loses most of its gains from July rally as SEC postpones ETF decision

The United States Securities and Exchange Commission (SEC) has chose to delay the decision to approve a Bitcoin ETF until September 30, 2018.

Following the SEC's latest decision to reject the proposed rule change for a bitcoin ETF, SEC Commissioner Hester Peirce voiced her opinion in an interview with Cnbc on Wednesday.

For a second day, the price of cryptocurrencies took another hit pretty much across the board following the news that the Securities & Exchange Commission (SEC) in the USA delayed a key decision earlier this week.

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"Although the VanEck SolidX Bitcoin Trust, considered by many to be the best candidate for possible approval, will make a possible decision this month, it is widely believed that the SEC will extend its deadline". The SEC already mentioned after rejecting the Winklevoss Bitcoin ETF application that "over time, regulated bitcoin-related markets may continue to grow and develop", which could eventually give birth to a Bitcon related ETF. That is now "the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040)". I think that a safe bet is on the SEC to take more time before making a final decision.

In March past year, the SEC rejected the proposed rule change filed by NYSE Arca to list and trade shares of Solidx Bitcoin Trust. Canaccord predicts that the SEC will not decide on current ETF applications this year, and will exercise its right to postpone the decision to 2019 next year.

On Thursday morning, the cryptocurrency market saw a nice influx of buying volume, with Bitcoin quickly recovering by 3% and altcoins following closely behind. Around the time the SEC announced on their delayed approval, all seemed well and the market was looking like it was going to hold up and ignore the news.

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One BTC is now fetching $6,321.39, on a average, per CoinMarketCap. Ultimately, this means a market cap decline of over $9 billion.

Matthew Newton, an analyst at trading platform eToro, said in an email: "A green light for the bitcoin ETF would fire the starting gun on a race among institutional investors to cash-in on this new product". Second, the market may have started reacting to the SEC's decision to delay its ETF decision, which it released the day before.

An SEC decision on VanEck/SolidX is due out September 30.

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