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According to documents released on July 24, the issue Federal Register, the SEC said that it is postponing any decision on approving proposals of ETF (exchange-traded funds) filed by Direxion Investments. However, one amongst match bitcoin’s price and other four are based on price movements of the crypto assets.
The SEC announced;
“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”.
Therefore, SEC will be approving the Direxion investments bitcoin ETFs on September 21, 2018, the Commission will approve or disapprove the filings. As of now, there are only two comments had been by Commission concerning the ETF filing.
Meanwhile, the aspect of Bitcoin ETF seems to be positive for crypto community whereas Michael Cohn, Atlantis Asset Management chief investment strategist said “insane” for any approvals.
“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”.
Noticeably, none of EFT proposals have been postponed are those among SolidX and VanEck. However, both VanEck and SolidX partnership has a pending BTC EFT filing with the SEC. Last of all, over one hundreds proposal have been submitted and by next month the approval decision may occur.
Will SEC delivers a positive decision on all five Bitcoin EFT filings? Lets discuss on Twitter.