The wealth managing firm believes that SEC will take all its time it can, instead of falling for the market euphoria, and extend the decision till March 2019.

The probability of the arrival of Bitcoin ETF and all the development happening around it has created a lot of interest among retail crypto enthusiasts as well as the big financial organizations. Last month saw a lot of institutional and regulatory activity around the Bitcoin investment product. This had also resulted in some major price swings for Bitcoin during the last month.

In their recently released quarterly update on digital currencies, wealth manager Canaccord Genuity predicts that Bitcoin ETF won’t likely arrive by 2019. Based out of Canada, Canaccord is one of the biggest investment dealers of the country which detailed analysis provides broad insights into several sectors of finance including security tokens and the ongoing developments in the cryptocurrency industry.

In its report, the Canadian investment dealer talks about the most awaited CBOE Bitcoin ETF filed in June by the Vaneck Solidx Bitcoin Trust (“the Trust”) – a trust formed by a joint collaboration between money manager VanEck and crypto startup SolidX. The SEC ruling on the CBOE Bitcoin ETF is expected on August 10, and everyone is eagerly waiting for the regulatory decision especially after the agency recently turned down the Bitcoin ETF from Winklevoss twins.

However, while still acknowledging the hopes of the entire community of crypto enthusiasts, Canaccord believes that the SEC will delay its decision time till the March of 2019, next year. In the report, it writes:

“And although the VanEck SolidX Bitcoin Trust, seen by many as the most formidable candidate for a potential approval, is due for a potential decision as early as this month, it is largely believed that the SEC will extend its deadline, in which case a decision may not be made until March 2019.”

It also notes that other similar Bitcoin-related investment products are already under work in other parts of the world except the U.S. The report notes:

“Meanwhile, we note that other bitcoin-based securities (e.g., Bitcoin Tracker One) have been available for trading on regulated exchanges as early as May 2015 in Sweden, while north of the border, Canada is working towards its own bitcoin ETF product, the Evolve Bitcoin ETF.”

VanEck Director Bitcoin ETF Decision is ‘$1 Billion Question’

After facing SEC rejection for Bitcoin ETF two times last year, the latest CBOE Bitcoin ETF from VanEck is said to be the best shot from the company. While recently commenting on his expectations about the SEC’s decision on the CBOE Bitcoin ETF, VanEck director Gabor Gurbacs told CoinDesk:

“I wish I knew the answer to your $1 billion question. Seriously. Unfortunately, I don’t know the answer. I do know that we have addressed market structure issues and this is a chance for regulators to bring bitcoin under existing frameworks and protect investors.”

As the CBOE Bitcoin ETF awaits it fate this Friday, there is still a long road ahead to legitimize the crypto space by overcoming the regulatory hurdles that lie ahead.

However, Brian Kelly, founder of BK Capital Management, has pinned his hopes on the arrival of Bitcoin ETF, especially after NYSE parent ICE announced the launch of a new Bakkt platform which aims to make digital asset spending easy for users.

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