The US Securities and Exchange Commission (SEC) has delayed its final verdict on the Bitcoin exchange-traded fund (ETF) that is backed by investment firm Wilshire Phoenix. The rule change proposal is currently being evaluated.
SEC Chairman Jay Clayton said that it will take a while before there is proper regulation for Bitcoin and other cryptocurrencies, and that has to happen before major exchanges can begin to list them.
The VanEck Solid Bitcoin Trust decided to withdraw its Bitcoin ETF proposal filed earlier this year on January 30, 2019. The withdrawal comes just a month before SEC’s final deadline of the verdict.
The VanEck’s Limited Bitcoin ETF has proved unimpressive so far with only 4 BTC tokens issued. Some crypto experts have also slammed VanEck for its marketing gimmick saying the product is nowhere close to real ETF.
While SEC’s Clayton acknowledged that Bitcoin businesses are coming closer to satisfying his concerns, he stated that there is “work left to be done” on Bitcoin ETF.
Institutions like VanEck and ICE’s Bakkt are flexing their muscles for luring institutional investors in the crypto market and trigger the next Bitcoin price rally.
While Bitcoin price makes a comeback, XRP community investors warn Ripple overselling the XRP tokens as part of the company’s investments.
Bitcoin Futures have faced unusual hurdles from the US authorities. There are ways around this but these ways are often limited and high risk. However, Vaneck Securities and Solidx seem to have found the solution.
While the SEC has postponed its decision on a Bitcoin ETF proposal by VanEck/SolidX, the Bitcoin community has given little attention to it as Bitcoin price largely remains stable.
The approval of a regulated crypto derivative this year is now looking less likely, as the SEC has once again delayed its decision on whether to approve the Bitcoin ETF proposed by asset manager Bitwise. However, Bitwise remains optimistic.