In a time when the cryptocurrency market is going through difficulties, the last thing anyone wants to hear is more bad news. Unfortunately, no one can control how these things happen. Yesterday, the United States Securities and Exchange Commission announced that it has once again delayed the timeline for making a decision about the approval or disapproval of the rule change proposal for VanEck-SolidX Bitcoin ETF.
VanEck-SolidX Bitcoin ETF Rule Change Proposal Delayed
This isn’t the first time that VanEck and SolidX are presenting this rule change for their Bitcoin ETF. This is the third time and the final decision of the SEC is going to impact the industry greatly. Unfortunately, the SEC reported that the decision making has been shifted to next year. The announcement was made in a notice that was posted online by the SEC and it states that the new date for the decision making is February 27, 2019.
Earlier in the year, blockchain startup, SolidX, money manager, VanEck and cryptocurrency exchange Cboe came together to submit the proposal. Since the decision has been delayed several times, SEC’s rules state that on the next deadline, a final decision must be made. They must either approve or reject the ETF.
The entire industry has been waiting for this decision for months now. It has caused a lot of uncertainty since many other ETF proposals were rejected outright. In August alone the SEC rejected nine proposals. These proposals were submitted by Direxion, ProShares, and GraniteShares.
Bitcoin (BTC) Price Today – BTC / USD
The day after the SEC rejected these proposals, it suspended the rejection. In November 6th it made an announcement that anyone who is interested can post a comment for or against the proposals.
The industry has been optimistic about the VanEck-SolidX Bitcoin ETF because it is different from others. The value of the ETF depends on the value of BTC and not the futures market. In October 17, the SEC opened a comment period for the VanEck-SolidX Bitcoin ETF proposal.