Many digital asset investors and traders have long been waiting for the final verdict of the US Securities and Exchange Commission (SEC) of an exchange-traded fund for Bitcoin. The approval of an ETF for Bitcoin (BTC) is very important to the crypto community, and the members of the community have been waiting in anticipation. The SEC has postponed the approval or denial of the Bitcoin (BTC) ETF application by two top firms for several months now.
The SEC was supposed to give its final verdict on all pending proposals for a BTC exchange-traded fund on August 12. However, the commission has delayed is verdict again, according to Bloomberg. According to an earlier report by U.Today, the Securities and Exchange Commission previously delayed VanEck & SolidX’s proposal for an exchange-traded fund for Bitcoin (BTC) on May 21.
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The chairman of the Securities and Exchange Commission – Jay Clayton – just revealed when the commission is going to give their final verdict on the approval of an exchange-traded fund for Bitcoin (BTC). The regulator cannot keep postponing the date of the final verdict on all pending proposals for a Bitcoin (BTC) exchange-traded fund. According to the chairman of the US SEC, the regulator will give its final verdict by the end of October.
This is a pretty exciting piece of news for the crypto community; that is if the SEC does not postpone it again. The new deadlines for the verdict are set for the end of October. On the 15th of October, the US Securities and Exchange Commission will give its final decision on the Bitwise proposal for an exchange-traded fund for Bitcoin (BTC). Whereas, the final verdict on the proposal of VanEck & SolidX is slated for October 18.
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The new date fixed by the US SEC does not guarantee approval. The SEC might end of up declining both proposals. The SEC might also approve the two of them, or reject one and give green light to the other. The Securities and Exchange Commission has rejected a lot of proposals over the past years. The Winklevoss brothers – the owners of Gemini Exchange – has also sought the approval of the SEC for an exchange-traded fund for Bitcoin (BTC) in the past. The SEC. rejected the proposal of the twin brothers. The SEC pointed out some flaws in their proposal and stated why they rejected it. However, that did not stop the Winklevoss twins, as they reapplied again, but they are yet to receive the green light of the SEC.
Between the two proposals that the SEC would decide on by the end of October, the ETF proposal of Bitwise, which as the support of multiple industry bigwigs, has a higher chance of being approved by the US SEC. However, the SEC is presently seeking more comments on the proposal of Bitwise while the chances of getting a green light remain gleam. The approval of a Bitcoin ETF would greatly enhance the price of Bitcoin (BTC) and other digital currencies, which is why the community has been looking forward to it.