BREAKING: SEC Delays CBOE VanEck SolidX Bitcoin ETF until September 30, 2018

BREAKING: SEC Delays CBOE VanEck SolidX Bitcoin ETF until September 30, 2018

SEC Delays VanEck SolidX Bitcoin ETF Decision

The United States Securities and Exchange Commission (SEC) has delayed the decision on a prominent bitcoin ETF until September 30, 2018.

As announced earlier today, the SEC will not decide on the VanEck SolidX bitcoin ETF for at least another six weeks. The regulatory agency had until August 16 to approve, deny, or delay the decision on the ETF. The agency decided to give themselves more time to deliberate.

The VanEck and SolidX bitcoin ETF was initially proposed on June 20, 2018, then published for comment in the Federal Register on July 2, 2018. The SEC received 1300+ comments on the proposed rule change.

The VanEck SolidX Bitcoin Trust is the most promising ETF in the crypto space. It stands a real chance of being the first bitcoin ETF approved by the SEC. If approved, analysts believe it could set off the longest and largest bull run in bitcoin history. It would be the first signal from a US regulatory agency that bitcoin is an approved investment vehicle.

The delay should be good news for the cryptocurrency community. It suggests that the SEC believes there’s a possibility of approving the bitcoin ETF in the future. They need more time to deliberate. If they believed the bitcoin ETF was illegitimate, then they would have just denied it today – at least, that’s the optimistic take.

In any case, the two-page statement from the SEC indicates that the agency needed more time to deliberate:

“The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission…designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

The SEC is specifically referring to a rule change that would pave the way for approval of the bitcoin ETF. If that rule is approved, then there would be little stopping a bitcoin ETF from being approved.

In other words, September 30, 2018 is the new date to watch. It could be the biggest date in crypto history. Or, it could be a total non-event if the SEC denies the bitcoin ETF.

The SEC routinely delays decisions. It has the power to do so, and it frequently exercises that power – particularly when examining controversial or complicated exchange traded products (ETPs). It shouldn’t be a surprise that this latest ETF is delayed.

However, it is important to note that this decision to delay the ETF comes just weeks after the SEC denied the bitcoin ETF proposed by the Winklevoss twins and Gemini. The SEC denied that bitcoin ETF once again, backing up the agency’s original decision from March 2017. The SEC didn’t deny the VanEck and SolidX bitcoin ETF: they just delayed it. That could be good news.

The price of bitcoin appears to be sinking on the news, however. After resting around $7,000 to $7,200 most of the day, bitcoin is at $6,950 as we go to press.