More

    Countdown For SEC Decision About CBOE-VanEck Bitcoin ETF Restarts Tomorrow

    The U. S. Securities And Exchange Commission (SEC) may decide to take an initial decision on the Bitcoin exchange-traded fund (ETF) tomorrow, February 20. According to reports, tomorrow the Bitcoin ETF will start the new countdown of 45 days to be approved or rejected again. The VanEck, SolidX and Cboe proposal will be formally published on the SEC’s register by then.

    This proposal was initially posted last year, but the companies decided to withdraw it during the government shutdown, which happened last month. Now, the refiled for the Bitcoin ETF on February 13.

    As soon as the filing is accepted, the timer will start and the SEC will have to decide once more about the awaited ETF. The VanEck/SolidX proposal will not be alone, though. A proposal made by Bitwise Investment Management and NYSE Arca will also be on the table.

    The SEC has 45 days, starting tomorrow, to decide whether it wants to postpone the decision or not. In case the ETF is rejected, the company has to make lengthy changes in order to be able to apply again. Last year, the SEC waited for the 45 days and then postponed the decision.

    Because of this, the timer, which would be finished soon, can actually take a lot more time to finally be over and the SEC will be able to postpone the decision even further, which seems like what the regulatory agency wants to do at the time.

    What Will It Take To Approve The ETF?

    While the process is not officially started yet, the SEC has already given some feedback on the project. Sam Ahn, from Hana Trading, has asked the companies how they define the intrinsic value of Bitcoin, which seems like an issue since Ahn believes that most investors will want to know this before they actually spend their money investing in the Bitcoin ETF of these companies.

    In fact, the SEC’s main problem with the ETF has a relationship with this. The agency is simply not convinced that Bitcoin is a stable market and it has several concerns about how the token can be prone to manipulation and speculation.

    This, the SEC believes, could actually be bad for the ETF, so, while the SEC is not fully against the idea, its commissioners are still wary of the bad repercussions that the Bitcoin ETF can have.

    Some people say that they are waiting for a trustworthy exchange to enter the game before they are able to finally let it happen. Unfortunately, it does not look like Coinbase will be chosen one, but Bakkt, the crypto exchange created by the Intercontinental Exchange (ICE), seems like a sensible option.

    We will all have to wait in order to know if the SEC will surprise us all and decide in favor of the Bitcoin ETF so soon or if the waiting is far from being done, which seems possible.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Gabriel Machadohttps://bitcoinexchangeguide.com/
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,728FollowersFollow
    4,098FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Celsius to Implement Compounding Interest on Cryptocurrencies Deposited in Its Wallet

    Borrowing and crypto lending platform Celsius's Founder, Alex Mashinsky announced, that starting February 1st, they will begin applying compound interest for their customer's wallets. https://twitter.com/CelsiusNetwork/status/1220013310168293377 The...

    BlockFi To Cut Rates For ‘Tier 1' BTC And ETH Lenders While Boosting ‘Tier 2' Starting Feb 1

    BlockFi announced changes in its Bitcoin (BTC) and Ethereum (ETH) lending yields starting Feb. 1. Changes follow the increasing price and interest in...

    MENA’s Unbanked to Drive Crypto Adoption While China’s 5G SIM Cards to Enable Digital Payments

    In MENA region, two-thirds of people unbanked but over half of the countries have 70% mobile subscriber penetration rate China Telecom working on...

    Are Mining Death Spiral Believers Holding Bitcoin's Price From Jumping?

    Bitcoin hash rate down at 118 Th/s from ATH of 126 Th/s hit on the day BTC price jumped to $9,000 A risk...

    Japanese Lawmakers Are Open to Issuing A Digital Yen To Compete With Libra, Digital Yuan

    A group of Japanese lawmakers from the ruling party came forward with the proposal of Japan issuing its own digital currency. It seems China’s determination...

    Bitcoin’s Privacy Update Schnorr/Taproot Reaches a New Milestone

    One of Bitcoin’s biggest upgrades that will improve the privacy of the network has been published on the GitHub as BIP 340, 341,...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.