Initial Q4 2018 Target Date of Q1 2019 Bitcoin ETF Approval Passing has Lapsed, What’s Next in Q2?

When Will the First Bitcoin ETF Be Approved?

The cryptocurrency market has been discussing the possibility for a Bitcoin (BTC) Exchange Traded Fund (ETF) to be approved by the U.S. Securities and Exchange Commission (SEC). In the last few years, several crypto-related ETFs have been rejected by the regulatory agency.

Bitcoin ETFs Rejected: What To Expect In 2019 And 2020?

As mentioned above, many crypto ETFs have been rejected in the past by the US SEC. In 2013, the Winklevoss twins filed a proposal on July 1, 2013. Later in 2014, the brothers reiterated that they wanted to list their ETF on the NASDAQ OMEX exchange with the “COIN” ticker.

In 2015, the Winklevoss twins filed for listing an ETF on the BATS Global Exchange, but the SEC decided to delay its decision to 2017, which was rejected. In March 2017, the SEC rejected the ETF citing concerns about the unregulated nature of the Bitcoin market. Nonetheless, this was not the only Bitcoin ETF rejected, SolidX’s proposal has also followed the same fate.

According to the SEC, it is necessary for the exchange to have surveillance sharing agreements with different markets for trading the commodity or derivatives on that commodity.

The second attempt presented by the Winklevoss’ twins was also rejected on July 28, 2018. The SEC has also mentioned that it was concerned about potential market manipulation and a lack of trade transparency in the Bitcoin spot market. This is something that companies in the industry have been trying to solve and improve for the SEC to approve an ETF. Other Bitcoin ETFs were rejected in 2018 as well.

VanEck and SolidX have also decided to refill their application after withdrawing it earlier this year due to the government shutdown. At the end of the current year, the SEC could finally approve the VanEck SolidX Bitcoin Trust.

Another Bitcoin ETF that is also being analyzed is the one presented by Bitwise Asset Management in January 2019. The ETF would track the Bitwise Bitcoin Total Return Index.

Although there are possibilities to see the approval of a Bitcoin ETF as soon as this year, we might have to wait a little bit longer for it to finally be approved by the SEC, which has been conservative at the time of analyzing Bitcoin ETF proposals.

Ric Edelman, the founder of Edelman Financial Engines, explained:

“It’s virtually certain. The only question is when. The SEC has several legitimate thoughtful concerns that the industry has to overcome but I’m confident they will.”

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