SEC Bitcoin ETF Approval Decision for 9 Different Exchange-Trade Funds to Happen Next Few Days
The U.S. Securities and Exchange Commission (SEC) will be taking a decision on nine rejected Bitcoin exchange-traded funds (ETFs). The rejections of these Bitcoin ETFs were made by part of the staff of the Commission. However, the SEC is able to review these decisions and rule in a different way.
Once the SEC announced that it was going to be reviewing again 9 Bitcoin ETFs, news started to spread on the internet. The date that most of the experts believe that the SEC was going to inform about the ETFs was October 26. However, this was not the case.
The actual deadline for comments was established for November 5. All interested parties had time to comment on these Bitcoin ETFs.
After November 5, the announcement about what will happen to these Bitcoin ETFs can be made at any moment. Now, all the individuals interesting in giving their comments to the SEC can do it and the agency will be ruling on them in a few days or weeks after the deadline.
Nevertheless, there are some experts that believe that a Bitcoin ETF has very few chances to be approved this year. For example, Ran NeuNer, who recently said that he does not believe that Bitcoin will reach $50,000 this year, wrote a tweet in which he mentioned that he is not bullish on these ETFs. However, he left the door open for an approval saying that there is a small chance for the SEC to approve one of them.
SEC ETF decision due between now and Monday. This is not for the Van Eck ETF but for the bunch they declined and then recalled their decision. I’m not too bullish on this one but there is a small chance.
— Ran NeuNer (@cryptomanran) November 2, 2018
Reggie Browne, senior managing director of the ETF group at Cantor Fitzgerald,said that a Bitcoin ETF would not happen anytime soon. Browne, is also known as ‘the Godfather of ETFs,’ after Forbes gave him this nickname for his influence in the market.
At the beginning of the next year, the SEC could approve the VanEck and SolidX Bitcoin ETF that is making everyone in the market excited. If that happens, new investors could start to place their funds in virtual currencies and could eventually trigger a new bull run in the market.