The U. S. Securities and Exchange Commission (SEC) has decided for the delay on the decision about three different Bitcoin exchange-traded funds (ETFs). These were the most recent ETFs, the ones filed by VanEck and SolidX, Bitwise Asset Management and Willshire Phoenix. If approved, they would be launched at CBOE BZX and NYSE Arca.
As the official time for a decision, 240 days, was about to be reached, the decision of the SEC was very unsurprising: they simply decided not to make the decision right now.
According to the SEC rules, the entity will have until October 13 and 18 to decide for the Solid X and Bitwise ETFs and until September 29 for Wilshire’s ETF.
Bitcoin ETFs Are Very Hard To Approve
Unfortunately, it is simply extremely hard to approve an ETF right now. The SEC is very concerned about market manipulation in the crypto market, so it is very unlikely to approve any of it while the issues are not properly addressed.
As the SEC sees the crypto market as still very unregulated and prominent to manipulation, the entity has several concerns about what an ETF might mean. A lot of BTC trading is said to be wash trading and several whales (wealthy investors) have the means to move the market the way they want to.
Because of all these issues, it is considerably hard to believe that the ETF will be out anytime this year, as none of the three companies have provided any guarantee that the market will not suffer from manipulation.