SEC seems to be delaying their decision on a bitcoin exchange-traded fund, “VanEck/SolidX Bitcoin ETF.” We got this report when the watchdog revealed this development. Instead of airing their mind as everyone expects, they’ve pushed it to the next 90 days. So, people are going to be looking forward to hearing their response on the 19th of August.
Reactions Of the Community Over The News
We don’t know what is going to happen, but it seems that the community was expecting SEC to act this way. One thing we can say is that the Bitcoin price is gradually stepping backward. On Sunday, the 19th of May, the price of BTC saw a new 2019 highs. But what’s happening now? It seems that people who buy Bitcoin (BTC) pulled back a little to watch the events unfold.
However, this decision may not be enough to keep the price down for a long time. Let’s recall that many events have occurred this year in support of Bitcoin. We’ve reported news on BTC adoption as a payment means for big companies. All these are already bringing positive response on the coin. As such, whether SEC likes to delay or not, its influence may not bring BTC down.
As regards to this, a director at VanEck/MVIS, Gabor Gurbacs twitted that they will keep trying until SEC reacts. According to Gabor, Bitcoin is not a small coin that someone can ignore.
SEC Did The Same To An ETF Before Now
We are not also surprised that this new Bitcoin ETF got the delay tactics. It also happened to another exchange-traded fund last week. SEC stayed their hands on an ETF which “Bitwise” issued. Doing the same to VanEck ETF is raising speculations. Many are wondering what will happen to the high-profile ETF with a deadline of May 21st. However, Attorney, Jake Chervinsky is convinced that the delay on the VanEck ETF is as a result of semantics.
It is true that SEC is delaying these two ETFs, but we notice that there is no rejection yet. Maybe, the commission is envisaging two scenarios. One being that regulation comes out to suit the ETFs or the community of crypto enthusiast gives up. Well, the latter is one thing that may not happen.
The fate Of Bitcoin Amidst the On-going Developments
Many people have been reacting angrily over this news, and they haven’t kept quiet about it. Even though the ETF will be a good move, it is not enough to pull the coin down. The cryptocurrency revolution is bigger than a single ETF. However, if it gets SEC’s approval, it will also widen the horizon for online crypto trading.
It also means that big investors will troop in and invest. The commission has seen this happening, and we assume it is careful. However, bitcoin is not ready to give in to pressure as we have seen since this year. The movement has been impressive since we saw the market cap close to $140 billion on Sunday.