Posted 3 years ago | by Ben Armstrong
Bitcoin ETF Fate to Be Decided in October
In what some may consider the most unshocking news of the day, the U.S. Securities & Exchange Commission (SEC) has delayed 3 Bitcoin ETF (Exchange Traded Fund) decisions. Bitcoin ETFs were once looked at as the savior of the bear market. However, with each passing denial or postponement, the hopes for turning the market around (or as Crypto Twitter calls it… Hopium) slowly grew more dim.
Then the market did something miraculous. It actually turned around without an ETF getting approved. It seemed for months the sentiment surrounding Bitcoin was living and dying with each possibility of an ETF approval.
Now, 3 postponements on Bitcoin ETFs don’t even move the needle and barely make the news. One of the postponements was the most anticipated potential ETF applied for by VanEck/SolidX.
If it wasn’t clear by now, the SEC precedence is to take the maximum amount of calendar days (240) to make a decision on anything from Bitcoin ETFs to what the members are having for dinner. Ok, well maybe not 240 days to decide on dinner, but guaranteed they take longer than your significant other does to decide on where to eat on date night.
While the Bitwise, Wilshire Phoenix, & VanEck/SolidX decisions have been postponed, the clock is running out with final decisions due on all 3 before Halloween.
But the better question is, will decisions be necessary?
The last time the VanEck/SolidX proposed ETF got to the end of the calendar, the group withdrew their application. Then the clock restarted at the beginning of 2019 when the application was resubmitted. So while the dates for the final decisions on the 3 ETFs are drawing nigh, don’t hold your breath to see an actual decision. I’ll believe it when I see it.