The SEC retards Bitcoin ETF again, will it hinder the expected race?

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The SEC's approval of two Bitcoin ETFs was again delayed by the Securities Exchange Commission (SEC) in the United States. On March 29, 2019, the SEC issued a press release of its letter to Cboe BZX Exchange, Inc., as well as to NYSE Arca and Bitwise, citing the designation of a "longer period" for the decision pending.

Bitwise application and NYSE Arca

The Bitwise Bitcoin ETF was filed with the SEC on February 15, 2019; the SEC has set a 45-day rule in which it must rule on the claim within 45 days of filing the claim. However, the SEC may also extend the decision by 45 additional days for specific refills.

The Commission considers it appropriate to set a longer period for taking such measures with respect to the proposed rule to allow it sufficient time … Accordingly, pursuant to subsection 19 (b) (2) of the Act, the Board designates the 16 may. 2019 as the date on which the Commission approves or disapproves.

VanEck SolidX Bitcoin ETF

The application of the VanEck SolidX Bitcoin ETF was completed last year. However, in early January, Cboe withdrew its application and re-applied on January 30, which was released on February 20, beginning with the interim period of 45 days.

The date of approval or disapproval of the VanEck application has now been extended to May 21, 2019.

Gabor Gurbacs, director, Digital Assets Strategy at VanEck, tweeted on the subject:

"SEC extends the examination period of the VanEck SolidX #Bitcoin#AND F. This is planned. Next milestone on 21/05/2019. We will keep you informed of public information and deadlines. Thank you for your support! We fight the good fight together. "

Will the decision affect the price of bitcoin (BTC)?

Gurbacs rightly pointed out that "this is expected" on the part of the SEC, as this is not the first time that it is delaying a decision on Bitcoin ETF.

Last year's ETF proposals were extended 240 days from the day they completed the application. The decisions were eventually extended again on August 7, 2018, which resulted in a small sale, Bitcoin (BTC) fell by 1.69%. Finally, VanEck withdrew the application and introduced new rule changes. However, the indecision continues to extend. The Gemini Trust Bitcoin ETF proposal is also pending with the SEC and is not updated.

The bitcoin price at 5:00 UTC on March 30 was $ 4,065. It was trading at 0.2% less on the daily scale.