There was a glimmer of hope that the VanEck Bitcoin ETF would get the story of getting SEC approval. Alas, it may have kicked up the road again until August 19 and the SEC will answer their questions.
VanEck Bitcoin ETF Decision Delayed As Expected
To be fair, it was a pretty tough optimism that the VanEck Bitcoin EFT decision would be the first to be approved by the SEC. Pretty much the whole community expected it to be delayed. Industry-known lawyer Jake Chervinsky tweeted out on Sunday night where the minimum chances of approval were:
17 / So, on the way to Monday, I see the probabilities:
– Delay: 75.0%
– Denial: 24.9 %
– Approval: 0.1%
I keep you updated when the process plays out.
– Jake Chervinsky (@jchervinsky) May 19, 2019
] But then the Bitwise ETF proposal was delayed, and there was no news about VanEck. People started asking what it meant.
This was not typically the behavior of the SEC. All delays are usually gathered together. Furthermore, SEC commissioner Hester Pierce (known as & # 39; Crypto Mom & # 39;) spoke on consensus, and large industry players announced that they were entering the market. Could it mean that time was finally right?
As expected, SEC has delayed the VanEck bitcoin ETF proposal. Read the order here: https://t.co/OB3TBgVGwg.
VanEck's new deadline is August 19th. The SEC can and will probably delay once for a final deadline on October 18.
Looks like this ended Enter the correct explanation: https://t.co/bkzeVRt1Hg
– Jake Chervinsky (@jchervinsky) May 20, 2019
Unfortunately not. It seems that it just takes time for a bunch of bureaucrats in an office to write a long document. As Chervinsky said,
To be fair, the fact that the SEC delayed Bitwise and remained silent on VanEck could not mean anything.
However, there is still an occasion for celebration. After all, a delay is not a denial. And this time the SEC is taking an active step to better understand the nature of what they regulate.
SEC has questions to VanEck
The delayed decision has cast many questions -14 to be precise -This has to be answered mid-summer Although in fact there are more than 14 sections of questioning.
See the full document to see the scope of the problem SEC has over the VanEck Bitcoin ETF. There is something like three or four more questions in each section.
Summary? It's almost all that comes back to SEC's fear of market manipulation. In fact, the words "manipulation" or "manipulative" are not less than 18 times throughout the document.
This seems to be the main concern, along with trading volumes and the viable size of the market. The SEC also wants to know how VanEck can be sure that bitcoin OTC exchanges are adequately regulated and transparent.
What is the commentator's view on whether each of these OTC platforms is regulated? What is commentary on whether each of these OTC platforms can or does monitor bitcoin trading activity?
There are also concerns about whether broker dealers can offer fractional shares to retailers:
What are commentary views on whether broker dealers are likely to offer fractional participants in Trust to private investors so that they can invest in smaller investments?
The Takeaway? SEC Still suspected of Bitcoin
SEC is still suspicious of Bitcoin. Particularly the vulnerability to market manipulation. If these questions will generate approval or more questions and more delays, some are guessing. But the fact that the dialogue is here is at least encouraging. As usual (and as expected) we have to wait and see.
Will the SEC finally approve the bitcoin ETF? Share your thoughts below!
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