SEC delays VanEck SolidX ETF decision

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Yesterday December 7, The SEC (Securities and Exchange Commission) yet again delayed the decision of VanEck and SolidX proposed Bitcoin ETF (Exchange traded fund). The review period is extended until next year, February 27. 

This time is different because the SEC can no longer delay this decision. The end of February will be the time and date when we finally find out the outcome of the SEC decision. Meaning, that they will either approve or disapprove the ETF.

Previous denials

The SEC is famous for denying Bitcoin ETFs. First they denied the Winklevoss twins Bitcoin ETF. Then they denied nine Bitcoin ETF proposals by ProShares, Direxion and GraniteShares. It was all due to a reason that these products do not comply with he requirements by the “Exchange Act Section 6(b)(5), in particular, the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.

SEC Commissioner comes into play

Later on, the SEC Commissioner Hester Peirce tweeted that it was not the SEC commissioners who actually denied the ETF proposals, instead, they delegated that responsibility to SEC staff, namely, the Division of Trading and Markets. She wrote: “The Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here.”

And this was the decision which put the proposal into its next phase – comment phase. The SEC was waiting for the public to comment on this issue until November 5. To this day, the SEC has recieved more than 1,600 comments, reports CoinDesk.

VanEck optimistic about the outcome

VanEck from the beginning has expressed much optimism about the products potential despite the regulatory “rocks” in the way. Their director of digital asset strategy, Gabor Gurbacs said that the ETF approval is just around the corner.

“We are the closest that we can be. It is very clear to me that America wants a bitcoin ETF and we are here to build it. I say bitcoin is digital gold, and we should not dismiss a potential opportunity for the next financial system” he expressed during an interview on Fox Business.

Is such optimism healthy for you? I guess we will just have to sit back and wait the 27th of February to see for ourselves. 

Source:

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