The U.S Securities and Exchange Commission (SEC) has delayed the decision regarding approval of bitcoin-related exchange-traded funds (ETF’s) until September. According to the latest edition of the Federal Register, SEC explained that it is postponing any decision over the possible approval of ETF proposals.
The SEC states:”The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.”The SEC further added that it only received two comments on the proposed ETFs.
CNBC reported that, that while crypto community largely seems excited at the prospect of a bitcoin ETF, any approval would not be a sane proposition. Atlantis Asset Management chief investment strategist Michael Cohn said “Then they’re putting a rubber stamp on it as an asset, and I don’t think governments want to go there yet. It just seems as though it’s not something I’d want to put my clients into in any way, shape or form. You can only be embarrassed,” he added.
Interestingly, none of the ETF proposals have been postponed from VanEck and SolidX, which are currently under discussion in the wider crypto community. More than 100 suggestions have been submitted for the proposal, and a decision may occur soon as next month.
