SEC pushes BTC ETF decision to September 30th, markets dip

07 Aug, 2018
by David Borman
SEC pushes BTC ETF decision to September 30th, markets dip

Today the Securities and Exchange Comission published a statement announcing the delay of a decision for a proposed rule change to allow for the listing of a bitcoin ETF by the VanEck SolidX Bitcoin Trust. The new date for the decision is September 30th.

After last weeks rejection of the Winklevoss BTC ETF, the SEC has perhaps not unexpectedly delayed the decision on a proposed rule change which would pave the way for the first ETF of its kind. The proposal was originally published for comment on July 2nd, and according to the statement, "As of August 6, 2018, the Commission has received more than 1,300 comments on the proposed rule change."

It goes on to declare, "The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change." The SEC has used its power to extend these types of decisions in the past, so the move is perhaps not surprising.

The markets responded almost immediately, taking a downward turn across most major coins and pushing the total crypto market cap down to just under $249 billion.

BTCUSD at the time of this article:

BTC chart

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