THELOGICALINDIAN - There was a blink of achievement that the VanEck Bitcoin ETF would accomplish history accepting SEC approval Alas that can got kicked bottomward the alley afresh until Aug 19 and the SEC wants its questions answered
VanEck Bitcoin ETF Decision Delayed as Expected
To be fair, it was a appealing aerial optimism that the VanEck Bitcoin EFT accommodation would be the aboriginal to be accustomed by the SEC. Appealing abundant the absolute association was assured it to be delayed. Industry-known advocate Jake Chervinsky tweeted out on Sunday night how basal affairs of approval were:
But again the Bitwise ETF angle got delayed and there was no account on VanEck. People started to catechism what it meant.
After all, this was not archetypal behavior from the SEC. All delays are usually arranged together. Moreover, SEC Commissioner Hester Pierce (fondly accepted as ‘Crypto Mom’) was speaking at Consensus, and above industry players appear their access in the market. Could it beggarly the time was assuredly right?
Sadly not. It appears that it artlessly takes time for a agglomeration of bureaucrats in an appointment to blazon up a diffuse document. As Chervinsky stated:
However, there’s still some account for celebration. After all, a adjournment is not a denial. And this time around, the SEC is actively demography accomplish to bigger accept the attributes of what they’re regulating.
The SEC Has Questions for VanEck
The delayed accommodation has befuddled up a lot of questions–14 to be precise–that accept until mid-summer to be answered. Although, it’s absolutely added like 14 sections with sub-questions.
Check out the full document to see the admeasurement of the affair the SEC has over the VanEck Bitcoin ETF. There’s article like three or four added questions in anniversary section.
In summary? It appealing abundant all comes aback to the SEC’s fears of bazaar manipulation. In fact, the words ‘manipulation’ or ‘manipulative’ arise no beneath than 18 times throughout the document.
This seems to be the capital concern, forth with trading volumes and the applicable admeasurement of the market. The SEC additionally wants to apperceive how VanEck can be abiding that bitcoin OTC exchanges are abundantly adapted and transparent.
It additionally has apropos over whether broker-dealers may action apportioned shares to retail traders:
The Takeaway? SEC Still Suspicious of Bitcoin
The SEC is still apprehensive of Bitcoin. In particular, its vulnerability to bazaar manipulation. Whether these questions will accomplish approval or added questions and added delays is anybody’s guess. But the actuality that the chat is actuality is, at least, encouraging. As accepted (and as expected), we’ll accept to delay and see.
Will the SEC eventually accept a bitcoin ETF? Share your thoughts below!
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