Commenting on the recent postponing of the SEC decision regarding the Bitcoin ETF for September 30th, 2018, Pisani added that "the SEC is likely not considering anything other a lengthy brief on why they will deny the ETF at that time, just as they denied the Winklevoss Bitcoin ETF last month".
The investment world is focused on what experts consider the best chance of an SEC-approved cryptocurrency ETF which he said was the SolidX bitcoin Shares ETF.
As of August 6, 2018, the Commission has received more than 1,300 comments on the proposed rule change.
Cryptocurrencies’ $600 billion crash hits a new low
VanEck first attempted to submit a bitcoin ETF back in March 2017, though this move was dismissed by the SEC nearly instantaneously due to lack of regulation. The agency can determine fate of the proposals 240 days after the publication.
This is VanEck's third attempt to push a bitcoin ETF through, having been rejected by the SEC twice previously.
Issues identified in [the SEC's previous] disapproval order have been resolved.The last asset we saw approved for ETF was copper and remember that copper has been around for more than 20,000 years. More news: Drake's Tour Bus Low-Key Gets Jacked, Goes Missing Ahead Of Migos Tour
Yesterday, Bitcoin was comfortably hovering around the $7,000.00 region, a region that seems to suggest investors were playing it cool, in anticipation for something big that could have accelerated the markets. The presentation lists as examples CME bitcoin futures, Cboe bitcoin futures, Ledgerx bitcoin swaps and options contracts, and Cantor Exchange self-certified bitcoin swaps contract.
Secondly, the product pricing has changed as the proposed trust will use OTC index for pricing and NAV.
In addition, there has been a "proliferation of information sharing agreements" that were not previously put in place in March previous year.More news: US senators ask Assange to testify in Russia probe
Arthur Hayes, co-founder of Bitmex, predicted in July that the Bitcoin (BTC) price should not have any trouble hitting the $50,000 mark by the end of 2018, arguing his forecast on the basis of Bitcoin ETFs approval. "Meanwhile, we note that other bitcoin-based securities (e.g., Bitcoin Tracker One) have been available for trading on regulated exchanges as early as May 2015 in Sweden, while north of the border, Canada is working towards its own bitcoin ETF product, the Evolve Bitcoin ETF".
What this means is that if VanEck-SolidX is attacked by hackers after SEC approves their ETF, then any loss suffered during the incident will be shouldered by the company while the investors' assets are insured. Check our tools section.More news: Dez Bryant interested in Browns but not ready to play yet