Can the Bitcoin ETF also drive the market to rise? The last possible result of repeated delays is that the market is “numb”

According to an official document from the Securities and Exchange Commission (SEC), the SEC postponed a decision on the VanEck Bitcoin ETF proposal.

The SEC added 35 days to gather more information and opinions about the Bitcoin ETF application originally submitted by the Chicago Board Options Exchange (CBOE) last year.

In January of this year, CBOE withdrew the application, aiming to modify some of the rules. At that time, the US government was in a closed state and the SEC’s operational capability was also reduced. CBOE resubmitted the application on January 31 after the revision, at which time the US government closed the door.

In the document released today, the SEC listed 14 questions for the bitcoin ETF to solicit public comments, with the aim of using the answers and arguments provided to help them make decisions. These issues specifically address the protection of investors and the public from fraud and similar exploitation. According to this document:


The Commission initiated an action to allow for an analysis of the consistency of this proposed rule change with Section 6(b)(5), which requires a national stock exchange rule to “prevent fraud and manipulation of conduct and practices and promote fairness” And the principles of fair trade” and “protecting investors and the public interest.”

The Chicago Board Options Exchange (CBOE) initially filed an application for a change of rules with the SEC on February 15th, setting a 45-day approval period. Since then, the decision has been postponed twice.

It is worth noting that the SEC has previously postponed the decision to update the Securities Act. The proposal will allow Bitcoin EFT to trade on the Chicago Board Options Exchange (CBOE).

CBOE initially submitted an application to amend the rules to the SEC on February 15th, setting a 45-day approval period. Since then, the SEC has twice postponed a decision on whether to approve.

Although repeatedly postponed, Van Eck Digital Asset Strategy Director Gabor Gurbacs said on Twitter.“We continue to work hard to get a better regulated, safer and more liquid digital asset market. Bitcoin is too big to ignore.”

Jake Chervinsky, a US law enforcement defense and securities litigation attorney, said that, as expected, the SEC postponed the ruling on the VanEck Bitcoin ETF proposal. The new deadline is August 19. The SEC may postpone again until the deadline of October 18.

As early as May 20th, Jake Chervinsky made 18 consecutive tweets to comment on the VanEck ETF approval results. Jake put forward several reasons to argue that if the SEC did not postpone the ETF, the disapproval may be greater than the possible reasons, specifically:

1. The SEC will not approve the first Bitcoin ETF before the final time limit allowed by law, and the final deadline for the VanEck ETF is October 18;

2. The market status does not support early approval. Bitcoin has been volatile recently, and investigations into fraud and manipulation are also increasing (such as Bitfinex). In this case, the SEC has no reason or motivation to stand up to support Bitcoin;

3. The SEC cited several reasons for opposing Bitcoin when deferring the Bitwise ETF. These reasons apply to the entire Bitcoin market structure and therefore to the VanEck ETF.

Jake thought at the time that the delay was the most likely outcome. VanEck should have the opportunity to explain the SEC’s objections like Bitwise, and he believes that VanEck’s proposal is entirely worthy of SEC consideration.

An exchange-traded fund (ETF) is a security that is valued as a percentage of the underlying asset, making it functionally similar to traditional stocks. Some insiders believe that these funds are a step toward large-scale adoption of cryptocurrencies, and also a sign that cryptocurrency is maturing as an asset.

In addition, it is worth noting that the cryptocurrency market has been “numb” for the delay of the Bitcoin ETF. Compared to the past, the price of cryptocurrency such as Bitcoin has been less and less affected by the delay of the ETF. According to QKL123 market data, at the time of publication, the price of Bitcoin was $7,889, a decrease of 0.36% in 24 hours.

Source: Adapted from Babbit Ventures


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