Three Bitcoin ETF decisions postponed by the SEC

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As expected, the United States Securities and Exchange Commission (SEC) has again postponed their decisions on proposals of an exchange-traded-fund(ETF). An ETF is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur. Most ETFs track an index, such as a stock index or bond index. ETFs may be attractive as investments because of their low costs, tax efficiency, and stock-like features.

Three asses managers have applied to the SEC to list their ETF:
– VanEck SolidX
– Bitwise Asset Management; and
– Wilshire Phoenix

The SEC has delayed their decisions to October 2019. 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.

These three ETF’s can fall in line with quite a few other delayed decisions and rejected ETF’s, such as the Gemini ETF by the Winklevoss twins.

An ETF is to believed one of the turning points in crypto adoption, since it would make trading against Bitcoin and other cryptocurrencies more accessible to normal market investors. It appears that the crypto-community has to hold its breath for a few months longer than expected.