Should the SEC give the trading of SolidX Bitcoin shares the nod, it's regarded as a notable step forward in mainstream acceptance of cryptocurrencies, although there's still clearly a lot of road ahead.
Adoption is key to the longevity of cryptocurrency, and the SEC knows that the decision shouldn't be made swiftly.
Following the SEC's latest decision to reject the proposed rule change for a bitcoin ETF, SEC Commissioner Hester Peirce voiced her opinion in an interview with Cnbc on Wednesday. A second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list their ETF was recently rejected by the SEC.
After the first announcement that a Bitcoin Exchange Traded Fund is possible, many crypto enthusiasts and market analysts stated that Bitcoin (BTC) would surge if the cryptocurrency ETFs would become a reality. The SEC received more than 1,300 comments on the proposed rule change as of August 6, it said. The presentation also claims that existing bitcoin investments do not provide investors with sufficient protection, naming GBTC and XBT Provider as examples.
Responding to concerns relating to custody, VanEck pointed that its ETF will not invest in physically settled bitcoin contracts, however, it could participate with market players to decide on a solution to satisfy direct custody requirements.
For the Bitcoin bulls, the only good news on the day was that sub-$6,000 levels were avoided, with Bitcoin also managing to avoid striking a new swing low, a comfort that numerous other major cryptos were unable to enjoy. He also predicted that it may be a "long time until an ETF is approved".
Airliner stolen from Seattle-Tacoma airport crashes
Two military F-15s were scrambled to chase the stolen plane , but local officials said the jets "were not involved in the crash ". Mr Troyer said that he is working with Federal Bureau of Investigation and military personnel as they investigate what happened.
ETF's are seen as a way for institutional investors to get into cryptocurrency investing in a safer way than buying bitcoin on a crypto-asset exchange. This ETF is the only "physical" ETF which is now being analyzed by the regulatory agency. Additionally, the top 20 cryptocurrencies by market cap have shown massive losses in the last day and a half, losing more than 14% of their value in that time.
One commissioner, Hester Peirce, dissented from that decision, later telling CoinDesk in an interview that the move to block a bitcoin ETF is a disservice to both investors and innovators.
What do you think of the SEC postponing its decision on Vaneck/Solidx bitcoin ETF?
The SEC's official note on the decision delay can be found here.
But the idea of an ETF is not ruled out and, though its having one of its worse days in recent months, Bitcoin lives to see another day.