United States securities regulator to decide on the fate of nine bitcoin ETFs

Bitcoin BTC Price ETF

Bitcoin's share of the entire cryptocurrency market is at its highest level this year and near where it was when the digital coin hit its highest price level in history.

The SEC has since said it would make final decisions on nine such proposals within the next two months, by September 30.

Earlier this month, legal expert Jake Chervinsky explained that the SEC has the regulatory freedom to push back the decision on the CBOE-backed Bitcoin ETF in early March 2019.

This ETF was proposed back in June 20, 2018. This proposed rule change was published for comment in the Federal Register on July 2.

The same report noted that the concept of an ETF goes against bitcoin creator Satoshi Nakamoto's original proposal to remove middlemen financial institutions that have the "inherent weakness" of the trust-based model, adding that the token therefore doesn't need one to maintain value. "A properly constructed physically-backed bitcoin ETF will be created to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin". Still that news only saw a 3-5% drop in Bitcoin price, while today's news seems to have a more profound effect. NYSE will provide institutional investors with access to a regulated crypto custodian by offering than with physically settled Bitcoin futures products. And interest in the virtual currency appears to have increased.

"The Commission is extending this 45-day time period".

As of August 6, 2018, the Commission has received more than 1,300 comments on the proposed rule change.

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The application was made by VanEck and Solid X and it comes after the SEC's recent rejection of a Bitcoin ETF application made by the Winklevoss twins, Tyler and Cameron. She believes that the part of the SEC is to consider the market for the ETF, not the underlying asset itself.

Within the last 24 hours, the crypto market has dropped nearly $20 billion.

Just as Fundstrat's Tom Lee assures the bitcoin community that the currency is "returning", the world's largest cryptocurrency by market cap incurred a massive fall and is trading for just over $6,300. Its market capitalization is $112 billion dollars.

There are still some analysts who are spinning the news optimistically, however.

The SEC's official note on the decision delay can be found here.

"It will take a long time before we see SEC approve ETFs".

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