SEC Postpones Direxion’s Bitcoin ETF Decision To September
Commission on US Securities and Exchange Commission The (SEC) postponed its decision on five exchange-traded funds (ETFs) pegged to bitcoin until September, CoinDesk writes, citing published documents.
In the latest edition of the Federal Register of the US Federal Government, the SEC clarified that it is postponing the decision on the applications of Direxion Investments, which describe instruments directly linked to the rate of bitcoin and other cryptocurrencies.
“The Commission deemed it appropriate to extend the period during which it could decide whether to approve or disapprove of the proposed rule change, so that it would have sufficient time to consider the proposed rule change. Thus, the Commission sets September 21, 2018 as the date by which the Commission will either approve or not approve the proposed rule change, “the publication says..
The SEC also noted that it received only two comments regarding these ETFs..
While the cryptocurrency community has high hopes for the SEC’s maneuver, Atlantis Asset Management’s chief investment strategist, Michael Cohn, told CNBC today that the approval of these applications seems “unthinkable”.
“They will put a stamp that will mean the recognition of cryptocurrencies as an asset class, and I do not think that regulators are ready for this. It does not seem to me that this is something in which I would like to invest my clients’ money in any form or form, ”he said.
It is noteworthy that the actively discussed applications of VanEck and SolidX were not mentioned in the SEC’s statement on the revision of the ETF review deadlines. They received more than 100 comments, and a decision on them may be taken as early as next month. According to information from ZeroHedge sources, the decision “almost certainly” will be positive, but it can also be made a little later than the stated deadlines..
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