Cryptocurrency and ICO news 21.09.2018
Another delay for Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on VanEck/Solid X backed exchange-traded fund (ETF).
The SEC has already received 1,400 letters of comment regarding the Van Eck/Solid X Bitcoin ETF proposal. The Commission is seeking more input from the public.
Despite the thousands of comments, the SEC feels it has not “[…] reached any conclusions with respect to any of the issues involved.”
Prospective commenters have 21 days respond after the SEC’s order is registered, and those offering a rebuttal have 35.
One of the key lines of inquiry involves the degree to which Bitcoin is manipulated in relation to other commodities, which are used to back ETFs.
The delay is not the first and the SEC has already shot down numerous ETF proposals, citing “market manipulation,” which legal expert Jake Chervinsky says is the “main concern.”