The Securities and Exchange Commission of the United States, the main regulator of financial markets in the United States (SEC), postpones the decision on the Bitcoin Exchange Traded Fund, until September 30, according to an official document published by the SEC on August 7.
Cboe Golabal Markets had applied for a license to operate a Bitcoin ETF last July, with high expectations due to the first comments in favor received through the SEC’s official website.
ETFs are securities that track a basket of assets represented proportionally in the fund’s shares. Some consider that they constitute a possible step forward for the massive adoption of cryptocurrencies as a regulated and passive investment instrument.
The fund in question is driven by investment firm VanEck and financial services company SolidX, and is expected to be listed on the Chicago Board of Exchange (CBOE) BZX Equities Exchange. The SEC now has almost two more months to consider a rule change proposed by CBOE Global Markets Inc. that would allow the fund to list.
Today’s notification indicates that the SEC has received more than 1,300 comments on the proposed change in the trading and trading rules of the SolidX BTC shares issued by VanEck SolidX Bitcoin Trust. According to the document, within 45 days after the presentation of a rule change proposal, or within 90 days if the Commission deems it necessary, the Commission will approve, disapprove or extend the period of consideration. The document says:
“Accordingly, the Commission, in accordance with Section 19 (b) (2) of the Act, 6 designates September 30, 2018 as the date on which the Commission will approve or disapprove, or initiate procedures to determine whether to disapprove. , the proposed rule change (File No. SRCboeBZX-2018-040) “.
VanEck and SolidX announced for the first time the Bitcoin ETF with physical support on June 6. According to the SEC file, the price of each share of the VanEck SolidX Bitcoin Trust is set at $ 200,000. SolidX CEO Daniel H. Gallancy told CNBC that the high price reflects the fund’s intention to focus on institutional investors, rather than retailers.
Last month, the SEC delayed its decision on the investment firm Direxion’s request for a Bitcoin ETF until September 21. The regulator also rejected an appeal by Bats BZX Exchange, Inc. (BZX) to quote and negotiate Winklevoss shares. Bitcoin Trust, originally presented in 2016.
The agency cited the largely unregulated nature of the Bitcoin markets as the main reason for rejecting the application, stating: “When the spot market is not regulated, there must be significant regulated derivatives markets related to the underlying asset with the market. that the Exchange may enter into a shared surveillance agreement. “
According to the portal CoinMarketCap, the price of Bitcoin fell below $ 7,000 dollars, standing at the time of writing at $ 6,773. And the market capitalization below 6 billion dollars. This happens after the cryptocurrency market conducted a rally of approximately two weeks of growth, which involved a 30% rise in the value of Bitcoin.
After a solid growth that exceeded $ 7,000, Bitcoin (BTC) experienced a loss of about $ 500 in six hours. All ten major cryptocurrencies other than Tether (USDT) are in red, according to Coin360. BTC is trading around $ 6,598 at the close of this edition, falling 5.29 percent on the last day and reaching a new weekly low. This decline comes after today’s news that the US Securities and Exchange Commission (SEC) postponed its decision on the trading and trading of a Bitcoin-traded fund (ETF) until the end of September.
Similarly, Ethereum (ETH) is suffering a fall, having lost about 6.64 percent in the last 24 hours. The second largest cryptocurrency quotes at $ 377 at the time of publication, also reaching a new weekly minimum. During the month, the price of the ETH has fallen by 23 percent.
The first ten altcoins are firmly in red, moving down from 4 to almost 12 percent. IOTA and Ripple (XRP) show the most significant losses, falling by 8.52 and 11.46 percent respectively, followed by Litecoin (LTC) with a loss of 8.5 percent on the day.
Among the twenty most sold currencies by stock market capitalization, Ethereum Classic (ETC) has been the most affected, losing more than 13 percent in the last 24 hours, and trading at 17.02 dollars at the close of this edition. Today, August 7, the crypto exchange Coinbase added support for ETC on its Coinbase Pro platform. The crypto trading platform without commission Robinhood also listed ETC.
The total market capitalization of all cryptocurrencies is $ 236.7 billion, down almost $ 15 billion over the 24-hour period.
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