Home / Crypto Currency / US SEC Postpones Decision on VanEck/SolidX Bitcoin ETF to September

US SEC Postpones Decision on VanEck/SolidX Bitcoin ETF to September


Advertisement

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the VanEck/SolidX Bitcoin ETF until September 30, 2018, according to an official document released by the Commission.

This notice comes some days after Van Eck sent a 13-page report to the SEC where it addressed concerns cited as reasons for rejecting a similar ETF floated by both companies last year.

The VanEck/SolidX Bitcoin ETF proposal was filed with the SEC in June. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and it was primarily touted to get approval due to the tremendous interest it generated in the community and the announcement by the SEC that it had received over 1,300 comments on the proposed rule change.

In the notice published online, the SEC announced its desire to push back its decision on the Bitcoin ETF floated by VanECK and SolidX. The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

While the Commission has chosen September 30, 2018, as the date for making its decision on the proposed rule change, it still has the power to extend it further if it feels it requires more time. According to the Exchange Act, the SEC can extend its decision by 240 days from the date published in the Federal Register.

This is not the first time the SEC is on pushing back on its decision regarding an ETF. Last month, the agency used its statutory powers to postpone the decision on the Direxion Investments filing until September 2018.

The Commission also declined the proposed rule change to list and trade shares of the Winklevoss Bitcoin Trust on the Bats BZX Exchange in late July, which was met with criticism by SEC commissioner Hester M. Price who argued that the proposed rule change, did abide by the statutory standards.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Which Cryptocurrencies Will Survive The Altcoin Apocalypse?

With the massive crypto market rout that has occurred in ‘red August’ many are now talking of an altcoin extinction which could spell the demise for the majority of them. Which ones are likely to survive is the key question. Most of the altcoins have dropped way below their price levels this time last year and are 80-90% down from their all-time highs. This has led many to surmise that it could be game over for many of them. According to Ted Rogers, the president of crypto wallet provider Xapo, this extinction level event could wipe out 90% of the altcoins; We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin — Ted Rogers (@tedmrogers) August 14, 2018 This sentiment has been echoed by Ethereum founder Vitalik Buterin when he famously said that most of the coins on Coinmarketcap will go to zero back in October before the big run up. Buterin’s comments were aimed more at low quality alts, or ‘shitcoins’ as they’re commonly known in the trade. Rogers, however, believes that only Bitcoin is the king and now is the best time to buy it. He may be onto something since Bitcoin’s market dominance has increased to 53.7%, its highest level this year. Surviving the Extinction If there is merit to these words, which altcoins will survive? To find out we need to look back to the ones that have survived such market drops in the past. These are most likely to survive this slump and possibly grow stronger in the future. Going back to 2013/14 is an almost mirror image of the current market situation with a huge pump at the end of the year and a massive dump throughout 2014 when markets shed 80% before recovering again in 2015. Total Market Capitalization 2013-14 Looking back at altcoins in 2014 we can see Litecoin as the second most popular cryptocurrency, priced at just $9. Also in the top twenty altcoins back then were XRP, Dash, Nxt, Dogecoin, Bytecoin, Maidsafe, and Monero with a few others. The rest have faded into obscurity so it is likely that these few will survive the current market depression. More recently there were a couple of smaller jumps and drops in 2016. Altcoins around back then include Ethereum which has taken and held the second spot as it is now the platform of choice for 90% of blockchain startups. Also in the top twenty were the same coins as in 2014 plus Nem, Lisk, DigixDAO, Waves, Steem, Siacoin and Stellar. This is not to say that they will definitely be around next year but they have a better chance than some of the newcomers simply because they have weathered these storms before. A Working Product or System Another factor to consider is whether a project has a working product or is just still a concept or work in progress. This could be fodder for extinction as non-operational altcoins are weeded out in favor of ones that actually have something on the table or have made significant partnerships. Looking at today’s top ten Cardano is the worst performing altcoin dropping 93% from its all-time high. It does not yet have a fully working product and is largely conceptual though the roadmap does look busy, whether this is enough to avoid extinction remains to be seen. EOS is similar with no real functioning product and a massive slide of 80% since the hyped pump it had in April. Iota also seems ahead of its time and has lost over 90% since its ATH, and then there is Tron which must be the most overhyped altcoin in the list that still doesn’t really do anything yet. There are too many to mention, 1845 on Coinmarketcap in fact, and this article is largely hypothetical but if such an apocalypse is to occur, only those that have survived the test of time and have some degree of product functionality have the best chances of surviving again. Image from Shutterstock The post Which Cryptocurrencies Will Survive The Altcoin Apocalypse? appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.