News

$20 Billion Pulled Out Of The Market As Decision On ETF Gets Postponed

The decision of the United States Exchange Commission to postpone ETF decision to September affected the price of Bitcoin, as cryptocurrencies, in general, lost over $20 billion.

SEC Rule Changes

The Bitcoin ETFs will take longer to arrive, thanks in no small measure to the decision of the United States Securities Exchange Commission to postpone the ruling on CBOE to the 30th of September. In the document presented by the exchange commission, the CBOE BZX Exchange filed for Bitcoin ETF on June 2, 2018.
The decision to extend the date was not decided at a tea party but was carefully deliberated on by the regulatory agency, after they received more than 1300 comments on the proposal.
A top executive of the commission, who is the assistant secretary, expatiated on the reason why the commission took the step it did saying, “section 19(b)(2) of the Act5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The Commission is extending this 45-day time period.”

Crypto Space Reacts

Crypto enthusiasts and investors took the opportunity to voice their opinion about the matter with all the major players in the industry also not being left out. Though everyone had a different view, it was all pointing to a single thing. They are all of the opinion that they saw it coming from the regulatory agency and that, it did not surprise them at all.
American lawyer and a crypto fan, Jake Chervinsky also mentioned the possibility of a further date shift till December.
The managing director of crypto-to-crypto derivatives, Marouane Garcon in his own words said that the market is still quite stable and most investors are still optimistic about the future of Bitcoin. Though decision like this from the commission might try to sway them a little bit, the overall belief is still positive.
Meanwhile, Canadian wealth management firm Canaccord said that the exchange commission could unilaterality extend the decision of CBOE Bitcoin ETF till March 2019. Their view was expressed in their article titled “Blockchain and Digital Assets: US Equity Research.”
It is not yet known when the exchange will decide on the lingering topic, but it undoubtedly will affect the crypto space.

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