Bitcoin enthusiast were full of fate that the next approval date for listing of a bitcoin futures ETF( Exchange Traded Fund) is drawing closer by August 16th, 2018 after that the Security and Exchange Commission rejected the ETF request of the Winklevoss twins Cameron and Tyler ZyCrypto Reported last month although that the reasons for the rejection was stated as manipulative nature of the market, need to guide investors and that majority of bitcoin transactions are not done within the United States.
That gave bitcoin users hope that at least the CBOE BZX Exchange application would be listed this month before it was announced some hours ago that the decision on the application would be taking by Sept 30th, 2018.
The postponement has thrown the price of bitcoin to depreciate a little as there was hope that the listing of bitcoin ETF could increase its value by more than 500% in few years.
Although SEC admitted receiving more than 1300 comments with regards to the adjustment in the rule, that will made CBOE BZX Exchange Traded Funds to be approved, hence in a memo, the Commission made it clear that such delay in making the critical decision is “essential.”
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 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 (File No. SRCboeBZX-2018-040).”
It must be noted that there are possibilities that the decision could be taking prior to the given that but many bitcoin investors are not happy with the delay in the decision since they would have been happier if the issue is settled this month so that more institutional investors could be attracted to the market.
The advantages of Exchange-Traded Funds, or ETFs, is that bitcoins will be saved in cold wallets and the issue of hacking eliminated, the investors had nothing to worry about and the coin will be traded like other stocks.