Investors and traders inside and outside the crypto space have been on the edges of their seats waiting for the SEC decision on the VanEck SolidX Bitcoin Trust ETF on September 30.
The SEC has been dragging their feet in regards to ETF decisions and it has been the frustration of many in the not only the crypto space but the entire financial industry.
According to the SEC’s September 20th announcement, the Commission has “designated September 30, 2018, as the date by which it should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change”
The VanEck SolidX Bitcoin ETF has been highly anticipated by the crypto space for a while now. There seems to be more optimism surrounding the approval now than when previous decision dates loomed.
But while many feel that this proposal has a better chance of being accepted, VanEck isn’t worried either way. They have and admitted that they expected delays from the SEC and consider the odds of an ETF approval by the end of the year to be a long shot.
With another supposed decision possibly days away, the market has perhaps swelled a little because of the “buy the rumor” mentality. But we could have a “sell the news” as A decision could also be delayed again until February.
The decision looms during a tenuous period for the cryptocurrency market as the prices of most digital assets have fallen far from their all time highs and just after the SEC has filed charges against a Bitcoin securities dealer.
Many experts in the financial field think that the SEC will tell us that the market in not yet mature enough for the approval of an ETF. Some think the decision may be pushed back to February 2019, but others contend that the SEC may choose to completely decline the ETF.
