The SEC sent Bitcoin to scale the peak
The SEC has postponed a decision on bitcoin ETF funds instead of the expected verdict, on 16 August it will be announced by September 30. The Commission on securities and stock exchanges refers to the fact that it needed more time to think about the prospective change of the rules, the approval by the regulator which will make it possible to trade bitcoin etf at the Chicago Board of options exchange CBOE.
It is logical that the market is disappointed by this decision, or rather lack of it. Indeed, many waited for what the CBOE and in August will become the first ground, which will flood hundreds of millions of dollars from institutional investors, inspired by the opening of a new safe way to earn on cryptocurrencies.
Now the company VanEck and SolidX will expect more than fifteen months, to the point, while the SEC will announce its response and crypto-traders, most likely, will spend those six weeks with the continued flat dynamics on the market of cryptocurrencies, and Bitcoin value at around $5700-7500 per coin.
However strong optimistic expectations of the imminent launch of a Bitcoin ETF, and debate about what the SEC already “needs” to finally give investors a convenient tool, it is important to understand that this step will require the controller to go to serious risks, given what the rules ask you to give SEC cryptomeria wanting to run the stock bitcoin funds.
Pretty indicative of the fact that in recent times, the media actively promote the theme of an imminent launch of ETF, while mention some “rules” that need to be adjusted but the specifics about what kind of rules, no.
But nevertheless, in order to allow the sale of a new tool, the SEC needs to remove requirements that are intended to combat market manipulation. For example, the SEC is asked to remove the requirement that advisors and brokers should not share information about the portfolios of their companies and use insider information to increase the cost of funds.
CBOE, in its request to the SEC to make concessions, refers to the fact that bitcoin is not a commodity, and to manipulate its prices will require intervention at the level of the blockchain, also according to the CBOE the use of insider information is impossible in this market as the network of bitcoin is the distributed nature.
The desire of the SEC to consider and investigate these allegations are absolutely logical, even necessary.
“International Financial Center”