The SEC have once again continued their theme and stance on Bitcoin ETF’s, further delaying the decision on 3 in question. Bitwise, VanEck/SolidX and Wilshire Phoenix all have had their applications put on hold due to the SEC not being confident in the market not being subject to further manipulation. Due to the young nature of the Cryptocurrency market, and although it would seem to have lessened in recent times, the market is still rife with manipulation.
Until the SEC have full faith in this not occurring, delays and rejections are more than likely to contiue being the norm. Until we see the first approval, which may well lead to a significant number of the rest being given the green light.
Wilshire’s proposal will be next addressed at the end of September whilst the Bitwise and joint application from VanEck/SolidX will be in mid-October. Without tempting fate, it is highly unlikely that any of the applications will be granted due to the nature of the market currently. The SEC are looking for assurances that the manipulative nature of the market is no longer present – a factor that is almost impossible to prove any time soon.
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