The U.S. Securities and Exchange Commission (SEC) announced it is postponing the final decision on the Bitcoin ETF proposal.
The U.S. SEC has published an order on 7 August indicating that the agency needs more time to decide whether or not to approve the proposal on the first U.S. exchange-traded product – Bitcoin ETF. Surprisingly, the officials at the regulatory body have shared intentions compared to previous periods when they were doing their best to refuse such projects.
“Accordingly, the Commission … 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,” the agency commented.
The proposal to list Bitcoin ETF was submitted by CBOE, investment firm VanEck and crypto startup SolidX back in June. The project has received hundreds of positive comments from the crypto community, demonstrating that the crypto solution would become a new high-ranked feature.
Recently, the SEC has finished reviewing the Bitcoin ETF proposal submitted by famed crypto billionaires, Cameron and Tyler Winklevoss, who have already suffered a refusal last year after several commissioners disagreed with their initiative.
One of the officials, Hester Peirce, who opposed the project explained for media that Bitcoin ETF will create an unfavorable environment for both investors and innovators.
At the time of writing, Bitcoin (BTC) has a market cap of $ 112,230,836,297 and is traded at $ 6,526.13, down 8.24%, according to CoinMarketCap. With the highest adoption rate and being still the most revolutionary cryptocurrency in the world, Bitcoin continues to support many services regardless of the industry they are part of.