Tomorrow is decision day for the next Bitcoin ETF
The final date for the SEC to either approve or deny is Thursday, August 23rd.
There is no pushing the deadline back on this one from ProShares as it has already been pushed back several times.
Here we are again, on the eve of another SEC ruling related to a bitcoin ETF.
More about it can be seen here:
https://www.coindesk.com/sec-faces-thursday-deadline-for-proshares-bitcoin-etf-decision/
Like every single one before this one, I expect it to be denied.
This has been the theme from the SEC dating back to 2013 when bitcoin ETFs were first brought up.
However, this one does have something many of the others have not...
This latest application from ProShares was first introduced back in December of 2017 and it is attached to the bitcoin futures markets.
A very important thing when it comes to whether the SEC will approve or not.
Previous applications did not have a working futures market to be based off of or they were based off the spot markets.
The futures markets are heavily regulated by regulatory bodies the SEC knows and trusts.
Which means that the SEC should, in theory, be much more comfortable approving a product that is based off a regulated market.
Given all of that, the SEC likely will still not approve.
The SEC wants to wait and gather more data on exactly how bitcoin is traded. Who the big movers and shakers are. Basically, it wants to learn how the spot prices could be manipulated.
The fact that spot markets are not regulated, and the ETF would be based off of futures contracts that are based off of spot markets, would likely still pose a problem for them.
If this ETF were to somehow be approved the reaction by the markets would likely be somewhat muted compared to that of a physically backed bitcoin ETF being approved.
But, it would be bullish never the less.
After this one there are also several other notable bitcoin applications that are set to be ruled on within the next month:
(Source: https://twitter.com/cryptomanran/status/1031998702620213249)
The clock is ticking, the SEC is set to rule within the next 24 hours on the ProShares application.
Stay informed my friends.
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These smaller ETFs will keep getting rejected until the big boys of Wall St come aboard!!!
Possibly. The VanEck/CBOE one is the big one. Though it looks like the recent rejections are now under review. Finally some good news:
https://www.reuters.com/article/us-bitcoin-etf/sec-to-review-decision-rejecting-bitcoin-etfs-idUSKCN1L82LB
Come on SEC; get on the BTC bandwagon 🎠
Perhaps an ETN will have to be created?!
Hi,
lets see what will happen. Would be awesome to see a GO for a Bitcoin ETF.
Upvote, Resteem and Follow 4 U!
Best regards
@rich.art.deluxe
Yes it would be nice to see a "go". I think we see one as soon as early 2019. Not sure about before that though.
I think same you but hope dies last, right?
Haha yes it does. The good news is that if one does get approved before then, it is not being priced in by the markets at all.
True. Could become an epic moment! 🍀 🍀 🍀
Well that was fast, SEC ruled on it already. Rejected.
https://www.coindesk.com/sec-rejects-7-bitcoin-etf-proposals/
And we wait some more.
Hmm thanks for the update, I will keep an eye on it. I don't think they will approve it either, but we can hope.
On the flip side, when it gets rejected, it shouldn't cause too much of a price reaction since no one really expects it to be approved anyways.
yeah it had much effect, it feels like BTC bottoms out at 6k-6.5k (not the alts)
I hope so. This is either the bottom or it has another cascade left in it. I am hoping this is the bottom.
looking at the top 20, I truly think they are still majorly overvalued, I wouldn't be surprised if we went down another 10-30% from this point.
Yea I mean it is pretty tough to put a valuation on any of this stuff as far as over valued or under valued. The projects that don't even have a working blockchain or use case yet but are worth $100's of millions or billions seems a bit extreme though.
Agree, blockchains requires a different look on valuation or perhaps a combination of currency and company valuation. Earnings + circulation of the crypto coin.
Bitcoin has not received EFT approval by SEC
Yes I saw that. They made the ruling about an hour or so after I wrote my post. They didn't wait long did they?!
Great post @jrcornel all we can do is wait and see, thanks for sharing the info. upped and resteemed!😀👍✌
Looks like the SEC ruled shortly after my post. Rejected some 9 ETF proposals.
Kinda figured that would happen...😒
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Another rejection it was on cards already but great to see that market didn't not dumped too much
Since no more people joining the market, so didn't dumped again