SEC considered instituting proceedings for Bitcoin ETF proposed rule change




 
proceedings for Bitcoin ETF approval by sec
 
There’s this general believe that Bitcoin ETF approval by SEC will trigger the next Crypto bull run due to institutional money entering the mainstream, and its getting closer as the SEC’s stated in their latest announcement pertaining to the BTC ETF possible approval or disapproval, by accepting instituting proceedings to determine proposed rule change” filed by CBOE BZX Equities Exchange.

 
Read - What’s up with cryptocurrency in July and August 2018?
 
According to the US. Securities and Exchange Commission (SEC) pursuant in section 19(b)(2)(B) of the Act, 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 made by Chicago Board Option Exchange (CBOE) – (file no. SR-CboeBZX – 2018 – 040), for approving Bitcoin Exchange Traded Fund (ETF), which is superior to the previous Bitcoin ETFs proposals such as Cameron and Tyler Winkevoss which was disapproved twice, ProShare, and the rest of them.
 
Read - Bitcoin ETF rejection by SEC in 2018
 
The good news that the US. Securities and Exchange Commission (SEC) announced on 20/09/2018 that it has published an “order instituting proceedings to determine whether to approve or disapprove a proposed rule change” filed by CBOE BZX Equities Exchange. Upon approval, CBOE would be able to list the Bitcoin ETF by money management firm – VanEck and crypto startup SolidX. VanEck and SolidX would then be given the green light to create a BTC, in which SolidX can list shares from.
 




Pursuant to Section 19(b)(2)(B) of the Act,30 the commission is proving notice of the ground for disapproval under consideration. The commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities be “designated to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,” and “to protect investors and the public interest.”

The US. SEC has also made it clear that there’s no definite answer or results that has been set for the ETF, and that SEC is reaching for more comments towards the interested party on the proposal, as quoted below:


Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved, rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
 

Perhaps, on Sept. 20, 2018 the SEC requested for more comments on its decision on the listing and trading of a Bitcoin (BTC) exchange-traded fund (ETF) created by New York-based firms VanEck and SolidX, which SEC (regulator) decision was consequentially postponed. However, the VanEck/SolidX ETF has a greater chance than the nine ETF that was temporarily rejected by the United State Securities and Exchange Commission (SEC), given the fact that the SEC has requested another round of comments after receiving more than 1,300 letters in previous months, suggesting that the agency is still uncertain about the state of the cryptocurrencies market.
 
The SEC has till February to come up with decision on the Btcoin ETF, after already delayed making a decision on the matter once, and can potentially delay making a final decision until February under existing regulations.




My advice to you is that if you’re like most of those who probably want nothing to do with cryptocurrencies, this could be that biggest mistake of your life, because while you think the crypto is dead or the next big scam, the “smart money” guys on the world street are frantically loading up on as much Bitcoin as they can get their hands on.

Don’t forget that John MacAfee (creator of McAfee antivirus and controversial crypto advocate) in 2017, predicted the price of Bitcoin to hit $7,000 by the end of year 2017, which was well surpassed up to $19500, and he is still standing by his %1 million Bitcoin price prediction by 2020. He also predicted that Bitcoin will continue to grow and the U.S. dollar and other fiat currencies will devalue.

The same Bitcoin that was half a cent in 2009, and it highest price was $1,149 in 2013 and $19,500 in 20117, and now $6709 as at the written of this article. Once the U.S Government issues this shocking statement, they’ll release a wealth explosion like we’ve never seen before. And estimation of $5.1 trillion windfall of institutional money that could send Bitcoin straight to $100,000 within a matter of weeks, upon BTC ETF approval, lately early 2019.





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