SEC Postpones CBOE Bitcoin ETF Decision to September End, Bitcoin Corrects Further

It’s looks like the SEC is in no mood to fall for the euphoria in the crypto community regarding the arrival of CBOE Bitcoin ETF. On Tuesday, August 7, the agency released a two-page document saying that it is extending its time-period of the verdict by another 45 days, which now means that the fate of CBOE Bitcoin ETF shall be decided till the 30th of September next month.

CBOE had filed for the Bitcoin ETF last month, through the VanEck SolidX Bitcoin Trust - a joint venture between financial firms VanEck and SolidX. However, the SEC in its latest document notes that the Federal Register shows the application of rule change on July 2, 2018. Till now the agency has received more than 1300 comments on this.

In the official document, SEC notes: “Section 19(b)(2) of the Act5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The Commission is extending this 45-day time period.”

Well, needless to say, Bitcoin and the overall market has reacted to this as there is a sharp decline in the price of Bitcoin in the last 24-hours. As per the data on WorldCoinIndex, Bitcoin has corrected by more than 5% in the last 24-hours of its trading and is currently seen trading around $6600 levels.