On August 10, 2018, the SEC will announce their decision to approve, deny or extend the time of decision making at the Cboe/VanEck/Solid x Bitcoin ETF.
The historic date quickly approaching, the excitement and turmoil about the details had been ramped up. Here are some contradictory or unclear story circulating about the proposed ETF.
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On July 24, CoinDesk reported the SEC's decision to delay a law Direxion's ETF Bitcoin proposal from January 2018. In the article, they cited Michael Cohn, head of investment strategy at Atlantis Asset Management.
"It would be crazy for them to actually be approved. Then they put a rubber stamp it as an asset, and I don't think the Government wants to go there again. "
While not a ringing endorsement for Bitcoin ETF, it is important to realize that this quote, given to CNBC, from January 8, 2018, about Direxion proposal. Much has changed since and Direxion ETFS are not the most attractive proposal.
CBOE different Proposals
Another confusing story circulating is the date of the decision of sec. While the documentation states that the SEC will decide on Cboe's Bitcoin ETF on September 15, 2018, it is important to note that it refers to CboeBZX-2018-001, which proposes to Register and trade stocks and ETFS Bitcoin GraniteShares GraniteShares ETF Bitcoin short.
This is different from the current proposal which Cboe has caught the attention of the world, accumulating 210 fintech public comment and injected a rush of euphoric optimism in crypto's biggest Bull.
The proposal, which everyone is anxiously awaiting the results, refer to CboeBZX-2018-040, who attempted to list and trade shares of SolidX stock Bitcoin (" " Fund) issued by VanEck SolidX Bitcoin Trust (the "trust" ) at the Exchange, Cboe .
CboeBZX-2018-040 was released on June 26, 2018. On page 53, this shows the expected decision to approve, reject, or extend the time of decision making within 45 days from the date of publication.
The partnership between SolidX and Cboe, VanEck is important to this proposal. SolidX is one of the few major institutions had previously been submitted to the SEC with a ETF Bitcoin while VanEck operates more than 70 ETFS and ETPs.
Together, the three companies offer a real chance to get approved first Bitcoin ETF.
To clarify again, this proposal Bitcoin ETFS, with the partnership of Cboe, SolidX and VanEck, is one that everyone should keep their eyes on. All other decisions are secondary to a set of potentially monumental to August 10.
However, while August 10, the earliest date possible to get Bitcoin ETF approved, lawyer Jake Chervinsky suggested ETF hopefuls expected final decisions further down the timeline.
Given that he's "can't imagine the SEC would approve the first ever ETF Bitcoin without taking all the time allowed by law, " Mr. Chervinsky expects the SEC to use all three 45, 90 and 60-day extension, setting the date of the last announcement somewhere between February 21 and March 4, 2019.
Despite all the hope and excitement, it seems that waiting for Bitcoin's the first ETF on.