The United States Securities and Exchange Commission (SEC) has held off from making any decision regarding the VanEck/SolidX bitcoin exchange traded-fund (ETF) proposal for now while asking for more input.
The regulatory body has asked for the public opinion on the matter regarding the issues that are associated with the crypto market and stand in the way of this proposal’s approval. In the official note released by the regulatory body, it is stated that:
The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act29 to determine whether the proposed rule change should be approved or disapproved. Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. 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.
The commission is looking for comments on 18 issues that are mentioned in the note released. These issues include topics of manipulation, arbitrage, criminal activities, bitcoin futures market etc.
All the comments made by the public will be posted without any change at all by the regulatory body. It is stated in the note that:
All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly
This move seems to imply that the SEC is seriously looking forward to go in depth with the analysis of this market. The fact that the regulatory body has not rejected this ETF proposal as of yet implies that it might even approve it. But even if the SEC approves this ETF, the time frame for this to happen still remains in question.
Talking to BlockPublisher regarding the approval of the proposal presented forward by VanEck/SolidX, one of the well-renowned personalities of the blockchain world and the board member of 9 Spokes, Thomas Power stated:
Too early to say but we’re getting closer I still 2019 as the approval year as 1999 was the year Dotcom took off and the market is tracking a 20 year cycle lag. Dotcom 1998 is Dotcoin 2018.
From the developments that are being made, it is implied that VanEck/SolidX’s ETF proposal possesses the strongest chance of getting an approval. Although it might take some time, but it can definitely happen. The approval of a bitcoin ETF will most likely prove to be game-changing for this asset class.
Talking to BlockPublisher, crypto analyst Eric Thies stated:
In terms of the ‘now’… it is my belief that the ETF doesn’t necessarily decide the future of the market, however it decides the role that BTC has in it. Alts and projects continue to grow every day. There’s demand. At some point, BTC will come to a point where it will either continue to be the market leader, or a new king comes to the thrown. An approval or denial of the ETF could possibly be that decision point.