Bitcoin ETF Verdict Delayed Again
According to a breaking report from CoinDesk, the verdict on the Bitcoin (BTC) exchange-traded fund (ETF) application from California-based crypto upstart Bitwise Asset Management has been delayed once again. In a document published Tuesday morning, the U.S. Securities and Exchange Commission (SEC), who presides over such products, revealed that it won’t be issuing a final verdict (approve or deny) just yet.
It appears that the SEC will need to issue its next comment on this crypto-backed investment vehicle in another 45 days or so.
This latest news was somewhat expected, as in March, a delay to May occurred. As reported by Ethereum World News, the SEC used its right to give itself another 45 days to discuss the proposals.
Interestingly, the regulatory entity has yet to comment on the proposal from VanEck and SolidX, which many investors believe has a higher chance of succeeding.
While this occurred, Bitwise still believes its proposal should be approved. In a comment made to CNBC earlier this year, Hunter Horsley remarked that cryptocurrencies as an asset class are in their “most viable” state ever. That led Horsley to his next point, as he remarked that considering the market conditions, a crypto-linked ETF could be the logical next step.
When questioned by the CNBC anchor regarding the SEC’s apparent fears of market manipulation, a byproduct of nascent, overseas-based markets, and custody, Horsley responded with confidence.
Interestingly, the SEC’s Hester Pierce is also bullish on a Bitcoin-backed ETF. According to Decrypt Media, the commissioner explained that “the time [for an ETF] was right a year ago”, adding that she is dismayed that regulators are hampering the adoption of this newfangled technology.
Some have been a bit skeptical of an ETF, however. Per previous reports from this outlet, Sam Ahn of Hana Trading released a six-page, nine-point tear down of Bitcoin and the proposed ETF product, which would open the floodgates to BTC. While Ahn’s points were drawn-out, a clear theme of anti-mining, Satoshi Nakamoto cynicism, and “BTC doesn’t have intrinsic value” was apparent. The investor remarked that not only is Satoshi’s magnum opus hard for him to process, but that the cryptocurrency isn’t like gold as in “a string of 64-digits, with about 17 leading zeroes” (hash) cannot be likened to a physical item used in electronics, jewelry, and as a value store.
Title Image Courtesy of Andre Francois Mckenzie Via Unsplash