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The SEC’s decision means that an ETF will not be approved in the short-term, which could result in a cryptocurrency crash. This is because Bitcoin futures have been trading at $6K recently and crypto traders are betting on this price level to continue.
The “bitcoin etf decision date” is the date when the SEC will decide whether or not to approve VanEck’s Bitcoin ETF. The price of Bitcoin has fallen below $63K and it seems like this might be a sign that the SEC will reject the ETF.
The Securities and Exchange Commission, or SEC, has denied VanEck’s spot Bitcoin exchange-traded fund, months after the asset management filed its application.
The SEC denied a proposed rule change from the Cboe BZX Exchange to list and trade shares in VanEck’s Bitcoin (BTC) Trust, according to a Nov. 12 filing. The SEC said that any rule modification in support of the ETF approval would not be “intended to deter fraudulent and deceptive activities and practices,” nor would it “protect investors and the public interest.”
“The Commission determines that BZX has failed to meet its burden under the Exchange Act and the Commission’s Rules of Practice to establish that its proposal is compatible with Exchange Act Section,” the SEC stated, adding:
“A surveillance-sharing agreement with markets trading the underlying assets is required for an exchange listing a derivative securities product to have the ability to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules.”
Following its publication in the Federal Register on March 19, the regulatory body had a maximum of 240 days to approve or disapprove the offering, giving the SEC until Nov. 14 to make a judgment after extensions on April 28 and Sept. 8. Given the SEC’s past record of dismissing offers from financial companies with exposure to crypto, industry analysts like as Bloomberg senior ETF analyst Eric Balchunas put the chances of the VanEck fund being approved at less than 1%, a prediction that came true.
“[The SEC] addresses the paradox of not recognizing CME a regulated mkt of substantial size in spot rejection but accepting futures ETFs,” Balchunas added. “It’s a great argument, but the SEC doesn’t seem to care.” It’s not going to happen. Technical legality, in essence, triumphs over logic and reason.”
As the deadline for VanEck’s offering approaches, a report claims BlackRock has “no present intentions” to establish a crypto ETF.
The influence on Bitcoin’s price caused it to drop below $62,300 in the past hour before recovering to $62,976.
This story is developing and will be updated as more information becomes available.
The “novi or diem or f2 and crypto” is a problem that has been present for a while. The SEC rejected VanEck’s spot Bitcoin ETF as BTC price falls below $63K.
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