The three Bitcoin ETF proposals were again postponed by the SEC on August 12. According to US law, the final decision on these instruments will be made in October
The SEC is currently considering proposals by VanEck / SolidX, Bitwise and Wilshire Phoenix.
“The Commission considers that it is appropriate to designate a longer period in which to issue an order approving or rejecting the proposed amendment”,
is shown in a summary common to all three Bitcoin ETF proposals.
ETFs are financial instruments dedicated to institutional investors, which allow them to expose themselves to the price of Bitcoin without buying the cryptocurrency itself. So far, the SEC has refused to allow the issuance of ETFs, although representatives of the regulator have informally stated that they will be open to a Bitcoin-based product or even Ethereum.
BTC ETF is a “public interest service”
Gabor Gurbacs, the director of VanEck, has had a positive attitude in recent months regarding his company’s proposal:
“A physically insured, liquid Bitcoin ETF can serve the public interest. Before! “
he wrote on Twitter.
The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC until October 18, 2019 at which point the SEC must either approve or disapprove the proposal. A physical, liquid, insured Bitcoin ETF may serve the public interest. Onwards! ?Source: https://t.co/QsEYfp6liR pic.twitter.com/4CDNPslFxn
– Gabor Gurbacs (@gaborgurbacs) August 12, 2019
In general, analysts believe that such a tool would significantly increase Bitcoin adoption. But others have expressed concern about the diversion of the general purpose of cryptocurrencies.
For example, Ethereum co-founder Vitalik Buterin argued last year that this topic is too much discussed because of its importance:
“I think too much emphasis is placed on BTC / ETH / any ETFs rather than prioritizing developments that will facilitate the purchase of $ 5 or $ 100 crypto with the card at corner stores,”
“The first topic is better for pumping the price, but the second is much better for effective adoption.”