SEC Countdown Now in Play on Two Bitcoin ETF Proposals


The Bitcoin ETF is back on the table after a partial government shutdown put a wrench in the spokes last month.

Not too long ago, we reported that the “VanEck SolidX” Bitcoin ETF proposal had been withdrawn, ostensibly because of concerns around federal agencies functioning well while being starved by the border wall dispute.

Now, with the government open, Cointelegraph is reporting that the original party proposing the ETF, the Chicago Board Options Exchange, has re-opened its bid as of Feb. 20.

In addition, William Suberg reports today, a prior proposal from NYSE to list and trade shares of Bitwise Bitcoin ETF Trust was opened Feb. 15.

The SEC has 90 days to rule on either of these proposals under a delay rule built into the regulatory process. An “unpublished notice” available to the public talks in depth about the purpose of the proposal, in which a trsut is set up to administrate the ETF fund.

“As Cointelegraph previously reported,” Suberg writes, “the same approval process has in fact led to several lengthy delays on SEC decisions. CBOE and NYSE Arca are some of the firms that have persisted, despite the raft of rejections experienced by other operators beginning in March 2017.”

A Bitcoin ETF, as we have often said, could be a big mover for Bitcoin and crypto markets. Giving smaller investors the ability to hop in and out of Bitcoin positions really complements other new realities; for instance, the ubiquity of Bitcoin ATM machines around American cities. That’s what many enthusiasts are really talking about when they cal 2019 “the year of crypto” – they understand that with a certain critical mass, we are all likely to be carrying around Bitcoins in digital wallets, the way we now carry our credit and debit cards.

In this context, it makes sense to predict a Bitcoin ETF.

“As the industry matures, conditions are ripening for a Bitcoin-based exchange traded fund, or ETF,” wrote Robert Hackett Jan. 15 in Fortune. “ Cooler heads are prevailing among retail investors, post-bubble. Bakkt, a financial firm brought to you by the folks behind the New York Stock Exchange, is preparing for the debut of a physically settled Bitcoin futures market, improving liquidity. At least one SEC commissioner, Hester Pierce, has agitated to green-light a Bitcoin ETF. Speaking of which, keep an eye on next month’s decision regarding VanEck’s application.”

Look for a  Bitcoin ETF to become a reality – and look for indications that BTC is becoming a common part of our financial landscape. In the meantime, we have a concrete deadline for not one, but two, actual BTC ETF proposals. That might inform your short term or long term BTC investment plan.