The VanEck SolidX ETF application, which is still sitting on the SEC’s desk, is starting to seem like the longest waiting game ever.
We reported on this so many times within the past half a year – looking at revolving deadlines and endless delays as the board tries to come to a decision on whether the U.S. Securities and Exchange Commission will greenlight the first ETF of its kind, which would allow small investors to get into and out of Bitcoin assets easily within a given market day.
Within the past 24 hours, tech media have been reporting on yet another SEC filing yesterday that further delays a final ruling on the VanEck ETF proposal.
“The SEC has added a 35 day period for gathering more information and opinions on the proposal, which was initially filed by the Chicago Board Options Exchange last year,” writes Max Boddy at Cointelegraph. “In today’s filing, the SEC lists 14 questions open to the public about the proposal, with the intent of using the answers and arguments provided to help them reach a verdict. The questions specifically pertain to protecting investors and public interest from fraud and similar exploitations.”
Essentially, the SEC seems to be crowdsourcing comments on whether a Bitcoin ETF is a good idea.
In other words, the regulator responsible for setting these rules is looking for guidance from the public at large.
“You tell us!…”
It’s like a teacher asking the students “what are we going to be doing today?” and getting a bunch of blank looks in response.
It’s also maddening in the sense that people have been waiting forever and hoping that there will be some kind of coalescing of a decision.
The public comment gambit shows the power of regulators to stall.
“It is clear the SEC is still in information gathering mode,” ETF.com Dave Nadig told Ana Alexandre according to another Cointelegraph story filed this week. “Technically, there are deadlines, but honestly they [SEC] can do what they want, they can kick this down the road until they are comfortable, it is clear from what we are hearing.”
In fact, all kinds of voices, from commission members themselves to entrepreneurs like Tyler Winklevoss, are suggesting that it could take …. Well, as long as it takes …. To get a Botcoin ETF approval.
We will continue to bring the newest reports on the Bitcoin ETF because of its power to move markets.
When this option is finally adopted by regulators, it’s likely to push cryptocurrency prices up quite a bit.