The countdown has started on whether or not the SEC will approve another Bitcoin ETF application.
In news out early this morning, the SEC announced (sort of) that it was beginning its review of the latest bitcoin ETF application that has been filed.
NYSE Arca and Bitwise Asset Management filed a bitcoin ETF application on Feb. 11th.
The application was just published today on the Federal Register.
How long until a decision is made?
The SEC now has 45 days until it has to make a decision whether to approve, reject, or extend the proposal.
If history is any indication how the SEC likes to play these things, I think there is a 90% probability that the SEC will choose to extend their decision.
Something that have done with several other notable bitcoin ETF applications.
Actually, it's what they have done with every other bitcoin ETF application for the past 3 years.
How long could they push a final decision back?
There will be several deadlines that come up where the SEC can either approve, reject, or extend over the next several months.
If they choose to push it back every single time, they can drag it out for 240 days in total before they must come to a final decision.
More information about the ETF filing can be found here:
https://cointelegraph.com/news/sec-starts-review-of-nyse-arcas-bitcoin-etf-rule-change-proposal
This one has a decent chance to be approved judging by the names attached to it. NYSE Arca and Bitwise have a lot of experience and history in the ETF industry and in dealing with the SEC.
Fingers crossed.
Stay informed my friends.
Image Source:
https://blockchainstocks.com/nyse-arca-files-proposal-seeking-bitwise-bitcoin-etf-approval/
Follow me: @jrcornel
the BTC/crypto ETF act is getting so old. For sure they'll delay and then deny it. It needs to be proposed by some serious wall street players for any chance of acceptance. Is there anything special about this case that will make it more likely to be approved?
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Well, just that these are "serious wall street players". :) Look em up!
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They don't come much bigger than these guys.
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Yep, these are the big boys. Between them and VanEck/CBOE, one of these guys will get an ETF through.
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Will you be buying? 🧐
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Of course, I was buying all the way down. I just recently shoved the last bit of cash in.
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i totally agree with you
if they are part of the backroom boys club they will get approved
if they are not on the list extend extend and then extend again an dfinally deny
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That is often how it works with Wall Street. It's all about who you know...
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Who wants a Bitcoin ETF and why???
An ETF will destroy Bitcoin by making it into a fractional reserve system.
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How so? Some of the most recent applications are physically backed ETF applications. Meaning that every share will be backed by bitcoin held by the ETF. That and the vast majority of big funds would buy bitcoin if they could do so on a regulated exchange through a regulated broker, the same way they buy stocks currently.
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In theory yes but....That's not how it works with Gold for example. In fact the ratio of gold held to gold ETFs is over 1:100.
This is how they manipulate the Gold prices. By counting the ETFs as equivalent of gold (which of course they're not) they artificially inflate the gold supply, which reduces it's price.
Now they want to do the same with bitcoin.
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I don't even care anymore about ETFs... they will keep delaying and delaying and rejecting until the price is so low so low that investors and bankers can buy in, only then will they approve an ETF... Even if it gets approved it's not a guarantee of a bull market, it helps but it's not a 100% catalyst...
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I think it will be a catalyst for sure. Will it make the price go up 10x immediately? Probably not. I think over time it will allow a ton of big money to enter the space which will ultimately help push prices up.
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I agree!
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As many say, it not if but when but I am no longer forward to seeing this as I am convinced that value should be created by use and adoption instead of speculation to have a sustainable currency.
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Perhaps. Though I think even if it doesn't have a ton of use in payments I think it has significant value as a better alternative to gold.
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