The US Securities Commission was again unable to decide on the decision on the Bitcoin ETF fund. The companies VanEck and SolidX submitted an application last year, but in the winter of 2019, it was withdrawn due to a shutdown. Now the SEC has time until October 18 to make a final decision.
The main regulator of the US securities market is still unable to determine the possibility of making a final decision. During 2018, several applications were filed, but so far the agency is in a state of indecision. According to the regulator, there are not enough conditions to ensure the safe trading of ETFs.
The SEC causes the most doubts the increased volatility of the cryptocurrency market. Due to insufficient liquidity, this market is easily subject to speculative and manipulative attacks.
The SEC also had many complaints about the provision of technical opportunities for cryptocurrency trading. In particular, in the previous decision it was announced about the lack of services for storing real Bitcoins on the blockchain.
Despite the fact that the Commission once again postponed the final decision, the experts are optimistic. This time, the SEC did not point out the drawbacks of the blockchain. It invited the public to express its opinion on how the rules for working with digital financial assets should change.
In a document published after the meeting, the SEC invites the public to write their comments on the regulatory rules within three weeks. 35 more days are given for discussion of amendments.
Representatives of the ministry said that they are now awaiting proposals on the creation of mechanisms to protect against fraud and market manipulation. Apparently, the department is very positive about the possible launch of the fund. However, it is concerned about possible problems that may lead to financial problems for investors.
The final decision on the approval of the Bitcoin ETF fund should be made no later than October 19 of this year. It should be understood that the regulator itself has come under a wave of criticism due to the delayed deadlines. A number of American businessmen complain of delaying the process. In several European countries, decisions have already been made to allow trade in cryptocurrency ETF funds.
US lawmakers issued a draft amendment that transfers the right to regulate the cryptocurrency market of the Commodity Futures Commission. This department is more loyal to the requests of businessmen.
One of the commissioners of SEC Robert J. Jackson Jr. announced that the regulator will certainly approve the adoption of new contracts. It is only a matter of time. However, it seems that the time factor is beginning to play a paramount importance. Against the background of increasing activity of the cryptocurrency market, investors are beginning to look for options for safe investment in Bitcoin. Not finding them in the US, they think about using other opportunities. Which every day becomes more and more.