The US Securities and Exchange Commission (SEC) has postponed the statement of decision for the Bitcoin ETF application submitted by the VanEck and SolidX companies.
The new deadline for this application August 19 . The commission will then again make an assessment on this date and decide to approve, reject, or postpone the VanEck / SolidX Bitcoin ETF
. At that time the commission has to announce its final decision on approval or rejection. The Commission is expected to delay its decision by October 18.
The VanEck / SolidX Bitcoin ETF application was first submitted last year, but was withdrawn in January due to the closure of the US government.
The SEC decided to postpone the Bitwise Bitcoin ETF last week.
The Commission has not approved any Bitcoin ETFs to date. Many were rejected. The reasons for refusal were the subjects such as market manipulation, liquidity and financial crime.
What is ETF and why is the Bitcoin ETF important?
ETF's expansion, Exchange-Trader Fund, Exchange Traded Fund or Exchange Traded Fund. Simply put, the name implies that ordinary investment funds are traded on the stock exchange. ETFs purchased and sold at a spot price like a stock can have one or more underlying assets. The Fund copies the returns of these assets to investors. The assets of the top 10 of ETFs, which are very popular in the world, exceed $ 1 trillion.
If a Bitcoin ETF is approved, Bitcoin will have a share of the trillions of the dollar. It is thought to have a significant impact on the price
The first ETF for gold was approved in March 2013. Then the price of gold increased by more than 300%.