The US Securities and Exchange Commission’s ongoing battle with cryptocurrencies has been well documented over the years. Lately, it appears that the Security and Exchange Commission (SEC)’s main tactic is simply to drag its feet in pressing matters.
Covered on Decrypt and reposted on Yahoo Finance, the whole matter of legal bitcoin EFT’s remains on hold. An EFT is an exchange traded fund. The SEC has postponed all pending decisions on their legality until the fall.
Currently, there are three bitcoin EFT proposals up for consideration. The first is Wilshire with a new target date of Sept. 29 for final approval. An official ruling from the SEC still faces a possible delay of up to 150 additional days from that point.
The two other proposals are Bitwise and VanEck. Decisions on these two EFT’s have been pushed to Oct. 13 for Bitwise and Oct. 18 for VanEck. Push will come to shove at that point with a definitive “yes” or “no” answer from the SEC. It does not have the option to delay either matter any longer than it already has. This has been determined by former securities litigator Jake Chervinsky. He is basing his determination on the way the proposals were presented from the start.
This has been a long, drawn-out process for bitcoin EFT’s such as VanEck. Its original proposal for a bitcoin EFT was first filed in August of 2017. The two-year process has continually been stalled. The bull run for Bitcoin (BTC) went all the way to the end of 2017 when market values reached $20,000. The ensuing bear market lasted all the way into early this year.
The SEC has always looked at cryptocurrency in a negative light. This report used the exact terminology of “concern and disdain.” VanEck’s original proposal was quickly rejected. It was later reformulated on two separate occasions for further consideration. The SEC will have to render its final decision on Oct. 18. Speculation can run wild with optimism or dark with despair. It is hard to even render a guess as to which way things will go more than two years later.
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