Bitcoin’s (BTC) rapid surge to $8,000 could be attributed to many things: several positive developments have happened in a short span of time, including Bakkt, which is expected to launch in July, releasing details on its Bitcoin physical futures.
It’s not all great news, however, as the United States Securities and Exchange Commision (SEC) has yet again delayed a decision on a Bitcoin ETF, this time a BitWise ETF proposal. This is the third such delay for this proposal. The next deadline has been schedule for August 14.
As expected, the SEC has delayed its decision on the Bitwise ETF. The new deadline is August 14. The SEC can delay one more time to a final deadline of October 13.
Curiously, the SEC hasn't made a decision on VanEck yet, but it will likely be delayed too.https://t.co/MeCJSxCHW7
— Jake Chervinsky (@jchervinsky) May 14, 2019
The SEC has already received 25 comments on the proposal and is seeking more. The official report reads,
The Commission is publishing this notice and order to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons and to institute proceedings pursuant to Section 19(b)(2)(B) of the Act8 to determine whether to approve or disapprove the proposed rule change, as modified by Amendment No. 1.
While the news will be disappointing for market enthusiasts, there is a growing belief that if the SEC does not open up to the cryptocurrency market, the US stands to lose a lot from the growing digital assets market.