It comes as no surprise that the US Securities and Exchange Commission’s (SEC) decision to pass Van Eck and SolidX’s Bitcoin (BTC) exchange-traded fund (ETF) proposal has been delayed, just as every other Bitcoin ETF proposal before it has been delayed.
The SEC released a document on May 20 laying out their decision to delay the ETF for another 90 days, leaving the next decision for August 19.
Per the document, the regulatory authority cited concerns of market manipulation and fraudulent practices that drove their decision to reject the ETF. It’s speculated these points are in reference to the Bitfinex and Tether scandal, as well as the Bitstamp flash crash that caused a $200 million BitMEX liquidation.
Moreover, the SEC’s decision on Van Eck’s Bitcoin ETF comes just days after they delayed the Bitwise Bitcoin ETF, which was pushed back for similar reasons.
Suspicious Negative Comments Against Bitcoin ETF
With every Bitcoin ETF decision, the SEC calls upon people to submit comments to consider the ETF’s approval. The SEC reviews each comment and takes them into consideration when making a decision. And on the Van Eck Bitcoin ETF, there was an alarming number of suspicious negative comments.
All of the submitted comments can be found here on the SEC’s website, along with a link on how to submit comments.
The first comment we’ll highlight was submitted by Sam Ahn, who states that Bitcoin is in violation of the money laws stated in his comment:
Another comment made by John Bird highlights the rampant manipulation that’s possible from a single entity:
Moreover, some comments accepted by the SEC which are taken into consideration do not have any reasoning as to why the SEC should reject a Bitcoin ETF. One such comment came from D. Barnwell who said:
Another comment with no apparent reasoning that was accepted and considered by the SEC was made by Anthony Darwin:
All in all, the number of negative comments on the approval of Van Eck’s Bitcoin ETF are suspiciously high, many of which do not even provide sufficient reasoning.
The SEC is now accepting comments for consideration for the next approval date of August 19. If you have strong opinions backed up with facts and reasons, you can submit your comments on the SEC’s website here.
Hopefully, the SEC has more informed comments to consider when deciding on whether or not to prove Van Eck’s Bitcoin ETF on its next approval date in 90 days.
Will you submit informed comments providing reasons as to why a Bitcoin ETF should be passed? Let us know your reasons in the comment section below.