bitcoin ETF Verdict Delayed Again
According to a from CoinDesk, the verdict on the () exchange-traded fund () application from California-based crypto upstart Bitwise Asset Management has been delayed once again. In a document published Tuesday morning, the U.S. Securities and Exchange Commission (), who presides over such products, revealed that it won’t be issuing a final verdict (approve or deny) just yet.
It appears that the will need to issue its next comment on this crypto-backed investment vehicle in another 45 days or so.
This latest was somewhat expected, as in March, a delay to May occurred. As by World News, the used its right to give itself another 45 days to discuss the proposals.
Interestingly, the regulatory entity has yet to comment on the proposal from VanEck and SolidX, which many investors believe has a higher chance of succeeding.
Bitwise Hopeful
While this occurred, Bitwise still believes its proposal should be approved. In a comment made to CNBC earlier this year, Hunter Horsley remarked that as an asset class are in their “most viable” state ever. That led Horsley to his next point, as he remarked that considering the market conditions, a crypto-linked could be the logical next step.
When questioned by the CNBC anchor regarding the ’s apparent fears of market manipulation, a byproduct of nascent, overseas-based markets, and custody, Horsley responded with confidence.
Interestingly, the ’s Hester Pierce is also bullish on a -backed . According to , the commissioner explained that “the time [for an ] was right a year ago”, adding that she is dismayed that regulators are hampering the of this newfangled technology.
Some have been a bit skeptical of an , however. Per from this outlet, Sam Ahn of Hana released a six-page, nine-point tear down of and the proposed product, which would open the floodgates to . While Ahn’s points were drawn-out, a clear theme of anti-, Satoshi Nakamoto cynicism, and “ doesn’t have intrinsic value” was apparent. The investor remarked that not only is Satoshi’s magnum opus hard for him to process, but that the isn’t like gold as in “a string of 64-digits, with about 17 leading zeroes” (hash) cannot be likened to a physical item used in electronics, jewelry, and as a value .
Title Image Courtesy of Andre Francois Mckenzie Via Unsplash
Published at Tue, 14 May 2019 18:19:33 +0000
