SEC Delays ETF Ruling Until September – Crypto Markets Dip On News

News, Regulation | August 7, 2018 By:

The US Securities and Exchange Commission (SEC) has delayed a decision on a proposed bitcoin ETF, pushing its final determination to September.

An order published today indicated the SEC was taking more time to deliberate on the long-sought bitcoin ETF, which, if allowed, would be the first exchange-traded US outlet. It targeted Sept. 30 as the date on which it will either approve or disapprove the CBOE rule change that would allow the ETF.

The cryptocurrency markets sharply retreated shortly after the announcement by the SEC, with bitcoin taking a $500 haircut from today’s high.

Money manager VanEck and startup ETF submitted a proposal in June. There were more than 100 comments submitted on the proposal.

Earlier, the SEC completed a review on a proposed ETF from the Winklevoss twins, who have been seeking an ETF for well over a year.