The Securities and Exchange Commission delayed making a decision on VanEck’s bitcoin ETF (exchange-traded fund) application until February 27, 2019. The postponement was largely expected, as 2018 draws to a close amid the ongoing crypto bear market.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the SEC announced in a December 6 statement.
Just hours earlier, Gabor Gurbacs — VanEck’s director of digital asset strategy — expressed confidence that SEC approval of the investment firm’s bitcoin ETF application was around the corner.
VanEck Remains ‘Cautiously Optimistic’
“It’s fairly certain to us that America wants a bitcoin ETF,” Gurbacs told Cheddar. “We think that we’ve met all market structure obstacles and requirements on pricing, custody, valuation, and safekeeping, so we are cautiously optimistic.”
The SEC has delayed making a decision on the ETF by VanEck SolidX Bitcoin Trust several times in 2018.
— Brad Smith (@thebradsmith) December 6, 2018
The SEC has been understandably strict so far. In August 2018, the agency rejected 9 bitcoin ETF applications, citing the applicants’ failure to demonstrate how they could prevent fraud and market manipulation.
In June 2018 and again in March 2017, the SEC rejected the bitcoin ETF applications submitted by the Winklevoss twins, Tyler and Cameron. Despite the setbacks, the Winklevoss twins — the founders of cryptocurrency exchange Gemini — remain confident that approval is forthcoming.