That’s something only you can decideâpreferably after a lot of research. Pessimists, on the other hand, can point to two sets of concerns that could lead the SEC to give the thumbs down. The firm raised $3m in late 2014 in a bid to sell financial products tied to the digital currency. Today, many people see bitcoin as another alternative asset class to add to a diversified portfolio. The agency must decide if the BATS stock exchange can change its rules to offer a bitcoin ETF (exchange traded fund), which would let people buy bitcoin like a common stock. Here’s a plain English guide to what might happen, including why the decision is so important and how it could affect the price of bitcoin. I can’t really phrase it any better than this quote from BitMex, a bitcoin analysis site: If the SEC approves the Bats rule change, all manner of American muppet retail investors can yolo into Bitcoin via a regulated ETF. If the SEC says no, it will have a negative effect, though probably not a very dramatic one.
[Update: The SEC rejected the ETF proposal on Friday afternoon, causing the price of bitcoin to slump bitcoin etf decision deadline. This rule change pertains to the listing and trading of Solidx BitcoinÂ Trust on the NYSE Arca. Any time now, the Securities and Exchange Commission will issue a decision that could throw open the door to a flood of new capital, and change how many investors regard the digital currency. “Some fear it could be a good opportunity for legacy players to find the next sucker to take it off their hands,” said Estes. Those who think the SEC will approve the ETF point to the skillful work carried out by the Winklevoss lawyers, and to the fact that bitcoin is far more mainstream than it was even two years ago. That effort, too, faced delays as the SEC sought to collect insight from potential stakeholders. Do you think the SEC will approve the listing of Coin ETF on March 13. The Commission also has the option of doing nothing which means the proposed rule changes will be deemed automatically approved.
The reason is there are two other ETF application before the agency. Meanwhile, millions of ordinary people will have an easy new way to buy the digital currency. ) The deadline is notable given the SECâs rejection last week of a proposed rule change that would have cleared the way for a bitcoin ETF backed by investors Cameron and Tyler Winklevoss.Augur.. ” According to the SEC website, its public comment period will last through 16th March. Managing director and head of research at Blockchain Capital, Spencer Bogart, former Needham analyst who published many reports on Bitcoin and Bitcoin ETFs, confirmed to Bitcoin. Images courtesy of Shutterstock, SEC, Solidx, and Grayscale Bitcoin. (The proposal hasn’t garnered any input since 3rd March. .