The approval of a Bitcoin ETF in 2019 is now looking far less likely, as the United States Securities and Exchange Commission (SEC) has delayed their decision on a rule change to the Securities Act that would allow the listing of Bitcoin exchange-traded funds (ETFs), according to their public notice published on March 29.
Bitwise and VanEck Bitcoin ETFs Delayed
As a result of the SEC’s decision to delay the proposed rule change, 2 Bitcoin ETFs, one filed by Bitwise with NYSE Arca and the other filed by VanEck/CBOE, are now delayed.
According to the public notice, the SEC must decide whether to approve the rule change proposal by May 16, 2019. If they opt to approve the proposed rule change, the Bitwise and VanEck Bitcoin ETFs may still have a chance of being approved.
The SEC has extended the approval period for both the Bitwise and VanEck ETF applications from 45 days to 90 days, which puts the VanEck ETF approval deadline on May 21 and the Bitwise ETF approval deadline sometime in June.
Therefore, both Bitcoin ETFs still have a chance of potentially being approved in 2019, but nobody is holding their breath.
No Shot for Bitcoin ETF in 2019?
Some industry experts do not expect a Bitcoin ETF to be approved in 2019, as they have continuously been rejected throughout 2018 and not much has happened to motivate the SEC to change their minds.
Speaking on this topic was the crypto entrepreneur and CNBC contributor Brian Kelly, who predicts there will be no Bitcoin ETF approval in 2019.
Kelly shared this idea with Cointelegraph during an interview at the Crypto Finance Conference in Switzerland, where he spoke about the overall state of the cryptocurrency market and where he sees it going into 2019.
Despite being of the opinion that a Bitcoin ETF in 2019 is a “no shot,” Kelly remains optimistic about Bitcoin and the industry as a whole, saying:
“Probably in 2019 the focus will be on currencies — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world. We are starting to see some global macro players use Bitcoin as an alternative to their gold position, or as a way to hedge against fiat currency fluctuations and volatility.”
Despite what Kelly thinks, if the SEC does go through with the proposed rule change by May 16, 2019, it’s probable that a Bitcoin ETF will be approved. However, we will just have to wait and see.
Do you think the SEC will decide to change the Securities Act to allow the listing of Bitcoin ETFs? Let us know what you think in the comment section below.
