SEC defers bitcoin ETF, the markets go down.

[Paha87]

The us securities and exchange Commission (SEC) postponed its decision to list bitcoin-ETF until September 30 and the markets went down.

ETFs are securities that contain a basket of assets proportionally represented in the Fund's shares. Bitcoin-ETF approval is seen as a potential step forward for mass adoption of the cryptocurrency as a regulated and passive investment tool.

Considering the Foundation is funded by investment firm VanEck and financial services company SolidX, and it is expected that the new tool will be presented on the Chicago Board of exchange CBOE. The SEC is now almost two months to consider the proposed change to the rules of CBOE Global Markets Inc. which will allow the Fund to be on a regulated platform.

The new SEC notice States that the regulator has received more than 1'300 comments on the proposed rule change to list and sell bitcoin ETF offered by SolidX and VanEck. According to the published document, within 45-90 days after the submission of the proposed change of the rules, if the Commission deems it necessary, the SEC will approve, reject or extend the period of consideration of the proposal. The document States:

"Accordingly, the Commission, under section 19 (b) (2) of Law 6, sets 30 September 2018 as the date on which the Commission will either approve or reject or continue the proceedings to determine whether the proposed change to the rules should be rejected."

VanEck and SolidX first announced an asset-supported bitcoin-ETF on June 6. SolidX CEO Daniel H. Gallancy told CNBC that "The high price ($200'000) reflects the Fund's intention to focus on institutional rather than retail investors."

Last month, the SEC postponed its decision on the application of the investment firm Direxion for bitcoin-ETF until September 21. The regulator also rejected the appeal of Bats BZX Exchange, Inc. (BZX) to list and sell a similar tool offered by Winklevoss Bitcoin Trust.

The Agency referred to the unregulated nature of bitcoin markets as the main reason for refusal of the application, saying: "When the spot market is not regulated-there should be significant regulated derivatives markets associated with the underlying asset with which the Exchange can enter into a joint surveillance agreement."

Negative market reaction
Immediately after the news that the us securities and exchange Commission (SEC) postponed its decision to list and trade bitcoin-ETF until the end of September, the markets went down.

BTC has dropped 5.29 percent over the last day and has updated its new weekly minimum, and at the time of printing, it is trading at an average of $6'598.

Ethereum (ETH) also suffers from a recession, losing about 6.64 percent over the last 24 hours. The second largest cryptocurrency is trading at $377, and as well as bitcoin, has reached a new weekly low. Over the month, the price of ETH fell 23 percent.

The top 10 altcoins are also declining, moving down from 4 to almost 12 percent. During the print IOTA and Ripple (XRP) show the most significant losses, falling by 8.52 and 11.46 percent respectively, followed by Litecoin (LTC) with losses of 8.5 percent per day.
     
      Link to the source of information (Russian) - https://altstake.io/news/sec-otkladyvaet-prinyatie-bitkoin-etf-rynki-idut-vniz