SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

Bitcoin loses most of its gains from July rally as SEC postpones ETF decision

Bitcoin loses most of its gains from July rally as SEC postpones ETF decision

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, more than the market value of all but the four biggest companies in the S&P 500 Index.

Crypto enthusiasts are worrying that the Bitcoin ETFs are not coming anytime soon, but the U.S. Securities and Exchange Commission (SEC) has promised to make final decisions on nine proposed bitcoin exchange-traded funds (ETFs) in the next two months.

Bitcoin dropped 5.7 percent to $6,484 as of 12:01 p.m.in NY, after earlier falling as much as 7 percent.

Bitcoin retreated as much as 7% to $6,393.70 at noon in London, extending its 2018 drop to about 55%, according to Bloomberg composite pricing.

The SEC now has until September 30 to "approve or disapprove, or institute proceedings to determine whether to disapprove" a proposed rule change from Cboe Global Markets Inc. that would allow the listing of an ETF from VanEck Associates Corp. and SolidX Partners Inc., the regulator said in a statement. Last month, the SEC denied the Winklevoss twins' latest bid to create such a financial instrument, and the agency has delayed ruling on almost a dozen other bitcoin funds. Some had argued that VanEck's proposal was more likely to gain approval thanks in part to plans for a high minimum share price that would discourage retail investors.

That gave bitcoin users hope that at least the CBOE BZX Exchange application would be listed this month before it was announced some hours ago that the decision on the application would be taking by Sept 30th, 2018. Additionally, the firm will offer institutional investors a physically-settled bitcoin futures product, providing them with access to a regulated cryptocurrency custodian.

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