Crypto Market Jumps Following the SEC’s Bitcoin-Backed ETF Deferral
After a little over a month since first announcing that it would postpone the decision on whether to allow, refuse or defer the listing of the Cboe VanEck/SolidX ETF backed by Bitcoin, the SEC has released a notice today indicating that it would need further comments in order to reach a final decision.
According to the notice, the SEC is looking to build on its more than 1,300 previously-submitted comments with additional public input. The SEC has laid out 18 particular questions that it is interested in receiving feedback on, such as, “What are commenters’ views of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs.”
The SEC has made it clear that it has not reached a conclusion on any of the issues involving the decision process for the ETF. Under current regulations, the SEC has through February to continuing delaying a final decision on the ETF proposal that was initially filed back on June 6.
As a result of the deferral, the bulls have retaken control of the cryptocurrency market as they look to make up a portion of the ground lost in recent weeks. This is likely due to the fact that the language provided in the deferral notice indicated an openness to learn more, rather than some form of knee-jerk reaction based on the ongoing market volatility.
The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently up 6.9% over the last 24 hours, largely driven by significant gains in XRP (XRP). Bitcoin, which makes up over 56% of the ALT100, is up 2% over the last 24 hours.
More: SEC Notice
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.