SEC Keeps Crypto Community in Suspense with Another Bitcoin ETF Postponement

  • Alex Dovbnya
    📰 News

    The SEC keeps kicking the can down the road🙄, setting another deadline⏱ for making a long-awaited decision on the Bitcoin ETF


SEC Keeps Crypto Community in Suspense with Another Bitcoin ETF Postponement
Contents

A miracle didn’t happen. As expected, the Securities and Exchange Commission (SEC) decided to postpone its decision on the VanEck/SolidX Bitcoin ETF, Bloomberg reports. The new deadline is set for Aug. 19.

Another delay

It is delusional to think that the regulatory watchdog would greenlight a Bitcoin ETF soon after the recent Tether-Bitfinex controversy, but there was still place for wishful thinking.

As reported by U.Today, SEC Commissioner Hester Peirce, an avid Bitcoin proponent, is expected to give the keynote at ETFs Global Markets Roundtable on May 21, which many deemed as a hint of a potential BTC ETF approval.

Currently, the SEC is asking for additional comments from the public that are due to submitted in 21 days after the order is published in the Federal Register. After that, there is a 14-day period for providing rebuttals to these comments.

It’s not a big surprise that the SEC is putting off this decision. But given that their issues are with the underlying Bitcoin market, not sure why they just don’t deny it as opposed to stringing along the crypto faithful with false hope,” said Bloomberg Intelligence analyst Eric Balchunas.

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More patience

This is already the second Bitcoin ETF decision that got postponed by the SEC. Bitwise’s proposal got delayed on May 14, raising speculations that the CBOE-backed VanEck/SolidX Bitcoin ETF might eventually get approved.

ETF expert Dave Nadig told CNBC that the SEC ‘can do what they want,’ so it is not clear when it makes a much-anticipated decision. While it might sound disappointing for the impatient Bitcoin bulls who drool over a major price rally, Nadig does predict a ‘positive resolution’ this year.

I think things are pointing towards a positive resolution for bitcoin bulls, but I don't think it's imminent. I still think we're at least a quarter out," he said. "We need to see this market mature, and as it matures, the regulators will get more comfortable.

Cover image via 123rf.com
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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Vexel Plans to Launch Its Own Cryptocurrency Exchange. Here’s Why It Matters

  • Alex Dovbnya
    📰 News

    📱😖While hacks are still plaguing cryptocurrency exchanges, Vexel takes the matter in its own hands👊✋


Vexel Plans to Launch Its Own Cryptocurrency Exchange. Here’s Why It Matters
Contents

Cryptocurrency startup Vexel is planning to launch its own cryptocurrency exchange with a state-of-the art matching engine that will be linked to their platform. In such a way, they want to ensure that their customers’ funds will not be controlled by third-party companies.

Ditching other crypto exchanges

Vexel provides its users with an essential level of liquidity, which allows immediately converting fiat into crypto. However, the startup has to interact with other cryptocurrency exchanges, whose names are not disclosed, to hedge against volatility that is typical for the cryptocurrency market.  

Vexel states that the main reason for rolling out their own exchange is to mitigate the risks that are connected to potential security breaches.

The $40 mln Binance hack proved that even the biggest exchanges out there are not immune to hackers. Meanwhile, QuadrigaCX customers lost all of their funds after the unexpected death of the exchange’s CEO.

On top of that, they also claim that the exchange will allow them to control their own liquidity and get rid of the fees that are imposed by other exchanges.

Ditching other crypto exchanges
Image by Vexel

Breaking new ground

During a recent interview with U.Today, Vexel CEO revealed that they already use multiple security measures to protect their users’ funds. Apart from using the multi-signature storage, they also have a bleeding-edge alert system that is able to detect any suspicious activity. Vexel encourages its customers to enable 2FA.

With the launch of its own cryptocurrency exchange, the fledgling startup is entering a new phase of its development. It will be able to become a more independent company that will provide their customers with a higher degree of security.

An all-in-one solution

U.Today reminds its readers that Vexel is a regulated payment platform that allows you to exchange different digital assets and make transactions completely anonymously. One only has to create a Vexel without filling out any registration forms and write down the 34-digit code.

Cover image via vexel.is
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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