SEC will decide Bitwise and VanEck fate in May

On March 30, the possibility for ETF decision to be finalized was extended to May 2019 as the U.S. securities regulator remains adamant to dismiss the Bitcoin ETF application by Bitwise and VanEck.

On February 15, Bitwise filed its proposal with NYSE Arca in hope that SEC will confirm the notion within 45 days, but SEC took the advantage to extend it up to 90 days. On May 16, the Commission will either approve or disapprove the proposal.

The SEC is also analyzing an appeal made by VanEck and SolidX which was filed in affiliation with CBOE BZX Exchange. Despite the short term retreat made by CBOE of its appeal, around the time of the U.S. government shutdown, within a week, they refilled its ETF. However, the decision is pending to be decided at the latest by May 16th, 2019, an SEC filing from 29th March reveals.

Some show favor in the case of SEC approving a Bitcoin ETF while others are doubtful. The SEC Commissioner Robert J. Jackson is positive towards the approval of the ETF.

David Siegel, founder of crypto projects Pillar and 20|30, says that SEC is responsible for ‘starving innovation’. He believes that the SEC’s first priority is what’s harmful to the investors and not to promote blockchain and decentralization.

He sees that intelligent people are not given the chance to create a foundation for the future. Regardless of such talks, the U.S. SEC remains adamant on its decision. The regulators seem to be taking extra precautions assisting crypto dealings.