The CBOE Bitcoin ETF is almost here. That means people and institutions will be able to buy the actual bitcoin asset as easy as purchasing a stock of Apple! (Unlike "futures", which only allows you to place a bet on the future direction of the price)
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From Reddit:
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"Recently, A news article from CoinDesk got published stating "SEC is Delaying the Decision on Bitcoin ETFs Until September" and without confirming the news with actual fact, FUD got the best of many people and everyone went crazy. The title was later changed to "SEC Delays Decision on Direxion's Bitcoin ETFs Until September". (Media manipulation at its best.)
THE FACT: SEC is delaying a Different ETF. The one SEC is postponing was filed by Direxion Investments in January. That's a different one. Point to be noted that many investment firms file for ETF application. Only few will get accepted and approved.
None of the ETF proposals being postponed are from CBoE (VanEck and SolidX), which are currently under discussion by the wider crypto community. More than 100 comments for these ETF proposals have been submitted by the crypto community, and **a decision may occur as soon as next month. **
August-September is still bullish to us so, please don't mix things up as the headline reads at the first glance and try to actually compare the news with actual facts. Manipulation is in its peak and we dont want anyone to get burned in it.
Stay vigilant, Stay Safe."
So that sounds like we are still on track for August - September, however in the comments below, was a response by u/cryptopherwalken ( amazing username )
"I highly recommend reading the thread below to understand that the SEC is very likely to postpone approval of the VanEck and SolidX ETF until February 21, 2019. The only reason it hasn't delayed these so far is because the SEC doesn't delay until they reach the current deadline. It delayed the other ETFs because they were at the deadline/end of a period as described below.
If the SEC uses every opportunity it has to delay and extend the deadline, it has until that date.
https://twitter.com/jchervinsky/status/1021795224958455810
- jchervinsky
"The timing of the ETF approval process follows a standard formula:
-the ETF files a "proposed rule change" with the SEC;
-the SEC posts notice of the filing in the Federal Register and solicits comments; and
-the SEC has 45 days from posting to approve or deny the ETF.
-Except the SEC doesn't have to decide within 45 days. It can extend the deadline up to three times:
-45 more days if "a longer period is appropriate";
-90 more days for the ETF to address grounds for disapproval; and
-60 more days if again "a longer period is appropriate."
This means the real deadline for the SEC to approve or deny an ETF is 240 days after it files notice in the Federal Register (45+45+90+60).
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@Coindesk reported: "Notably, none of the ETF proposals being postponed are from VanEck and SolidX[.]"
But this isn't notable at all. The deadline to approve or deny the Direxion ETF was July 23. As explained, the SEC waits until the deadline before issuing another extension.
The SEC wasn't making a decision about all of the pending bitcoin ETFs today; it was just handling the next step in the process for the Direxion ETF.
It had absolutely no reason (or justification) to address the VanEck/SolidX ETF. The fact it didn't do so is meaningless.
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I understand if hopium has you thinking "okay, but just because the SEC can delay doesn't mean it will."
Sure, that's fine in theory. But I can't imagine the SEC will approve the first ever bitcoin ETF without taking all the time allowed by law. "
TLDR: The CBOE ETF is not officially delayed, like portrayed by Coindesk, but it probably will be delayed regardless until February 21st, 2019