Investing.com – The launch of a Bitcoin ETF, postponed time and again by the US Securities and Exchange Commission, is viewed by many as the next big upside catalyst. A Bitcoin ETF would give millions of US investors access to BTC without the drawbacks and complications associated with directly owning cryptocurrencies.
However, those who had been looking forward to the event were disappointed yesterday. The Securities and Exchange Commission (SEC) postponed its decision on VanEck’s Bitcoin ETF proposal again.
The US regulator has set itself a deadline of November 14th to approve or reject the VanEck Trust.
The SEC has already postponed its decision three times. However, it can only legally extend its review period for potential exchange-traded funds three times. So the decision will inevitably be made on November 14th.
In the past few weeks, asset managers had begun changing their ETF offerings filed with the SEC. You are now betting on ETFs that are based on Bitcoin futures markets and not the Bitcoin cash market. Hoping this will facilitate their SEC approval.
SEC chairman Gary Gensler recently said that futures might be preferred.
For the Bitcoin course, this means above all that November 14th is a must on the calendar for cryptocurrency traders. An approval of the Bitcoin VanEck ETF by the SEC holds a promising opportunity to drive the Bitcoin higher.
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