- The SEC’s decision on the Bitcoin ETF will not be announced today
- This comes after speculations went wild on Twitter
- Jake Chevinsky said this in response to a tweet by Ran NeuNer which fueled speculations
On the 2nd of November 2018, Ran Neuner, the founder of Onchain Capital, tweeted that Monday, the 5th of November would be the day that Securities and Exchange Commission (SEC) would take an official decision on the cryptocurrency ETF.
SEC ETF decision due between now and Monday. This is not for the Van Eck ETF but for the bunch they declined and then recalled their decision. I’m not too bullish on this one but there is a small chance.
— Ran NeuNer (@cryptomanran) November 2, 2018
However, he was corrected by Jake Chevinsky who explained that the 5th of November wasn’t the date for the decision.
This is wrong. The November 5 deadline is for the *public* to submit statements to the SEC, *not* for the SEC to conclude its review of the rejected bitcoin ETFs.
The SEC needs time to review those statements before writing a final order. It takes a while & won't be done Monday. https://t.co/vr1Upjzq7R
— Jake Chervinsky (@jchervinsky) November 3, 2018
The initial claims stated that the SEC’s decision would be made on the 5th of November 2018.
Jake Chervinsky’s tweet, however, clarified that the 5th of November was an important date in the process but not the decision date.
Rather, it is the deadline for the public to submit their statements to the SEC regarding the issue.
Even then, a date for the decision to be taken isn’t yet known. This is because the SEC will have to go through the evidence and statements before a decision is made.
Either way, contrary to a number of reports, the decision by the SEC will not be taken today.
The Long road so far
The cryptocurrency ETF has been one of the most speculated events in the community this year. For months, there was speculation about when and if the ETF would launch.
Every now and then, reports would come out that the ETF was close to being approved but nothing ever came of them.
A recent public meeting between an SEC commissioner and representatives from various blockchain firms reignited these rumors.
With support from an ever-growing blockchain industry and large institutions investing in blockchain technology, the ETF could very well go through.
An ETF would go a long way in improving the acceptance of cryptocurrency investments, particularly on an institutional level, something the industry badly needs.
However, it seems there is still some waiting to do before a final decision is announced.