*DELAYED* CBOE BITCOIN ETF Approval to come by Christmas 2018?

We could be seeing a repeat of December 2017 yet again!

ETF could be approved at Christmas

In an order published on the 20th September, the SEC seems to have set themselves a deadline of 29th December 2018 to “institute proceedings to approve or disapprove” the Van-Eck/SolidX Bitcoin ETF.

Although the words “delay” or “postponement” were not present, it was in the sub-wording that a delay was initiated.

According to the Securities Exchange Act 1934, Section 19(b)(2)(B) means the SEC act in accordance to Section 19(B), first paragraph, for a deadline (as below):

In short: Shall be concluded within 180 days of the publication of the notice which was July 2nd this year. That indicates the 29th of December as a deadline.

A decision could be made beforehand, and the decision can actually be made at the latest by 21st February 2019. Frustrating, we know!

Having said that, the wording expressed in the SEC’s Order of the 20th Sept is refreshingly and bullishly optimistic.

Reaction to the ETF Delay

The SEC’s language in the Sept 20th Order is both accepting and approving of the CBOE ETF application. This contrasts with language used in previous denials of ETF’s, i.e. the Winklevoss ETF.

And look at the price movement as a result of the Order, going from $6379 to $6820 at it’s highest, down to just $6723 at the time of writing. This is not the bearish price action we have been used to.

What does this tell you? Given that the power players (Whales) are the ones that move their money into tether before everyone else, on this occasion, they have pumped money from tether!

In summary, the general bullishness around this delay decision indicates that we COULD be seeing an ETF by or just after Christmas Day!

What do you think?

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