The SEC is in an Awkward Situation: Investors Question the Delay of Bitcoin ETF While Musk Blasts about It

The SEC is in an Awkward Situation: Investors Question the Delay of Bitcoin ETF While Musk Blasts about It

Dec 10th 2018| Investment By:Mars Finance
In the last two days, the SEC has been criticized by "Iron Man" Musk and questioned by investors for delaying the bitcoin ETF decision.

In the last two days, the US Securities and Exchange Commission (SEC) has been in the spotlight for its heavy-handed efforts to regulate the digital assets market. It has been criticized by "Iron Man" Musk and questioned by investors about its decision to delay the nation’s first bitcoin exchange-traded fund (ETF).

SEC has postponed the decision on bitcoin ETF, delaying the deadline to the end of February

SEC has again delayed its approval of bitcoin ETF. The new deadline is Feb. 27, 2019, according to SEC’s published document. The commission will delay and update the rules that bitcoin ETF needs.

Legally, since the proposed rule update happened first in the Federal register on July 2, 2018, the maximum review period is 240 days, or 27 February 2019.

SEC has rejected more than a dozen applications in 2018 to form bitcoin exchange traded funds. Hester Peirce, a SEC commissioner who has long been a strong proponent of cryptocurrencies, won her the nickname "crypto mom". She claims: "maybe the bitcoin ETF will be launched next year or maybe 20 years from now. But don't worry, it also took a long time for SEC to build Finhub."

Some investors have great expectations for bitcoin ETF, while SEC has repeatedly changed the date, leading to a gradual change in the mentality of some investors. The statements made by the SEC commissioners made investors to question that SEC may have deliberately delayed the approval of bitcoin ETF indefinitely.

Musk blasts SEC

According to foreign media, Elon Musk has reached a settlement with the US Securities and Exchange Commission (SEC) over allegations of fraud. But in a recent interview with CBS 60 minutes, Musk could not stop blasting the agency. "I want to be clear: I don't respect SEC, I just respect the US justice system," Musk said.