The U.S Securities and Exchange Commission (SEC) has requested more comments concerning its verdict on the Chicago Board Options Exchanges filed on the ETF for Bitcoin, on Thur Sept 20.
The U.S SEC published a statement on its official website, saying:
“Pursuant to section 19(b)(2)(B) of the Act, the Agency is providing notice of the grounds for disapproval under consideration. The SEC is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires among other things, that the national securities exchange’ rule ‘be designed to prevent manipulative and fraudulent practices and acts, to promote equitable and just principles of trade’ and also to protect investors and their public interest.”
The U.S SEC further added that it is looking for more comments to "address the sufficiency of the statement of the trading platform in support of the application," mentioning the 18 key areas in their document.
The Impact of the Decision
Several observers view that this would be the second time the U.S SEC have deferred carrying out a verdict on BTC exchange-traded fund (ETF) proffer, and it is anticipated that the final ruling will be adjourned until February 2019.
Various analysts read that SEC's decision on the BTC ETF as a significant influence on the value of BTC, a matter that affects the whole Cryptocurrency market.
Market experts think that if the final verdict of the U.S SEC favours CBOE, and the BTC ETF becomes approved and ratified, the value of the crypto will significantly increase, and Altcoins will automatically follow suit.