The Securities and Exchange Commission (SEC) has formally announced that they will be delaying their decision on five Direxion Bitcoin ETF’s until September 21, 2018. The five ETFs mentioned are Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and the Direxion Daily Bitcoin 2X Bear Shares.
In their publicly released documents they said:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, … designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change”
This was to be expected as many people, with knowledge of the space, felt that the SEC would neither decline or accept the ETF proposals but opt to give themselves more time to make a better informed decision. While many people in the crypto space would love to see an ETF, there is no certainty that it will be coming in 2018 but we can hope.
With all of the recent speculation the price of Bitcoin has risen more than 40% in the last month. There is hope in the space that a bull market is just coming around and we can retest the market highs that were experienced last year.