The Securities and Exchange Commission (SEC) is now hours away from its self-imposed deadline of December 29th for deciding upon the approval/disapproval of the historic Bitcoin exchange-traded fund (ETF) proposal brought forth by VanEck and SolidX.
The decision, when announced, could provide a major boost for the entire cryptocurrency sector, with some experts reckoning the proposal could be a watershed moment for digital assets.
So, how are things looking today?
It appears that the SEC is taking its time with the decision, with the Commission’s official website yet to indicate any form of movement on the ETF proposal. That said, the chances of the ETF being approved do not look promising in light of the Commission’s recent comments.
Earlier this month, the SEC issued a detailed statement that expressed heavy skepticism about the ETF’s approval due to security-related market manipulation concerns.
As such, the majority of crypto-based analysts now believe that the SEC will reject the proposal. If so, then all eyes may then shift towards a February or March 2019 decision period, when the Commissioners themselves might take up the debate over the subject. Conversely, if the ETF receives approval, a market-wide bull-run could follow.