The approval of Bitcoin ETF, filed by VanEck SolidX Bitcoin Trust, was postponed. The SEC didn't approve it, saying that they need more time to think about it
It was expected. The SEC is an organization that loves bureaucracy and doesn't have any reasons to love Bitcoin. Actually, it just wants to observe it as long as possible. The process of SEC approval has a few stages, it has the right to postpone it a few times, shifting the deadline every time. Usually, it uses it right to delay the decision-making on the last day of the period and make the decision only when it's not possible to take more pauses. That's how it works.
Everyone knew that the ETF was going to be delayed. However, the reaction of markets was too emotional, as always. It just ignores all good news and reacts to bad news. However, this delay isn't something bad. Eventually, this ETF will be approved. More interesting is that instead of concentrating on something important, like actual adoption, the market concentrates on price, on new potential buyers, whose money could come with the ETF approval. Thus everyone waits for it, like some kind of a miracle. But are we talking about the Ponzi scheme or an actual technology? The use cases are the thing that matter now, not the new buyers who can buy these heavy bags of holders.
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