Pantera Capital CEO Thinks Crypto Investors Are Overreacting to Bitcoin News

Galtero Lara
Agosto 10, 2018

In an order published on August 7, officials at the agency wrote that they were giving themselves more time to deliberate on whether to approve what would be the first exchange-traded product of its kind in the U.S. It's also perhaps unsurprising, given that in the past, SEC officials have used the agency's statutory powers to push back decisions on bitcoin ETFs. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. "The SEC is likely to delay until February of 2019 and the chances of a Bitcoin ETF approval in 2018 have always been low".

Bitcoin fell more than 11% to below $6,300 on the news, well off the all-time high of more than $19,000 it achieved in December 2017. It's down 55 percent this year, according to Bloomberg composite pricing. Last month, the SEC denied the Winklevoss twins' latest bid to create such a financial instrument, and the agency has delayed ruling on almost a dozen other bitcoin funds.

The SEC now has until September 30 to "approve or disapprove, or institute proceedings to determine whether to disapprove" a proposed rule change from Cboe Global Markets Inc. that would allow the listing of an ETF from VanEck Associates Corp. and SolidX Partners Inc., the regulator said in a statement.

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That gave bitcoin users hope that at least the CBOE BZX Exchange application would be listed this month before it was announced some hours ago that the decision on the application would be taking by Sept 30th, 2018.

Still, the skepticism among regulators was apparent in comments this morning from Federal Reserve Bank of Richmond President Thomas Barkin, who said that digital money doesn't yet have "the level of protection that you would hope for in a currency".

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