Further cryptocurrency price falls, as SEC decision delay sparks heavy losses

SEC Hester Peirce Bitcoin ETF

The price of bitcoin and other cryptocurrencies fell 10% yesterday (August 8), following a decision by the US Securities and Exchange Commission (SEC) to delay a major ruling that, if successful, could see token prices rocket.

The proposed rule change from CBOE would, if approved, constitute a critical point on a path to listing a bitcoin ETF, in conjunction with money management firm VanEck and crypto startup SolidX.

Bitcoin retreated as much as 7% to $6,393.70 at noon in London, extending its 2018 drop to about 55%, according to Bloomberg composite pricing.

Although the ETF decision is exclusively in regards to Bitcoin, many alt coins are showing worse losses than the world's largest cryptocurrency by market cap. The agency can determine fate of the proposals 240 days after the publication.

A commissioner of the U.S. Securities and Exchange Commission (SEC) has voiced her opinion that the agency overstepped its bounds to reject a bitcoin ETF recently based on the underlying asset, bitcoin.

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Issues identified in [the SEC's previous] disapproval order have been resolved.
During its most recent the application, the startup has argued that there have been "significant changes in product, market structure and overall circumstances" since that initial decision. And here's a perspective: the last asset class to get approved for ETF certification was copper, and copper has been on earth for 10,000 years - and it just got approved in 2012 after a very long multi-year process.

Should the SEC give the trading of SolidX Bitcoin shares the nod, it's regarded as a notable step forward in mainstream acceptance of cryptocurrencies, although there's still clearly a lot of road ahead.

Potential manipulative activity would be identified immediately, providing the "necessary deterrent to manipulation" described in the March 2017 disapproval notice.
In December Bitcoin's price nearly hit the 20,000 dollar mark. The presentation also claims that existing bitcoin investments do not provide investors with sufficient protection, naming GBTC and XBT Provider as examples. "A properly constructed physically-backed bitcoin ETF will be created to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin".

Images courtesy of Shutterstock, Solidx, Van Eck, and the SEC. Check our tools section.

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