Will ETF For Bitcoin Really Be Approved ? Seems Difficult!

There has been hell lot of a hipe and buzz around the market regarding the approval of first Bitcoin ETF on 10th August . There have been many experts predicting that this time the chances of approval of ETF proposed by VanEck/SolidX is very high. This news has worked as a catalyst in the market and the price is Bitcoin has rose significantly and is still rising.

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Considering all the fact that many experts and enthusiasts are saying regarding ETF, however very few people know about the rules for approval of ETF by SEC .
The timing for ETF proposal follows a standard process:

1. The ETF files a "proposed rule change" with the SEC and the SEC has 45 days from approving or denying the ETF.
2. Except the SEC doesn't have to decide within 45 days. It can extend the deadline up to three times:

• 45 more days if "a longer period is appropriate";
• 90 more days for the ETF to address grounds for disapproval; and
• 60 more days if again "a longer period is appropriate."

So the total comes out to be 240 days that SEC can take to approve or deny ETF. They cannot jump the deadline to 240 days so they proceed step by step according to the time provided to them.

Looking at the process followed by SEC for Direxion ETF we can assume that the same procedure could be followed for VanEck/SolidX ETF and it could be delayed till 21 February, 2019 for ETF to be live.

At this point all the stuff is just a theory but it doesn't seems favourable that SEC would approve the first ever Bitcoin ETF without taking the time provided to them by law.

What do you think about the ETF approval? Will this ETF be approved or delayed on 10 August?
Let me know in the comments!!

For further reference about the approval of ETF you can read this Twitter thread by Jake Chervinsky

@kryptoncrypto