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PhiGuy

SEC decision

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Posted previously, but thought it might be worth a repost:

ProShares ETF (Futures/NOT commodity backed):

First update: Tue Jan 30 (+35 days)

Second update: Fri Mar 23 (+87days)

Third update: Fri Jun 15 (+171 days)

Final Deadline: Aug 23 (+240 days)

 

Direxion ETF (Futures/NOT commodity backed):

Notice originally posted on Jan 24

First extension issues on Mar 1 (~45 days later)

Second extension issues on Apr 23 (~45 days later)

Third extension issues on Jul 24 (~90 days later)

Final deadline is Sep 21 (~60 days later)

 

CBOE VanEck /SolidX ETF (Commodity backed & insured):

Filed Jul 9

First deadline Aug 16

First extension issues on Aug 7

Second deadline Sep 30

Final deadline 21(?) - 27(?) Feb 2019

 

Bitwise Hold10 Crypto currency Index fund (Commodity backed & insured):

Filed on Jul 24

First deadline Sep 7

 

The timing of the ETF approval process generally follows a standard formula. The ETF files a "proposed rule change" with the SEC. The SEC posts notice of the filing in the Federal Registrar & solicits comments. Finally, the SEC has 45 days to either approve or deny the ETF. *The SEC doesn't have to decide within the 45 days, and can extend up to three additional times (as we have recently witnessed with the VanEck ETF). (1) 45 more days "if a longer period is appropriate" (2) 90 more days for the ETF to address grounds for disapproval (3) 60 more days if again "a longer period is required".

This means the REAL deadline for the SEC to approve or deny an ETF can be up to 240 days after it files notice with the Federal registrar or 45+45+90+60. How the SEC handles the futures backed ETF's will likely signal what they do with the VanEck / SolidX Bitcoin ETF. It's possible that the BTC market continues in it's downward trajectory throughout August and September, however we may see the tide shift in time for the final CBOE decision in February.

 

Back to buying more XRP now...

 

P.S. To the question of whether or not it's already priced in to the downside; given the present irrational nature of the market (retail) I'd expect a drop of around 5% give or take. Inversely, if it is approved upside ranges could be anywhere between 5-15%-

 

Edited by PhiGuy

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We're either going to pump up tomorrow or dump down ?‍♂️

Does anyone know if this is a televised event or will it just be noted on the SEC site?

 

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SEC denied previous ETFs so should we be expecting future ETF submissions to be approved? is there some sort of formal criteria an ETF needs for it to be approved? so far what these ETF applications seem to achieve is more negative sentiment toward crypto.

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