SEC BTC ETF Comments Round Ends Nov 5; Decision Not Imminent

November 5th is the last day to provide comments on the Bitcoin ETF to the SEC. The decision on the ETF will then come later.

In fact, we could be waiting for 45 days before we know (45 days is the typical time frame, don’t quote me on that).

Further, this is the GraniteShares long and short ETFs (I bet you didn’t even know these existed until you read this). This isn’t even the VanEck Bitcoin ETF that everyone is waiting on. The next deadline for that is December 29 with a potential delay to February 27.

NOTE: I hear reporting that the Direxion (5 applications) and ProShares (2 applications) have comments ending on Nov 5th… but the only SEC document I could find is for GraniteShares.

In other words, the thing you might hear online about the ETF decision being imminent is absolutely wrong. The talk online often has the event wrong, is focused on the wrong ETF, and in some cases doesn’t even have the right date.

So is a rejection or approval imminent… no, like not at all 😀

All that said, many have stated that they think it is unlikely that an ETF will be approved when the time for such things does come around.

There has been no approval in the years of trying to get approval so far, and thus it doesn’t make much sense to expect it this time.

In my opinion, what matters more is the CTFC giving the thumbs up to Bakkt, as that is set up, ready to go, and much more likely to happen (given that BTC futures set the precedent).

This is misleading.

The deadline is for the public to submit statements of support or opposition, *not* for the SEC to finish its review (& the deadline is Nov. 5, not Oct. 26).

The SEC will then review the statements & write an order. Could be a while.https://t.co/8nJmbshsjM

— Jake Chervinsky (@jchervinsky) October 6, 2018