The U.S. Securities and Exchange Commission has extended the deadline for its decision on three applications for the launch of exchange-traded funds linked to bitcoin.
The final decision for Bitwise's and VanEck/SolidX's applications shall be made on October 13 and 18, respectively. The regulator's decision on Wilshire Phoenix's application should be announced on September 29.
Although several companies have tried to get SEC approval for launching their own bitcoin ETFs, the regulator has always rejected their applications, arguing that this investment instrument carries great risks and that the tools to control the market are not effective enough.
The analysis team of FxPro notes:
"The U.S. authorities fear large-scale manipulations after the launch of these new investment tools. And they might be right, since if these tools are eventually approved in the fall, a new Pump & Dump could affect the market, something that already happened in 2017."
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