SEC has the right to postpone the adoption of the decision.
1) for 45 days in case more time is needed for studying
2) another 90 days to justify the rejection of the application
3) and another 60 days, if again more time is needed to study the documents submitted
Total 195 days
In addition, there is an application from another stock exchange NYSE Arch. SEC's conclusion regarding ETF should appear no later than September 21, as this decision was already postponed.
What does it mean? Most likely September 21, SEC will report a negative decision and the price of bitcoin will fall dramatically. The decision on the application of CBOE will be delayed again and again, but in the end a positive decision will be made, causing a rapid increase in prices.
All this means that we have not reached the bottom of 2018
I really want to be wrong, but logic tells me the opposite.
1) for 45 days in case more time is needed for studying
2) another 90 days to justify the rejection of the application
3) and another 60 days, if again more time is needed to study the documents submitted
Total 195 days
In addition, there is an application from another stock exchange NYSE Arch. SEC's conclusion regarding ETF should appear no later than September 21, as this decision was already postponed.
What does it mean? Most likely September 21, SEC will report a negative decision and the price of bitcoin will fall dramatically. The decision on the application of CBOE will be delayed again and again, but in the end a positive decision will be made, causing a rapid increase in prices.
All this means that we have not reached the bottom of 2018
I really want to be wrong, but logic tells me the opposite.
A decision like Bitcoin ETF takes time to take. 195 days is nothing and it will be delayed further and probably the final decision will be negative. Because SEC has a good reputation of playing double faced games. We should not have any dependency on SEC's decision. I believe a lot of experience members will support my thinking process here because none of the proposed ETFs are for the general people. They are all made for institutional investors and in many cases we don't know whether they are synthetic or physical.
We are running high on an absolute lie which should be avoided at all costs for the betterment of cryptos itself. When bitcoin reached 22k back in 2017, we didn't need SEC's support so why would we need now? The less dependency we have on the regulatory decisions, the better!