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.
Well done. This went over the heads of many, but it's actually been this way since the beginning.
However I don't think this means there's going to be a negative decision regarding the Bitcoin ETF. The SEC (as far as I'm aware) have a habit of delaying decisions, regardless of their decision.
The ETF is being made too big a deal of at the moment. The last ETF to get approved was (I think) copper. Copper's been around for millions of years. Bitcoin's not even ten yet. Bitcoin ETF gets rejected? So what?