With so much hostility towards the cryptocurrency industry as a whole, there was never going to be a quick answer as to whether or not the US Securities and Exchange Commission (SEC), a department of the federal government, would allow two Bitcoin exchange-traded funds (ETFs) to go ahead. A decision in their favour would no doubt create a significant interest from additional parties keen to see cryptocurrency play a wider part in this massive economy – and that, perhaps, is exactly what the SEC is worried about. Unfortunately, Bitcoin and other currencies are still seen by those with more conservative views as the currency of criminals, although the tide does seem to be slowly turning as far as America is concerned, with some states such as Ohio actively encouraging wider Bitcoin adoption and investment.
Unfortunately for the two platforms concerned, the SEC has announced that it will be postponing its decisions until mid May at the earliest, stating:
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.”
With the cryptocurrency market seeing continued growth, with market values now at a 5-week high, investors will no doubt be keen to see things move forward amid signs of a real recovery.