Crypto Mixed; SEC Delays Decision on VanEck ETF Application

© Reuters. – Prices of major cryptocurrencies were mixed on Tuesday morning in Asia, and the total market cap went down to $245.7 billion from $247.5 billion the day before.

traded 0.07% higher to $7,936.9 by 10:26 PM ET (02:26 AM GMT). The coin rebounded from $7606.9 to $8,083 overnight, before it lost steam to retreat to below $8,000 this morning.

also rose 1.18% to $250.73. However, slipped 1.21% to $0.39216 and slid 0.33% to $90.66.

The U.S. SEC has again postponed its verdict on the VanEck/SoildX Bitcoin exchange-traded fund (ETF) proposal for another 90 days. The new deadline is set at August 19.

“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest,” it said in a statement released on May 20.

It has been a rocky path to seek the regulatory greenlight. The postponed ETF proposal was first filed over a year ago, but it got withdrawn in January due to the U.S. government shutdown. The proposal was resubmitted in late January but regulators postponed to make a decision until May 21.

Last week, the SEC also decided to delay another Bitcoin ETF issued by Bitwise Asset Management. Analysts believe that the SEC’s repeated postponements reflected its lack of confidence in the maturity of the crypto market.

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