Bitcoin is sharply down due to unexpected news.

The SEC issued a statement today confirming that their decision on the Cboe BZX Exchange application would be postponed until 30th September 2018 at the latest, forklog reports.

In a written memo, the Commission determined that a longer period of consideration was “appropriate” in coming to this conclusion. Earlier, SEC have already used its right to postpone Bitcoin-ETF applications.

The Commission session regarding Chicago Board Options Exchange regulations changes was going to take place on August 10. However, now it has been postponed.

If approved, this decision will become a key point in cryptocurrency history for Bitcoin-ETF in the USA in general and for VanEck and SolidX liked in CBOE in particular, says ttrcoin.

The companies submitted their joint application on June 6 and SEC received many comments from the community regarding the necessity of this tool and determined that the market is ready to accept it.

If Sec approves it, VanEck SolidX Bitcoin Trust will by insured against theft and losing the access to funds. It will be also linked to new Van Eck index that will collect Bitcoin price from the USA based platforms (OTC).

VanEck SolidX Bitcoin Trust share price will be set at $200 000 which means that new ETF is focused on institutional investors. Earlier, SEC anonymous source has made it clear that the Commission is leaning towards approval.

The decision to postpone the application followed the rejection issued to the Winklevoss twins who intended to launch their own Bitoin-ETF and challenge the rejection they got in March 2017.

Many community members believe that first Bitcoin-ETF can be launched only in spring 2019. The same time frame is expected for the final SEC decision.