Bitcoin ETF Approval is “Near Certainty” After Latest Delay According to Cboe Source

Yesterday, the United States Securities and Exchange Commission delayed the decision on the VanEck SolidX Bitcoin Trust ETF, widely recognized as the most promising bitcoin ETF in the industry. Despite the delay, however, the community remains confident that ETF approval is still on track.

The ICO Journal claims to have sources at a number of financial institutions and organizations. When the VanEck SolidX Bitcoin ETF was first delayed earlier this summer, The ICO Journal claims its sources reached out to confirm that ETF approval was still a “near certainty”.

Those same sources have reached out to The ICO Journal once again after this week’s latest delay, claiming that ETF approval “remains a near certainty”.

It’s unclear if The ICO Journal’s sources actually exist. The website claims to have a suspiciously large number of highly-connected sources across the financial and crypto space, and these sources conveniently appear every time a major news story breaks in the crypto industry.

We can’t confirm or deny the validity of The ICO Journal’s sources. We can, however, report on what they’re allegedly saying about the VanEck SolidX Bitcoin Trust ETF.

Both sources are extremely positive about a bitcoin ETF being approved in 2019.

The ICO Journal claims both of these sources work for the Cboe in some capacity. These sources both expressed positivity after the latest bitcoin ETF delay. Both sources reported seeing small language adjustments in the recent delay announcement, and those adjustments could indicate ETF approval in the near future.

Here’s what one source had to say about the nuances of the SEC’s language:

“There is some nuance here and you have to read the entire 19 pages to pick it up…but there is a clear shift in what we believe is prior denials and this document. A very small adjustment in the number of times market manipulation and risk factors are used, and the following of a clear time clock and a long-form path to the final decision. Remember, several other Bitcoin ETF’s were surprisingly denied ahead of the final bell last month. Not the Van Eck submission. It was spared. Couple that with the follow-up, very public statements from Van Eck executives yesterday. You can see where this is headed and we remain confident.”

The second source, meanwhile, claims he spotted “clues” in the document and amidst the commentary after the release. These clues indicate that bitcoin ETF approval confidence is “sky high”:

“This document and the clues in it, around it, and commentary after it has given us ‘sky-high’ confidence that this will be the first Bitcoin ETF product approved by the SEC. A change in language and the follow up by Van Eck executives after the announcement – almost as if this document was as good as an approval. Tea leaves are clear, but SEC will play out the clock and then approve. 2019.”

In earlier denial documents, the SEC repeatedly mentioned terms like “market manipulation” among other risk factors for investors. These sources now claim that the SEC is slightly changing its language in its recent denial, suggesting that they’re beginning to see bitcoin markets as being less manipulated.

The SEC has until February 2019 to make a decision on the VanEck SolidX Bitcoin Trust ETF. They must approve or deny the ETF before February 2019. After that point, they can delay it no longer. However, the SEC has given themselves a slightly different deadline after this latest delay, claiming that we’ll get some type of decision before December 30, 2018.

Take The ICO Journal’s sources with a grain of salt. Nevertheless, their two sources seem to be extremely positive about the likelihood of bitcoin ETF approval before February 2019.