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Don't get too excited about the bitcoin ETF just yet: Expert


Added 05-20-19 04:02:02pm EST - “The highly anticipated bitcoin-based exchange-traded fund isn't "imminent," says ETF.com Managing Director Dave Nadig.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Don't get too excited about the bitcoin ETF just yet: Expert”. Below is an excerpt from the article.

The digital currency's highly anticipated entrance into the world of exchange-traded funds will likely have to wait a while longer, according to ETF expert Dave Nadig.

"Based on the comments we saw last week around one of these filings, it's clear the SEC is still in information-gathering mode," Nadig, who is managing director of ETF.com, told CNBC's "ETF Edge " on Monday.

Nadig was referring to the Securities and Exchange Commission's recent delay in approving a bitcoin ETF from Bitwise Asset Management and NYSE Arca, which first filed for approval in January of this year. On Monday, the SEC also postponed its approval for a similar fund, the VanEck SolidX Bitcoin Trust.

The regulatory body's delays in approving bitcoin ETFs are piling up. The SEC already postponed deciding on Bitwise and VanEck's funds in March.

"Technically, there are deadlines, but, honestly, it's the SEC. They can do what they want," Nadig said. "They can kick this can down the road until they're comfortable."

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