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SEC Bitcoin ETF Decision Update

Kristina Frunze | Oct. 1, 2018
SEC Bitcoin ETF Decision Update

The US regulatory body, the Securities and Exchange Commission (SEC), has set the deadline for submitting comments about its decision regarding CBOE Bitcoin ETF proposed rule change.

1 October 2018 – Earlier this June, CBOE BZX Exchange filed a proposed rule change to list and trade shares of SolidX Bitcoin Shares with the Securities and Exchange Commission (SEC). The proposed rule change was published for comment in the Federal Register on July 2, 2018.

US SEC Requests CBOE Bitcoin ETF Decision Comments

On August 7, 2018, the SEC has postponed the decision regarding the proposed rule change. On September 19, the US SEC has received more than 1,400 comment letters on the proposed rule change. Therefore, the recent SEC’s order has been published on the Federal Register on 20 of September. The order states the following:

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act [29] to determine whether the proposed rule change should be approved or disapproved. Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”

The Commission further asked commenters to address the sufficiency of the SEC’s statements in the support of the proposal in addition to any other comments about the rule change.

How to submit a comment?

SEC describes two methods of submitting a comment:

Electronic Comments

  • Use the Commission's internet comment form (http://www.sec.gov/​rules/​sro.shtml); or
  • Send an email to rule-comments@sec.gov. Please include File Number SR-CboeBZX-2018-040 on the subject line.

Paper Comments

  • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All comment submissions should be referred to File Number SR-CboeBZX-2018-040. The file number should be included on the subject line in case email is used. In order to aid the Commission process comments more efficiently, it is recommended to use only one method. The comments will be posted on the SEC’s official website. 

The SEC further states:

“ Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange.”

The regulator warns commenters that it will not redact or edit any personal identifying information from comment submissions. All comments should be submitted by October 17, 2018. The SEC also reminded that all rebuttal comments should be submitted by October 31, 2018. Bear in mind that these are only the deadlines for the commentators on the ETF approval decision.

The SEC will review these comments and decide on a later stage the CBOE BZX Exchange filed a proposed rule change. Hence, no deadline has been set yet for the Bitcoin ETF approval, so stay tuned with AtoZMarkets.com for new updates.

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