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SEC delays bitcoin ETF decisions again

SEC delays bitcoin ETF decisions again

Another postpone on the three Bitcoin ETF applications for consideration, amid hints the decision may not necessarily come positive.

August 13, 2019 | AtoZ Markets – The US Securities and Exchange Commission (SEC) postponed a decision on the three proposals of the Bitcoin exchange-traded fund (ETF) on August 12.

The announcement said that the final decision on the Bitwise and VanEck/SolidX proposals is expected to be made on October 13th and 18th. The next decision on the Wilshire Phoenix program will be made on September 29.

The Bitcoin ETF was filed earlier this year by Bitwise Asset Management, VanEck/SolidX and Wilshire Phoenix, and has been filed on the New York Stock Exchange Arca and the Chicago Board Options Exchange BZX. These ETFs are seeking to be the first such investment tool based on Bitcoin. These documents were published in the Federal Register in February and June this year and opened the 240-day final decision period prescribed by law.

Similar to May’s decision, the commission is still studying the case

The regulator said in its announcement, “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”

As the announcement details, the NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) had filed, On June 12, 2019,  with the Securities and Exchange Commission a proposed rule change to amend NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares) and to list and trade shares of the United States Bitcoin and Treasury Investment Trust under NYSE Arca Rule 8.201-E. The proposed rule change was published for comment in the Federal Register on July 1, 2019.3 As of August 12, 2019, the Commission has received 6 comment letters on the proposed rule change.4.

VanEck SolidX had filed Bitcoin ETF application on May 20, however, the commission’s replied fast, saying that the financial it was still considering the initial proceedings on whether to approve or reject the changes in rules proposed that entitles the VanEck SolidX Bitcoin Trust to issue and list its shares.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.