VanEck SolidX filed its application on Monday, however, the commission’s reply came fast, telling that the financial watchdog was 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.
Soliciting comments from the public within a period of 21 days from when the order was published, along with the reasons behind those comments, the SEC has set a date for a decision on August 19th, with the probability of extending the deadline till October 18th for a final decision.
In retrospect, VanEck/SolidX first filed for its bitcoin ETF last year, in collaboration with Cboe BZX. However, the government shutdown resulted in forcing the aforementioned firms to withdraw the application, to return to filing it again the last month.
The VanEck SolidX Bitcoin ETF proposal is not the first one to be delayed
Likewise, Both of NYSE Arca and Bitwise Asset Management also filed their own ETF proposal,
Bitwise Asset Management was not luckier in its application than how VanEck SolidX is today, as the former was also met with a delay by the SEC recently, which is the second one in the Bitwise’s case.
The regulator also asked the public to comment and “provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal.”
Last March, the SEC had delayed its decision on Bitwise’s application for the first time, saying ““The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change,”
On January 10th, Bitwise Asset Management filed its application for Bitcoin exchange fund (ETF), in which it said its offer differs from the others, arguing that its proposal will rely on following the Bitwise Bitcoin Index.
The value of the aforementioned index will be calculated on the basis of “bitcoin prices that the index provider receives from bitcoin price transactions occurring on cryptocurrency exchanges”, as per the press release Bitwise published at the time.
It is worth mentioning that the SEC always showed concerns over market manipulation, liquidity and other breaches pertinent to the financial sector, with regard to its chronic objection to Bitcoin ETF applications.