Looking over a new VanEck SolidX Bitcoin ETF proposal, the U.S. Securities and Exchange Commission (SEC) has recently decided to adjourn its decision on it.
The article was updated on 26 November, 2019 by Amicus.
21 May, 2019 | AtoZ Markets – VanEck SolidX filed its application on Monday. However, the commission’s reply came fast. It told that the financial watchdog was considering the initial proceedings on whether to approve or reject the changes in rules. It proposed that entitles the VanEck SolidX Bitcoin Trust to issue and list its shares.
Soliciting comments are received from the public within 21 days. When the order was published and the reasons behind those comments. The SEC has set a date for a decision on 19 August. That is with the probability of extending the deadline till 18 October 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 firms mentioned above to withdraw the application, to return to filing it again the last month.
VanEck SolidX Bitcoin ETF Proposal
Likewise, Both of NYSE Arca and Bitwise Asset Management also filed their ETF proposal. Bitwise Asset Management was not luckier in its application than how VanEck SolidX is today. The former was even met with a delay by the SEC recently, which is the second one in Bitwise’s case.
The regulator also asked the public to comment and “provide written submissions of their views, data, and arguments. That concerned 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. It said “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 10 January, Bitwise Asset Management filed its application for the 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 index mentioned above will be based on Bitcoin prices. The index provider receives that from Bitcoin price transactions occurring on cryptocurrency exchanges. It is 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. That was concerning its chronic objection to Bitcoin ETF applications.
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