SEC postpones ruling on Direxion Bitcoin ETF

US regulator SEC has reportedly announced its intention to delay the decision concerning Direxion Bitcoin ETF application. SEC has noted that it was “appropriate” to postpone its decision.

25 July, AtoZ Markets Direxion, one of the investment firms, has filed an application for the Bitcoin exchange-traded fund (ETF). In the latest news, the regulator has postponed the decision regarding this application until the end of September. 

SEC postpones ruling on Direxion Bitcoin ETF

The news regarding the delay emerges from an official document that has been published by the US Government Publishing Office on July 24. An announcement from the US Securities and Exchange Commission (SEC) has noted that it was “appropriate” to delay its decision. The decision, according to the statement, only affects Direxion’s offering. The document reads:

“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. Accordingly, the Commission […] designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change[.]”

In the meantime, Bitcoin price has continued its rally through Tuesday despite the mixed sentiment regarding the potential of the ETF approval to drive crypto markets further. 

CBOE Bitcoin ETF

Earlier this month, we have reported that the Chicago Board Options Exchange (CBOE), the first company to launch the Bitcoin Futures contract during last year, has taken another step forward. Reportedly, the company has filed for a Bitcoin-based exchange-traded fund (ETF) with the US securities regulator, the Securities and Exchange Commission (SEC).

As per the official release from the SEC, the filing is dated back to June 20, 2018. The CBOE Bitcoin ETF is expected to allow for over-the-counter (OTC) trading for accredited investors. It will also provide them with the complete insurance and security.

The application asks for a Bitcoin-based ETF to list and trade BTC shares that are backed by the Vaneck Solidx Bitcoin Trust. The filing document also mentions that CBOE will only invest in Bitcoin on behalf of the investors.

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