SEC to decide on 9 Bitcoin ETFs in US until the end of September

Presently, there are as much as 9 Bitcoin ETFs in US that are awaiting the decision from the US Securities and Exchange Commission (SEC). However, it is understood that the regulator can delay its decisions until February 2019.

9 August, AtoZ MarketsOne of the US regulators, the US Securities and Exchange Commission (SEC) is expected to make final decisions in regards to nine proposed Bitcoin exchange-traded funds (ETF) in the course of the next months. 

SEC to decide on 9 Bitcoin ETFs in US until the end of September

Yesterday, we have reported that the US SEC has postponed its final decision regarding the proposed rule change from the CBOE BZX Exchange. This change, if approved, can allow for the listing of an ETF supported by Blockchain startup SolidFX and investment firm VanEck.

However, this proposal is only one of the four filings that are awaiting their turn. Then, taking into consideration the past proposals from ProShares, Direxion, and GraniteShares, there is a total of 10 Bitcoin-related funds that are being assessed by the SEC authorities. In fact, according to public records, the VanEck/SolidX bitcoin ETF is the only “physical” ETF among all the submitted proposals. 

The deadlines for the final decision from the US SEC are set considering the time at which the proposals are issued on the US Federal Register. The initial decision, according to the rules, should appear 45 days after the publication. The agency then can postpone those decisions to 240 days following the initial publication.

The deadline for a decision regarding two funds from ProShares is set for August 23, which is just some two weeks away from now. The rule change has been submitted by NYSE Arca earlier last December. 

SEC Can Postpone Decisions until February 2019

Following on this, there is a bunch of deadlines for Bitcoin ETFs that are scheduled in September. First one takes place on September 15 – two funds by GraniteShares are expected to receive a final decision. 

Then, on September 21, the deadline for Direxion’s proposal is approaching, with SolidX-VanEck Bitcoin ETF’s proposal to be decided upon on September 30. 

Yet, considering the way in which the US SEC is evaluating these proposals, it is very probable that some additional time will be taken to make these decisions. As a matter of fact, the regulator can push the final decision as far as late February 2019. 

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