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SEC Delays Decision on Bitcoin ETF, Sets Deadline for Late February

The United States Securities and Exchange Fee (SEC) has again postponed its determination on the very first at any time Bitcoin (BTC) Trade-Traded Fund (ETF), in accordance to an official doc posted Thursday, Dec. 6.

The SEC established the new deadline for Feb. 27, 2019 in order to even more evaluation the rule change proposals to list a Bitcoin ETF by financial commitment organization VanEck and blockchain company SolidX on the Chicago Board Solutions Exchange (CBOE):

“The Fee finds it suitable to designate a more time period of time inside of which to concern an purchase approving or disapproving the proposed rule improve so that it has enough time to look at this proposed rule modify.”

Below the Securities and Exchange Act, the fee have to “issue an buy approving or disapproving the proposed rule alter not afterwards than 180 days” after the date of publication of detect. If the fee deems it vital, it may well subsequently extent that period of time by 60 days.

As the proposed rule modify was to start with revealed in the Federal Register on July 2, 2018, the maximum period of thought falls 240 days later on, on Feb. 27, 2019.

The two VanEck and SolidX firms filed with the SEC to list a Bitcoin-based mostly ETF on June, 6. Subsequently in August, the fee delayed its selection on listing the ETF right up until Sept. 30.

The fee then requested even more responses relating to the decision, claiming that the company has not “reached any conclusions with regard to any of the issues” on the rule alter.

In early October, the fee set a deadline for distributing responses about proposed rule variations associated to a amount of programs for Bitcoin ETFs.

Last week, the SEC revealed a memorandum on a assembly with representatives from VanEck, SolidX, and CBOE. The applicants claimed there was precedent for a Bitcoin ETF centered on other commodities with ETFs like gold and crude oil.

Not long ago, SEC commissioner Hester Peirce, who is regarded for her professional-crypto stance, obtaining the title of “crypto mother,” claimed that a Bitcoin ETF could appear “tomorrow or in 20 years.” She reported:

“Don’t maintain your breath. Seem, it took a extended time for SEC even to build Finhub.”

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