SEC Again Delays Its Call On Bitcoin [BTC] Exchange-Traded Fund [ETF].

SEC Again Delays Its Call On Bitcoin [BTC] Exchange-Traded Fund [ETF].

2018-12-07 | Mike Hallen

SEC Again Delays Its Call On Bitcoin [BTC] Exchange-Traded Fund [ETF].

In line with a recent official document 'published', the SEC [United States Securities and Exchange Commission] has once again deferred its call on a Bitcoin [BTC] exchange-traded fund [ETF].

The SEC set the new deadline for Feb. 27, 2019 so as to extent its reviews on the rule amendment proposals to list a Bitcoin ETF by investment company VanEck and blockchain company SolidX on the Chicago Board choices Exchange [CBOE]:

“The Commission finds it acceptable to designate a extended time within which to issue an order approving or rejecting the proposed rule amendments in order that it's adequate time to think about this proposed rule amendment.”

Under the Securities and Exchange Act, the commission  is liable to “issue an order approving or rejecting the planned rule amendments not later than 180 days” after the date of publication of notice. If the commission deems it necessary, it can extent that time period by extra sixty days.

As the proposed rule amendments were 1st revealed within the Federal Register on 2nd July this year, the max time of consideration falls 240 days later, i.e. on 27th Feb., 2019.

Both VanEck and SolidX corporations filed with the SEC to list a Bitcoin-based ETF on 6th June. Thereafter in August, the commission delayed its call on listing the ETF till 30th Sept.

The commission then requested additional comments concerning the decision, claiming that the agency has not “reached any conclusions with relation to any of the issues” on the rule amendments.

Earlier in Oct. this year, the commission set a dead-line for submitting comments regarding proposed rule changes associated with variety of applications for Bitcoin ETFs.

Even last week, the SEC revealed a memo on a gathering with representatives from VanEck, SolidX and CBOE. The applicants claimed that there was precedent for a Bitcoin ETF supporting other commodities with ETFs — like gold and crude oil.

Recently, SEC commissioner 'Hester Peirce', who is well-known for her pro-crypto stance, receiving the title of ‘Crypto Mom,’ claimed that a Bitcoin ETF can be expected either from “tomorrow or in next twenty years.” She said:

“Don’t hold your breath. Look, it took an extra time for the SEC even to ascertain Finhub.”

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