In line with a recent official ‘announcement‘ published, the U.S. SEC [Securities and Exchange Commission] has postponed its call on a rule amendment to the Securities Act that would permit the listing of Bitcoin [BTC] ETF [Exchange-Traded Funds].
Earlier on 15h Feb., Bitwise ‘filed‘ its application with NYSE Arca [New York Stock Exchange] beneath the condition that it might reach to a decision within 45 days. Should the commission feel the necessity to extend that time period, it’s permissible to extend the review time period to additional ninety days.
Following the recent decision, the SEC should come to a decision on whether or not to approve the rule amendment later by 16th May, this year.
ETFs are securities that track a basket of assets proportionately amounting within the fund’s shares, and are seen by some as a ‘possible leap‘ forward for the mass adoption of crypto assets.
NYSE Arca along with Bitwise primarily revealed plans to launch Bitcoin ETFs earlier in Jan. NYSE Arca reportedly ‘filed‘ for permission to launch many Bitcoin-related ETFs earlier in 2018 last year. The exchange meant to launch 5 separate ‘ETFs‘ associated to both bull and bearish futures contracts on NYSE Arca.
The SEC has conjointly ‘extended‘ its call on the VanEck/CBOE Bitcoin ETF. Beneath the similar conditions, the SEC has extended its initial 45-day review time period to around ninety days now. The new dead-line for considering the ETF falls later on 21st May, this year.
While CBOE primarily filed its apps last year, even in Jan. it withdrew its request for a rule amendment after the U.S. government shut-off decreased the SEC’s operational capacities. CBOE and VanEck ‘reapplied‘ with the SEC earlier on 31st Jan., after the govt. shut-off was additional or less resolved.
The application process has has already underwent many delays, as the SEC pushed back its call on multiple occasions. The companies 1st ‘filed‘ with the SEC to list a Bitcoin-based ETF earlier on 6th June, last year. Later in August, the commission ‘delayed‘ its call on listing the ETF until 30th Sept. The commission then ‘requested‘ additional comments relating to the decison, claiming that the agency has not “reached any conclusions with relation to any of the issues” on the rule amendments.
While some experts have expressed doubts over the possibilities of a Bitcoin ETF. Earlier in Jan., renowned cryptocurrency contributor named ‘Brian Kelly’ aforesaid that there’s “no shot” for a Bitcoin ETF approval in 2019.