The U.S. Securities and Exchange Commission [SEC] in a recent announcement on yesterday proclaimed that it would begin its proceedings to come to a decision whether or not to approve the proposed bitcoin exchange-traded funds [ETF].
According to the the new announcement made by the SEC, it revealed an “order instituting proceedings to see whether or not to approve or disapprove a proposed rule change” filed by Cboe BZX Exchange, Inc. If approved, Cboe would be approved to list a bitcoin ETF proposal filed earlier this year by the management firm VanEck along with the crypto startup SolidX.
As a part of the new process, the SEC needs a lot of input from the general public – to this date, in line with the agency, thousands of comments have been submitted till now.
‘Brent Fields’ secretary of SEC wrote additionally mentioned stating the order that:
“Institution of such proceedings is acceptable for now in sight of the legal and policy issues raised by the proposed rule amendments. Establishment of proceedings doesn’t indicate that the Commission has reached any conclusions with regard to any of the issues concerned. Rather, as narrated below, the Commission seeks and encourages interested persons to supply comments on the proposed rule amendments.”
Under the terms of the proposal, VanEck and SolidX would be able to create a bitcoin trust, within which SolidX would list shares. The SEC has already delayed creating a decision on the matter once, and might probably delay creating a final judgment expected till the next year under the prevailing regulations.
Last month, the SEC created waves once it stirred to reject 9 planned bitcoin ETF proposals – only to reverse course soon after and launch a review of these selections. It remains to be seen when that separate process would be completed.