The U.S. Securities and Exchange Commission [SEC]in a recent announcement on yesterday proclaimedthatit wouldbegin its proceedingsto come to a decisionwhether or notto approve the proposed bitcoin exchange-traded funds [ETF].
According to the the new announcement made by the SEC, itrevealedan“order instituting proceedingsto seewhether or notto approve or disapprove aproposedrule 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.
Asa part ofthenew process, the SECneedsa lot ofinput fromthe general public–to this date,in line withthe agency,thousands of commentshave beensubmitted till now.
‘BrentFields’ secretary of SEC wroteadditionally mentioned stating the order that:
“Institution of such proceedingsis acceptablefornowin sightof the legal and policyissuesraised by the proposed ruleamendments.Establishmentof proceedingsdoesn’tindicate that the Commission has reached any conclusions withregard toany ofthe issuesconcerned. Rather, asnarratedbelow, the Commission seeks and encourages interested personsto supplycomments on the proposed ruleamendments.”
Under the terms of the proposal, VanEck and SolidX wouldbe able to createa bitcoin trust,within whichSolidX would list shares. The SEC has already delayedcreatinga decision on the matter once,and mightprobablydelaycreatingafinal judgment expected till the next year under the prevailing regulations.
Last month, the SECcreatedwavesonceitstirredto reject9plannedbitcoin ETF proposals – only to reverse course soonafterand launch a reviewof theseselections. It remains to be seenwhenthat separate process would becompleted.