Bitcoin ETF decision delayed by SEC; revised deadline set for late-February
According to an official document, by the United States, Securities and Exchange Commission (SEC) published on December 6, the top regulator has postponed its decision on the highly anticipated Bitcoin [BTC] Exchange-Traded Fund (ETF).
The new deadline for the SEC decision is set to be February 27, 2019, so that the proposals for the rule change can be reviewed by regulatory authorities. The Bitcoin ETF is proposed by VanEck, a New-York based investment firm and SolidX, a blockchain company on the Chicago Board Options Exchange (CBOE).
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” stated the document.
As per the Securities and Exchange Act, “the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change.” According to this method, the maximum period of consideration is 240 days later i.e. on February 27, 2019, from the proposal of the rule change, published in the Federal Register on July 2, 2018.
The Bitcoin ETF ordeal has been going on since June when the two firms, VanEck and SolidX first approached the SEC to list the Bitcoin ETF. The regulatory body, in August, delayed its decision to late-September. After asking for further comments regarding the decision, the commission set a deadline for comments about proposed changes to the ETFs in October.
Following a meeting with representatives from VanEck, SolidX and the CBOE, the SEC published a memorandum of the same last week, which spelled out the precedent for the Bitcoin ETF based on actual commodities like gold and crude oil.
Hester Pierce, the SEC Commissioner, known as “Crypto Mom” for her pro-crypto stance stated, that the Bitcoin ETF could be here, “tomorrow or in 20 years.”
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