SEC delays VanEck SolidX Bitcoin ETF decision
Today the SEC has issued an order allowing more time to decide whether the proposed VanEck SolidX Bitcoin Trust ETF would be approved. A final decision is set to be made by September 30, 2018.Tweet this
In June of 2018, VanEck and SolidX announced plans list a physically backed Bitcoin ETF on the Cboe BZX Equities Exchange. The decision was set to be made by mid-August, but today the Securites and Exchange Commission (SEC) has issued an order allowing more time to decide whether the proposed Bitcoin ETF will be approved.
Eduardo A. Aleman, Assistant Secretary SEC wrote in the order published August 7, 2018:
Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
VanEck and SolidX have both independently filed Bitcoin ETF applications with the SEC in the past, but each application was either withdrawn or rejected. Both are confident in their new product, the VanEck SolidX Bitcoin Trust ETF, which was crafted address the SEC’s previous concerns.
The index is absolutely crucial here. Last year, the SEC rejected our application, and the main context behind that rejection was the fact that they had concerns about market structure and the potential for price manipulation in the underlying bitcoin market.
You can read the full SEC Release below:
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