SEC delays VanEck SolidX Bitcoin ETF decision

  • August 7, 2018
  • 6:28 pm ET

Image via Twitter

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SolidX have both independently filed Bitcoin ETF applications with the SEC in the past, but each application was either withdrawn or rejected.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.

Advertisement

Dan Gallancy, CEO of SolidX, commented on the importance of the proposed ETF in an interview with ETF.com:

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:


Via SEC

Topics
People
Tokens
SEC delays VanEck SolidX Bitcoin ETF decision
Gemini now offering digital asset insurance for customer funds
1Broker.com domain seized
SEC & CFTC charge 1Broker and CEO Patrick Brunner with violating federal securities laws
Divi launches mainnet offering one click masternodes
Coinbase is ready to rapidly add new assets
A deep dive into the NY attorney general’s Virtual Markets Integrity Report
MyWish releases EOSISH airdrop dates and instructions