SEC moves deadline for decision on Cboe Bitcoin ETF again

  • September 20, 2018
  • 6:01 pm ET

Today the SEC has issued another 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 the end of the year.

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According to a release published on September 20th, The Securities and Exchange Commission (SEC) has moved the deadline for the decision on the proposed Cboe Bitcoin exchange-traded fund (ETF) again and is requesting additional comments for its decision.

According to the Section 19(b)(2)(B of the Exchange Act, the new deadline is 180 days after the date of publication of the proposal in the Federal Register, which was July 2, 2018, putting the new deadline on December 29, 2018.

If approved, Cboe would have the go-ahead to list the bitcoin ETF proposed by VanEck and crypto startup SolidX earlier this year.

SEC secretary Brent Fields wrote in the order:

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on 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SolidX have both independently filed Bitcoin ETF applications with the SEC in the past, but each application was either withdrawn or rejected.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.

Unlike other proposed bitcoin ETFs, the VanEck-SolidX fund would hold physical bitcoin rather than cryptocurrency futures contracts.

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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.

There is a chance that the ETF decision could be delayed until February, but the SEC’s desire to seek additional comments is a positive sign, and there is still a chance for it to be approved before the year’s end.

So far, they have received over 1,400 comments on the Cboe’s ETF proposal.

Read the full release from the SEC here.


Via SEC

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