SEC postpones decisions on Bitcoin ETF

Friday 7 December 2018 13:08 CET | News

The United States Securities and Exchange Commission (SEC) has once again postponed the decision on a Bitcoin (BTC) exchange-traded fund (ETF).

The new deadline set by the SEC in order to further review the rule change proposals to list a Bitcoin ETF by investment companies VanEck and blockchain company SolidX on the Chicago Board Options Exchange (CBOE) is 27 February 2019.

Under the Securities and Exchange Act, when the commission issues an order approving or disapproving the proposed rule change, this must be done no later than 180 days after the date of publication of the notice. If the commission deems it necessary, it may subsequently extent that period by 60 days.

The proposed rule change was firstly published in the Federal Register on 2 July 2018, which means that the maximum period of consideration falls 240 days later, on 27 February 2019. VanEck and SolidX filed with the SEC to list a Bitcoin-based ETF on 6 June, however, in August, the commission delayed its decision on listing the ETF until 30 September. Last week, the SEC published a memorandum on a meeting with representatives from VanEck, SolidX, and CBOE, where it was claimed that there was a precedent for a Bitcoin ETF based on other commodities with ETFs, such as gold and crude oil.

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Keywords: SEC, Bitcoin, exchange, funds, blockchain, listing, VanEck, SolidX, cryptocurrency, US
Countries: World