- Back and forth we go again as SEC delays Bitcoin ETF decision until August 19, 2019
- The proposal will be open to public comments and rebuttals until the decision date
The cryptocurrency community has been anxiously awaiting the approval of a Bitcoin ETF, and the data has finally come for the Securities and Exchange Commission (SEC) to decide. However, it looks like the authority is still unprepared to introduce it, because they have chosen to again delay their decision on the VanEck proposal.
The SEC issued a document that was filed today, showing that they were still debating a possible rule change that would ultimately allow the VanEck SolidX Bitcoin Trust to finally list and issue the discussed shares. The regulator opened their platform to comments from the public, which will be followed by rebuttals with the same opportunity.
Now, the new deadline is August 19th, but that does not mean that the delays are over. In fact, attorney Jake Chervinsky pointed out via tweet that the SEC can again delay until October 18th.
As expected, the SEC has delayed the VanEck bitcoin ETF proposal. Read the order here: https://t.co/OB3TBgVGwg.
VanEck's new deadline is August 19. The SEC can & likely will delay one more time for a final deadline of October 18.
Looks like this ended up the right explanation: https://t.co/bkzeVRt1Hg
— Jake Chervinsky (@jchervinsky) May 20, 2019
The original filing of the Bitcoin ETF from VanEck/SolidX happened last year, thanks to CBOE BZX. When the government shutdown happened in January, the platform ultimately decided to pull the filling, worried that the government shutdown would last too long. There was also concern that the filling would not answer the concerns of the SEC with the implementation of such a product. The proposal was refiled shortly after, following an ETF proposal from Bitwise Asset management with NYSE Arca.
So far, the SEC had declined to approve any Bitcoin ETF that has been proposed within the United States, and they’ve either delayed decisions or completely rejected them through the years. Much of the concern from the SEC seems to surround the liquidity, potential for market manipulation, financial crime, and other reasons for the reason that it has yet to approve a single product of this nature.