SEC Again Delays Decision On VanEck SolidX Bitcoin ETF Application

SEC Again Delays Decision On VanEck SolidX Bitcoin ETF Application

May 21, 2019

The United States Securities and Exchange Commission has again postponed its decision on a bitcoin exchange-traded fund or ETF application by VanEck SolidX Bitcoin Trust.

The regulator has issued public notices regarding the designation of a longer period for commission action on a proposed rule change relating to the listing and trading of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust with Cboe BZX Exchange, Inc.

In a filing, the regulator listed 14 questions seeking comments, and asked the public to submit data where appropriate to support their views. The Commission has added a 35 day period for gathering more information and opinions on the application.

Cboe initially had filed its application last year, but in January withdrew that due to the impact of the U.S. government shutdown at that time. In late January, CBOE and VanEck reapplied with the SEC for the rule change to list Bitcoin ETF. But, in late March, the SEC announced a delay in taking a decision on the VanEck application.

Recently, the SEC again delayed taking decision on Bitwise Asset Management’s application for bitcoin ETF. Bitwise first filed the ETF proposal with NYSE Arca on January 28. But, in late March, the SEC delayed its decision on Bitwise application, along with that of VanEck.

The SEC, which has received many applications for bitcoin ETF, has been rejecting them over concerns about fraud and manipulation of bitcoin markets.

Last year, the regulator had rejected a second attempt by crypto exchange Gemini, run by Tyler and Cameron Winklevoss, to list a bitcoin ETF. Winklevoss brothers, who are believed to hold a large amount of bitcoin, said earlier that they are committed as ever to make a bitcoin ETF a reality.

Source: Read Full Article