SEC Delays VanEck SolidX Bitcoin ETF Proposal, Asking For Further Comments
According to an official notice released September 20, the U.S. Securities and Exchange Commission (SEC) has requested further comments regarding its decision on the listing and trading of a Bitcoin (BTC) exchange-traded fund (ETF), VanEck ETF.
The VanEck SolidX Bitcoin Trust ETF is regarded as one of the best bitcoin ETF proposals making its way through regulatory hurdles. The SEC initially postponed a decision on the bitcoin ETF earlier this summer. They had until September 30 to approve, deny, or postpone the decision on the ETF once again. The SEC chose the latter option.
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. The 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.”
In the notice, the SEC notes that it has not “reached any conclusions with respect to any of the issues involved,” and is asking for additional comments from interested parties addressing the sufficiency of the BZX’s statement in support of the proposal.
Also, the SEC is seeking comments on eighteen key issues, among which are commenters’ views on BZX’s assertions that BTC “is arguably less susceptible to manipulation than other commodities that underlie exchange-traded products (ETPs).”
The official deadline for the VanEck ETF decision is set for February 27, 2019. However, the update hasn’t been published in the federal register.
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