Bitcoin ETF News: While Bitcoin (BTC) enthusiasts pin the approval of the Bitcoin exchange-traded fund (ETF) as one of the key catalysts that will bring about the next BTC bull, the United States Securities and Exchange Commission (SEC) postpones their impending decision yet again.
According to an official document published Thursday, Dec. 6, the new deadline is set for Feb. 27, 2019. The delay is to further review the rule change proposals to list a Bitcoin ETF by investment firm VanEck and blockchain company SolidX on the Chicago Board Options Exchange (CBOE):
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
According to the Securities and Exchange Act, the commission must “issue an order approving or disapproving the proposed rule change not later than 180 days” after the date of publication of the notice. The period may be extended by a period of 60 days, if the commission deems it necessary.
The rule change was first published in the Federal Register on July 2, 2018, the maximum period of consideration falls 240 days later, on Feb. 27, 2019. Both VanEck and SolidX firms filed with the SEC to list a Bitcoin-based ETF on June 6, the decision was supposed to be released in August, which was delayed until Sept. 30.
Later the commission claimed that the agency has not “reached any conclusions with respect to any of the issues” on the rule change and demanded further comments regarding the decision. In October, a deadline was set for a number of applications for Bitcoin ETFs to submit their comments about proposed rule changes.
A memorandum of a meeting was released by the SEC, the meeting was held between them and the representatives from VanEck, SolidX and CBOE. The applicants claim that there was a precedent for a Bitcoin ETF based on other commodities with ETFs — like gold and crude oil.
Recently the pro-crypto SEC commissioner Hester Peirce, who received the title of “Crypto Mom,” claims that ‘Definitely Possible’:
“Don’t hold your breath. Look, it took a long time for [the] SEC even to establish Finhub.”
However soon after this statement bubbled up, SEC commissioner Jay Clayton busted it by stating that before an approval can be given, the market needs some key upgrades. Later he went on to claim that BTC is not a security.