Wait! What? SEC to Delay ETF decision Until March 2019 Now?

by | Jul 27, 2018 | Bitcoin, Cryptocurrency News

US SEC | SECURITIES AND EXCHANGE COMMISSION | US SEC | Bitcoin updates | Bitcoin ETF | Crypto ETF DECISION | Exchange Traded Funds

There’s some confusion! The US Securities and Exchange Commission (SEC) will likely delay its decision on the CBOE Bitcoin ETF proposal into March 2019, according to legal expert Jake Chervinsky.

Readers may note that this application has nothing to do with the one filed by two other companies, VanEck and SolidX, which are currently pending for approval from the SEC.

The proposal, that everyone is anxiously awaiting the outcome on, refers to CboeBZX-2018-040, which seeks to list and trade shares of SolidX Bitcoin Shares (the “Fund”) issued by the VanEck SolidX Bitcoin Trust (the “Trust”) on the Cboe Exchange.

Earlier this year, a company listed on the New York Stock Exchange, Arca, filed with the Securities and Exchange Commission, a proposed rule change to list and trade shares Direxion exchange-traded products under NYSE Arca Rule.

The post which is available in public stated that,

“Arca wished to trade Direxion, more specifically, Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares.”

Legal expert Jake Chervinsky took to Twitter on July 24 to clear up some of the confusion on when the SEC will decide on CBOE’s VanEck/SolidX Bitcoin ETF proposal. He wrote:

“The SEC can, and probably will, delay its decision on the VanEck/SolidX commodity-backed Bitcoin ETF until ~March 4th, 2019.”

He added, “The standard timing for the VanEck/SolidX ETF would be:- Notice was originally posted on June 26;
– First extension expected ~August 10 (45 days later);
– Second extension expected ~September 24 (45 days later);
and
– Third extension expected ~December 23 (90 days later).Add 60 days to December 23 and you get a final deadline of February 21, 2019. This could move forward or back by a few days (e.g., because December 23 is a Sunday and the SEC may be closed on December 24/25 too), but late February is the most likely target for a decision.”

Despite all the anticipation and excitement, it appears that the wait for Bitcoin’s first ETF continues.

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