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SEC Again Postpones Decision on Bitcoin ETF, Sets Late February as new Deadline

As per an official document published on Dec. 6, the Securities and Exchange Commission has again postponed its decision on a Bitcoin (BTC) exchange-traded fund (ETF).

The SEC set the new deadline for Feb. 27, 2019, in order to further review the rule change proposals to list a Bitcoin ETF by blockchain company SolidX and investment firm VanEck on the Chicago Board Options Exchange (CBOE). As per an official statement, the Commission finds it suitable to assign a longer period within which to issue an order approving or disapproving the suggested rule amendment.

It is to be noted that 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, under the Securities and Exchange Act. If the commission deems it needed, it may afterward extent that period by 60 days.

It is to be noted that the suggested amendment in the rule 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 SolidX and VanEck firms filed with the Securities and Exchange Commission to list a Bitcoin-based ETF on June 6. Afterward, in August, the commission delayed its decision on listing the ETF until Sept. 30.

The SEC, last week released a memorandum on a meeting with representatives from CBOE, VanEck, and SolidX. The applicants claimed there was the precedent for a Bitcoin ETF based on other commodities with ETFs — like crude oil and gold.

Hester Peirce, the SEC commissioner who is known for her pro-cryptocurrency standpoint, claimed recently, that there is no surety of the arrival of a Bitcoin ETF. It could come tomorrow or in 20 years. Receiving the title of “Crypto Mom” she commented that one should not hold his breath. She added that it took a long time for the SEC even to set up Finhub.

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