An independent agency of the United States federal government The U.S. Securities and Exchange Commission (SEC) currently holding a primary responsibility for enforcing and regulating the federal securities laws, and other activities for the organizations in context with cryptocurrencies and blockchain technology.
In the next two months the SEC is coming up with the final decision on the proposed bitcoin exchange-traded fund (ETF) with its long-term and ongoing analysis SEC is finally able to come up with the complex decision of applying some crucial steps to stop fraudulent activities which will be favoring the whole ecosystem.
Although, the SEC has delayed a decision on a proposed rule change from the Chicago Board of Exchange(CBOE) BZX Equities Exchange that, if sanctioned, would allow for the listing of an ETF backed by blockchain startup SolidX and investment firm VanEck. Also, SolidX-VanEck proposal which forwards in June and the only “physical” ETF is still waiting among the four filings.
According to the public records, the past submissions like ProShares, Direxion, and GraniteShares, a total of 10 bitcoin-related funds are being evaluated by SEC representatives. September 21, is the new deadline for Direxion’s four funds, which was earlier submitted on January 4.
The SEC now has two more months to analyze the proposed rule change by CBOE Global Markets Inc. that would acknowledge the fund to list.
August 23, is a proposed deadline on the decision for two funds from ProShares. The deadline for a decision on two funds from ProShares is August 23. During September mid it is expected to see a series of deadlines for bitcoin ETFs, the two funds from GraniteShares will possibly receive a green light. The funds were primarily propositioned on January 5.
Hence, the new treaty establishing a smooth system for those products was submitted by NYSE Arca on December 4, 2017.
The agency quoted the mainly unregulated nature of Bitcoin and its volatile market as the foremost reason for repudiating the applications, declaring, “When the spot market is unregulated — there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”
Earlier, the above-mentioned deadlines decided by the time of publishing the proposals in the U.S. Federal Register, with an initial decision due 45 days following that time. The agency can then hit the decisions to as many as 240 days following publication in the Register.