SEC Again Delays Decision on VanEck-SolidX Bitcoin ETF
The US Securities and Exchange Commission (SEC) has extended its decision deadline to next year by extending the regulatory changes that allow Korea's first ETF.
The Securities and Exchange Commission (SEC) announced that it will extend the review period for the ETF to February 27, 2019. The proposal was first submitted by VanEck, money manager, and SolidX, a block chain startup partnered with Cboe Exchange earlier this year.
According to SEC regulations, decisions on proposals can no longer be delayed, which means that the ETF must be approved or rejected.
The decision followed months of uncertainty as the ETF proposal over the last few months was rejected by the SEC. Especially when they rejected nine proposals submitted by ProShares, GraniteShares and Direxion in August. The next day when the SEC announced that it would review all proposals, the denial was abandoned.
In order to assist ETFs to be approved, we have released their comments and reopened their comments to the public until November 6th.
The VanEck / SolidX proposal differs from the others in that its value depends on the bit coin itself rather than the nine other futures markets.
The SEC similarly resumed the submission period for this proposal by designating October 17 as the deadline for the statement and October 31 as the deadline for objection.
According to the notice on Thursday, more than 1,600 comments have been received so far.
SEC image via Shutterstock
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