SEC Postpones Decision on Three Bitcoin ETF Rule Change Proposals
Aaron Wood's original article for cointelegraph.com reduced by 44%
The United States Securities and Exchange Commission has delayed its decision on three Bitcoin exchange-traded fund proposals. According to documents published on Aug. 12, the SEC has will put off a formal decision on proposed rules changes by NYSE Arca and Cboe BZX Exchange for three Bitcoin ETFs: by asset managers VanEck SolidX, Bitwise Asset Management, and Wilshire Phoenix.
According to the announcements, the SEC has delayed its decision for listing VanEck to Oct. 18, while Bitwise's listing on NYSE Arca will be delayed to Oct. 13.
"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." The Wilshire Phoenix proposal was published in the Federal Register on July 1, 2019.Securities laws give the SEC the right to postpone its decision on proposed financial products in order to gather information or further deliberate on a rule change that would allow the listing. Today's news marks the latest in a series of delays on a Bitcoin ETF. The SEC had previously delayed its decision on VanEck and Bitwise's ETF applications in March, and again in May.Following the May decision, the SEC decided to publish 14 questions, available to the public, in order to gather more information and opinions about VanEck's proposal.
In June, SEC Chairman Jay Clayton said that the regulator must first feel comfortable with the security of cryptocurrency custodial services before it could move ahead on an ETF. Clayton also said that the SEC must be satisfied that protections are in place for preventing market manipulation.
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