SEC will make decision on 9 bitcoin ETF in the next two months
The Commission on securities and exchange Commission (SEC) must make final decisions on nine applications to open, exchange-traded funds based on bitcoin within the next two months. This writes CoinDesk.
On Tuesday, the regulator has deferred a decision on the proposal to change the rules of the CBOE and request to launch a bitcoin ETF from VanEck-SolidX on Sept. However, the application SolidX-VanEck, filed in June – not only of those that are awaiting a decision.
Together with applications from ProShares, Direxion and GraniteShares the Commission is 10 cases, but only in the proposed VanEck/SolidX tool we are talking about “physical” ETFs, providing for payments in bitcoin.
Deadlines for review of these orders are granted on the basis of the date of their publication in the Federal register of the United States, the initial decision shall be rendered within 45 days after this date. If necessary, the SEC could defer a decision for up to 240 days.
The period of consideration of applications for the two funds, ProShares expires August 23. The proposal to change the rules, allowing you to run these products on the NYSE Arca, was decorated on 4 December 2017.
In September expire for several ETF: September 15 – two funds GraniteShares, September 21 – four Direxion funds.
A decision on the application SolidX-VanEck was postponed to 30 September, but given how the SEC is considering proposals of this nature, it is possible that the review process be extended until the end of February 2019.
Recall that according to the largest investment company of Canada Canaccord Genuity, the approval of the ETF based on bitcoin in 2018 is unlikely.