The SEC asks for more time – yet again – as it continues to ponder a Bitcoin ETF…
And the saga of Btcoin-backed exchange traded funds (ETFs) rumbles on. Across much of the year, the Securities and Exchange Commission (SEC) in the US has had such ETFs to rule on, and has either dismissed them, or activated delays.
Now, it’s gone and done it again.
A ruling was due on the VenEck-SolidX Bitcoin ETF, that was proposed over the summer. The SEC originally had 45 days to make a decision, but it extended the deadline. And then extended it again. Now, it’s activated its right to delay it one last time. But then, it’s got to finally make a decision one way or the other. It has until 27th February 2019 to say yes or no.
The official statement from the SEC reads as follows:
“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. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change…”
Which is pretty much the same old, same old. The news isn’t a massive surprise, and the fact that the proposal hasn’t been kicked permanently into the grass suggests that it’s at least getting good consideration. Whether it gets a yes, and becomes the Bitcoin ETF breakthrough many of hoping for? We’ll find out early next year…