US SEC again delays decision on VanEck bitcoin ETF application

The U.S. Securities and Exchange Commission (SEC) has once again deferred its decision on the bitcoin exchange-traded fund (ETF) proposed by VanEck and SolidX.

The VanEck/SolidX bitcoin ETF was first filed in 2018 with Cboe BZX. However, due to the U.S. government shutdown, it was pulled in January this year, CoinDesk reported. In the same month, Bitwise Asset Management filed its own ETF proposal with NYSE Arca.

Soon after, Cboe BZX re-filed with the SEC a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust.

In a document filed on May 20, the regulator said that it was instituting proceedings to determine whether the proposed rule change should be approved or disapproved. It is inviting interested persons to submit their comments within 21 days from the publication of the order in the Federal Register, and rebuttals to those comments within 35 days of such publication.

It states:

“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,” and “to protect investors and the public interest.””

The SEC has been delaying its decision on the two proposals and its new deadline to make a decision is August 19. It can defer the decision one more time which will push it for a final deadline, dated October 18.