Another Bitcoin ETF Deadline is Already Approaching

The US Securities and Exchange Commission is set to make another bitcoin exchange-traded fund decision later this month.

AccessTimeIconMar 14, 2017 at 11:00 a.m. UTC
Updated Sep 11, 2021 at 1:09 p.m. UTC
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The US Securities and Exchange Commission (SEC) is set to make another bitcoin exchange-traded fund (ETF) decision later this month.

New York-based startup SolidX revealed last July that it was filing to list a bitcoin ETF on the New York Stock Exchange, seeking to sell as much as $1m worth of shares. The firm raised $3m in late 2014 in a bid to sell financial products tied to the digital currency.

Yet the SEC delayed a decision on that proposed offering in September, punting forward a determination until 30th March.

As the agency said at the time:

"The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change."

According to the SEC website, its public comment period will last through 16th March. (The proposal hasn't garnered any input since 3rd March.)

The deadline is notable given the SEC’s rejection last week of a proposed rule change that would have cleared the way for a bitcoin ETF backed by investors Cameron and Tyler Winklevoss. That effort, too, faced delays as the SEC sought to collect insight from potential stakeholders.

The rejection of the Winklevoss bitcoin ETF – and the agency’s justification for doing so (a lack of market surveillance and broader concerns about regulation in the bitcoin space) – could potentially threaten the chances of a positive decision for SolidX ETF, as suggested by some commentators in the wake of that event.

Representatives for SolidX did not immediately respond to requests for comment.

Calendar image via Shutterstock


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