The U.S. Securities and Exchange Commission (SEC) announced Thursday that it has begun proceedings to decide whether to approve a proposed bitcoin exchange-traded fund (ETF).
an "order instituting proceedings to determine whether to approve or disapprove a proposed rule change" filed by Cboe BZX Exchange, Inc. If approved, Cboe would have the green light to list a bitcoin ETF pitched earlier this year by money management firm VanEck and crypto startup SolidX.
As part of that process, the SEC wants more input from the public – to date, according to the agency, more than 1,400 comments have been submitted.
SEC secretary Brent Fields wrote in the order:
Under the terms of the proposal, VanEck and SolidX would create a bitcoin trust, in which SolidX would list shares. The SEC has already delayed making a decision on the matter once, and can potentially delay making a final decision through February under existing regulations.
Last month, the SEC made waves after it moved to reject nine proposed bitcoin ETF proposals – only to reverse course soon after and launch a review of those decisions. It remains to be seen when that separate process will be completed.
SEC image via Shutterstock
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