SEC Again Delays Decision on VanEck-SolidX Bitcoin ETF

The SEC has postponed its decision deadline on the VanEck/SolidX bitcoin ETF to February 2019.

AccessTimeIconDec 6, 2018 at 9:07 p.m. UTC
Updated Sep 13, 2021 at 8:39 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The U.S. Securities and Exchange Commission (SEC) extended a rule change proposal allowing the nation's first bitcoin exchange-traded fund (ETF), pushing the decision deadline to next year.

In a notice posted online, the securities regulator said it was extending the review period for the ETF to Feb. 27, 2019. The proposal was first submitted by money manager VanEck and blockchain startup SolidX, who partnered with the Cboe exchange earlier this year.

Under SEC rules, a decision on the proposal cannot be delayed any further, meaning the next notice must either approve or reject the ETF.

The decision comes after months of uncertainty as a number of previous ETF proposals were rejected by the SEC, most notably in August when the regulator simultaneously rejected nine proposals submitted by ProShares, GraniteShares and Direxion. The rejections were suspended the next day when the SEC announced it would review all of the proposals.

It later reopened a comment period, giving the general public until November 6 to share any new statements in support of or against allowing the ETFs to be approved.

The VanEck/SolidX proposal differs from the others in that its value is dependent on bitcoin itself, rather than futures markets like the other nine.

The SEC similarly reopened a comment period for this proposal, designating October 17 as the deadline for any statements and October 31 as the deadline for any rebuttals.

To date, it has received more than 1,600 comments, Thursday's notice said.

image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.