Yesterday we saw the SEC make a decision on the VanEck Bitcoin ETF and, as many people had expected, the proposal was delayed so that the commission can garner more information on the ETF before they make a final decision.
Delays, delays, delays
The official filing by the SEC was published earlier this week and says that they need more information on the rule change before making a decision. The commission has further inquired more information on the ETF and it has stated that there are 25 comments lined-up on the proposed rule change. At the moment though, the SEC’s worry is directed at some of the comments that they have received in regards to the VanEck ETF.
“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”
The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris! Public document and timelines: https://t.co/F9cV95CHKN pic.twitter.com/hgyhVE0nJr— Gabor Gurbacs (@gaborgurbacs) May 20, 2019
Another big concern is the commission over the market manipulation and the most possible measures platform would take to protect its investors, the exchange noted:
“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”
Usually, when the SEC delay an ETF the market takes a hit but nothing seems to have happened much this time. The agency has postponed their ETF decision until 30th September, so it will be interesting to see how the market reacts then.