The U.S. Securities and Trade Fee (SEC) prolonged a rule modify proposal allowing for the nation’s to start with bitcoin trade-traded fund (ETF), pushing the determination deadline to upcoming 12 months.
In a observe posted online, the securities regulator explained it was extending the review interval for the ETF to Feb. 27, 2019. The proposal was to start with submitted by income supervisor VanEck and blockchain startup SolidX, who partnered with the Cboe trade earlier this 12 months.
The determination arrives right after months of uncertainty as a range of preceding ETF proposals had been rejected by the SEC, most notably in August when the regulator simultaneously rejected nine proposals submitted by ProShares, GraniteShares and Direxion. The rejections had been suspended the upcoming day when the SEC announced it would review all of the proposals.
It afterwards reopened a remark interval, offering the standard public until eventually November 6 to share any new statements in assistance of or against allowing for the ETFs to be accredited.
The VanEck/SolidX proposal differs from the some others in that its price is dependent on bitcoin itself, rather than futures marketplaces like the other nine.
The SEC equally reopened a remark interval for this proposal, designating October 17 as the deadline for any statements and October 31 as the deadline for any rebuttals.
SEC graphic by way of Shutterstock