SEC Postpones Choice on VanEck/SolidX Filing in Hottest Bitcoin ETF Setback

The U.S. Securities and Exchange Fee (SEC) has once again delayed a choice on a bitcoin exchange-traded fund (ETF) proposal.

In a new doc filed Monday, the SEC explained it was instituting proceedings on no matter whether to approve or disapprove a proposed rule modify that would let the VanEck SolidX Bitcoin Belief to concern and listing its shares.

The regulator invited opinions from the public, due 21 days from when the order is revealed in the Federal Sign up, and rebuttals to people opinions, due 35 days after these types of publication.

The VanEck/SolidX bitcoin ETF was first submitted last year with Cboe BZX, but was pulled in January due to a lengthy-lasting authorities shutdown. The firms re-submitted the proposal afterwards that month, soon after Bitwise Asset Administration submitted its have ETF proposal with NYSE Arca.

The SEC has delayed creating any choice on the two proposals so considerably this year, with the newest delay on Bitwise’s proposal coming on May well 14.

The regulator has yet to approve any bitcoin ETFs in the U.S., and has so considerably either deferred creating any selections or outright rejected proposals about the earlier few decades.

In the earlier, the SEC has cited fears with marketplace manipulation, liquidity, financial crime and other difficulties as causes for its rejections.

VanEck digital asset strategist Gabor Gurbacs graphic by way of CoinDesk archives