{"id":21655,"date":"2018-08-08T14:15:37","date_gmt":"2018-08-08T14:15:37","guid":{"rendered":"http:\/\/ci027cfe6eb00a2697"},"modified":"2018-08-08T14:15:37","modified_gmt":"2018-08-08T14:15:37","slug":"sec-delaying-another-bitcoin-etf-decision","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/sec-delaying-another-bitcoin-etf-decision","title":{"rendered":"The SEC Is Delaying Another Bitcoin ETF Decision"},"content":{"rendered":"
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The United States Securities and Exchange Commission (SEC) is in no hurry to review the pile of Bitcoin ETF filings it has been accumulating over the past year.<\/p>\n

Not three weeks since postponing its decision<\/a> on five other Bitcoin ETFs, the SEC has indicated in a public statement<\/a> that it will be delaying its decision to approve or reject SolidX Bitcoin Shares until late September.<\/p>\n

\u201cAccordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-CboeBZX-2018-040),\u201d the statement reads.<\/p>\n

Submitted back in June<\/a>, the proposed rule change to permit the ETF comes from the Chicago Board Options Exchange (Cboe), which was cleared to list Bitcoin futures in December of last year. If approved, the ETF would be listed on Cboe\u2019s BZX exchange in cooperation with legacy investment management company VanEck and crypto startup SolidX. This is VanEck\u2019s second attempt to list a Bitcoin ETF after their first attempt was nixed by the SEC last year.<\/p>\n

This is also the BZX exchange\u2019s second attempt to secure a Bitcoin ETF listing. On July 26, 2018, a day after the SEC prolonged its deliberation for Direxion Asset Management\u2019s five filings, the SEC rejected BZX\u2019s joint filing<\/a> with the Winklevoss twins. The ETF was rejected on the grounds that BZX has \u201cnot met its burden under the Exchange Act and the Commission\u2019s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices.\u201d<\/p>\n

With each successive rejection or prolonged decision, the industry continues to fight an uphill battle against regulators to secure its first exchange traded fund. Many believe such a listing would open the floodgates for institutional money. <\/p>\n

SEC Commissioner Hester Peirce<\/a> believes that it could also invite more mature regulation, both from the private and public sectors. On the latest rejection by the SEC, she expressed to Bitcoin Magazine<\/em> that the decision is \u201cnot a great precedent,\u201d believing that the SEC\u2019s decision misconstrues the commission\u2019s purpose to protect investors as a method to decide what is and isn\u2019t a legitimate investment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Not three weeks since postponing its decision on five other Bitcoin ETFs, the SEC has decided to delay its decision to approve or reject SolidX Bitcoin Shares until late September.<\/p>\n","protected":false},"author":3468,"featured_media":21656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[586,2650,183,3284],"class_list":{"0":"post-21655","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-cboe","9":"tag-hester-peirce","10":"tag-sec","11":"tag-solidx"},"author_data":{"id":3468,"name":"Aaron Van Wirdum And Colin Harper","nicename":"aaron-van-wirdum-and-colin-harper","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/88b6c65a7515990786b1c04473e15469e5b0d0fffef947ed629a60854e1cb426?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/the-sec-is-delaying-another-bitcoin-etf-decision.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3468"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=21655"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/21656"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=21655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=21655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=21655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}