On Thursday (6 December 2018), the U.S. Securities and Exchange Commission (SEC) announced that it needed more time to make a decision regarding the VanEck-SolidX Bitcoin ETF, and it set 27 February 2019 as the new and final deadline.
Via a notice published on its website, the SEC said that on 20 June 2018, Cboe BZX Exchange (BZX) had filed with the SEC “a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust”, which got published in the Federal Register on 2 July 2018.
Since the SEC had 45 days from the date of publication in the Federal Register to make a decision, it could have waited until 16 August 2018 to make an announcement. However, as covered by CryptoGlobe, the SEC decided on 7 August 2018 to exercise its right to extend this deadline by another 45 days to 30 September 2018.
Then, on Thursday (20 September 2018), the SEC delayed its decision regarding the VanEck-SolidX Bitcoin ETF again, and it set 29 December 2018 as the new deadline.
And now, yet again, the SEC has delayed its decision, using same kind of language as in the past:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change…”
Jake Chervinsky, who is an American lawyer (an associate at the law firm of Kobre & Kim), once again, brought his excellent analysis and commentary skills to Twitter:
As expected, the SEC has delayed its decision on the VanEck/SolidX bitcoin ETF proposal until the absolute final deadline of February 27. The order doesn't say anything of substance, but you can see it here: (https://t.co/2yfAIbm2cu)
This is it. The SEC *cannot* delay again.
— Jake Chervinsky (@jchervinsky) December 6, 2018
And in case you are wondering what would happen if the SEC decides on/before 27 February 2019 to disapprove this proposal, Chervinsky again has the answer:
They could file an appeal to have the Commissioners review the staff's decision. That's what happened with the Winklevoss ETF, which was denied by staff in March 2017, and then the Commissioners affirmed the staff's decision in July 2018. Otherwise, yes, they start all over.
— Jake Chervinsky (@jchervinsky) December 6, 2018
And just as we were about to publish this article, Gabor Gurbacs, the Digital Asset Strategist/ (and Director) at VanEck/MVIS, had this to say about today’s announcement:
“Note on #Bitcoin #ETF delay:
The delay ‘til 02/27/2019 (final decision date) was expected. – I see lots of good market structure improvements in the markets on pricing, custody & surveillance. -America still wants a Bitcoin ETF.”
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