The SEC continues to delay the launch of the much-awaited decision on whether there will be a Bitcoin ETF after all, or not. Currently, the SEC has to decide if it will grant three ETFs. The information comes from filings posted on August 12th, 2019.
The three sponsors of the Bitcoin ETF proposals are Wilshire Phoenix, VanEck/SolidX and Bitwise. The three asset managers filed their applications in the Federal Register back in February and June of 2019. This meant that the SEC has 240 days to deliver its final decision on whether it will grant approvals for these or not.
What this means is that VanEck/SolidX and Bitwise will know if they will be able to launch their own Bitcoin ETFs by October 18th and by October 13th, respectively. Bitwise expects to hear from the SEC by September 29th.
This is what the SEC has shared on the three applications regarding the deadlines of the upcoming Bitcoin ETFs:
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.
The SEC has played the “waiting game” for almost two years now. Multiple Bitcoin ETF applications have been reviewed, then the decision was either delayed or the answer was simply “no”. The major issue stemmed from the fact that the SEC was not knowledgeable about Bitcoin and cryptocurrencies. Now, the situation looks different as the SEC has had time to learn more about the industry and the recent trends. So, the October deadline is much awaited.
More about the SEC and the Bitcoin ETF applications can be found here:
- As the SEC keeps blocking a Bitcoin ETF, will billions go elsewhere?
- SEC delays ETF bids, but SEC’s Crypto Mom says they’re missing the point