The U.S. Securities and Exchange Commission (SEC) decided to delay VanEck’s bitcoin ETF proposal, once again. It was a signal that the SEC is still not ready to include crypto-based funds as a part of trading on regulated exchanges.
The history of VanEck/SolidX’s ETF filings with the SEC
This was one more in the line of unsuccessful VanEck/SolidX’s bitcoin ETF filings with the SEC. At first, VanEck/SolidX’s ETF filed a bid to the SEC on June 6th, 2018, but the agency decided to delay its decision of the case until September 30th.
After that, on September 20th, the SEC requested further comments regarding its decision about the VanEck/SolidX ETF proposal. Still, on December 6th, the SEC postponed the decision once again stating that the new deadline is February of 2019.
Although everyone expected that decision would be made by that time, it didn’t happen. On January 22nd, 2019, the SEC stopped its activity due to the U.S. government shutdown. This meant that the ETF application was withdraw temporarily. However, by the end of the January, the application was resubmitted.
But things didn’t get better in May, either. On May 20th, the SEC delayed its decision once again. According to the document SEC published:
The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.
Apparently, the SEC wants additional 35 days to gather more information.
What happens next?
The new deadline for a decision is August 19th, while the final deadline is October 18th. Although there is always a possibility that the SEC will agree to ETF, the situation doesn’t look good at the moment. To this day, the SEC hasn’t approved any bitcoin ETFs in the U.S.