SEC Delays Van Eck-Solid X Bitcoin ETF Decision, Wants More Comments

News and Analysis

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on VanEck/Solid X backed exchange-traded fund (ETF).

According to a September 20 filing, the Commission has already received roughly 1,400 letters of comment regarding the Van Eck/Solid X Bitcoin ETF proposal. Nevertheless, it is still seeking more input from the public.

In an “order instituting proceedings to determine whether to approve or disapprove a proposed rule change” filed by Cboe BZX Exchange, SEC secretary Brent Fields wrote:

“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”

Under the terms of the proposal, VanEck and SolidX would create a bitcoin trust, in which SolidX would list shares.

Meanwhile, VanEck director Gabor Gurbacs also commented on the delay, emphasizing that he’s very impressed by the numerous positive comments received so far. Gurbacs tweeted:

The SEC has already delayed making a decision on the matter in the beginning of August, and can potentially delay making a final decision through February under existing regulations.

Also in August the agency rejected a total of nine inquiries from three companies – Proshares, GraniteShares and Direxion – to bring Bitcoin-based ETFs to market, even though it said later that that applications would be reviewed.

Adding to this, in July the SEC once again disapproved a Bats BZX Exchange application to list the Winklevoss Bitcoin ETF.

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