US SEC delays decision on Bitcoin ETF applications VanEck and Bitwise

The US Securities and Exchange Commission (SEC) has postponed its decision on a change to the rule in the Securities Act that allowed Bitcoin (BTC) exchange-traded funds (ETF) to be listed. The SEC published its decision in a public notification on March 29.

Bitwise submitted its application to NYSE Arca on 15 February, on the condition that it would take a decision within 45 days. If the committee feels it is necessary to extend that period, it is permitted to extend the assessment period to 90 days.

Following today's decision, the SEC must decide to approve the change to the rule before May 16, 2019.

ETFs are securities that hold a basket of assets that are proportionally represented in the shares of the fund, and are seen by some as a potential step forward for the massive acceptance of cryptocurrencies.

NYSE Arca and Bitwise initially unveiled plans to launch Bitcoin ETF & # 39; s in January. NYSE Arca reportedly received permission to launch several Bitcoin-related ETFs in 2018. The grant was intended to launch five separate ETFs that are linked to both bull and bear futures contracts on NYSE Arca.

The SEC has also extended its decision on the VanEck / CBOE Bitcoin ETF. Under the same conditions, the SEC has extended its initial period of 45 days to 90 days. The new deadline for considering the ETF falls on May 21.

While CBOE initially submitted its application last year, it withdrew its request for a regulatory change in January when the US government declined the operational capabilities of the SEC. CBOE and VanEck contacted the SEC again on 31 January, after the elimination of the government had more or less been resolved.

The application process has been delayed several times because the SEC has reversed its decision several times. The companies first applied to the SEC to include a Bitcoin-based ETF on June 6, 2018. Then, in August, the committee postponed its decision to list the ETF until September 30. The committee then asked for further comments on the decision, arguing that the agency did not "draw conclusions regarding any of the issues" about the change to the rule.

Some industry experts have expressed doubts about the possibility of a Bitcoin ETF. In January, crypto entrepreneur and CNBC contributor Brian Kelly said there is no chance of a Bitcoin ETF approval in 2019.

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