SEC: decision on 3 bitcoin-ETF delayed till autumn

Posted 13 August, 2019

On Monday, the US Securities and Exchange Commission announced its decision to reschedule the determination of three bitcoin-ETF applications.

According to the released documents, the delay covered the rule change proposals filed by Bitwise Asset Management, VanEck/SoildX and Wilshire Phoenix. The companies are still striving to launch regulated bitcoin-ETF in the USA.

The applications were registered in the US Federal Register in February and June, so the regulator has 240 days after all legal postponements to announce its final determination.

As a result, the deadline for the consideration of the applications from Bitwise and VanEck/SolidX is October 13 and 18 respectively. At the same time, the decision on Wilshire Phoenix is expected on September 29.
 
US SEC keeps standing firm in terms of bitcoin-ETF. For reference, crypto-related companies have been trying to launch ETFs in the USA within the past few years, but have no luck so far. Meanwhile, the regulator explains the denials by risks of manipulation and insufficient market monitoring.

At the same time, Bitwise attempted to raise its chance for positive determination via making several studies to assure SEC that the markets are ready for such ETFs. Thus, Bitwise application got strong support from many crypto market players.

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