The US Securities and Exchange Commission has decided to delay the determination on the bitcoin-ETF application lodged by VanEck and SolidX till September.
According to the official document released by SEC, the authority requires more time to consider all pros and contras regarding the launch of the first bitcoin-ETF in the USA. Initially, it was planned to hold a meeting on this matter on August 10, but for now, the date has been set at September 30.
Notably, the Commission had already postponed consideration of bitcoin-ETF applications earlier.
"Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change", the document reads.
For reference, the companies filed an application on June 6. If their application gets greenlight, this will be the milestone of the bitcoin-ETF development in the USA. Meanwhile, VanEck SolidX Bitcoin Trust will be protected from hacks and losses of access to the funds. The new fund may also be based on Van Eck index, which will reflect bitcoin prices on US-based OTC units.
With this reports the price for bitcoin reportedly collapsed by some $200 just after the official release.