SEC Again Postpone Decision on VanEck ETF Application
Securities and Exchange Commission (SEC) has postponed the decision on VanEck Bitcoin (BTC) Exchange Traded Fund (ETF) application, according to an official filing on 20 May.
The SEC has added a 35 days period for gathering more information and reviews on the proposal, which was initially filed by Chicago Board Options Exchange (CBOE) past year.
CBOE withdrew its ETF request back in January due to the longest shutdown of US government in history. CBOE again reapplied the ETF application on 31 January after the shutdown problem was resolved.
In yesterday’s filing, SEC asks 14 questions open to the public about the ETF application, with the intention that the answers and feedback will help to make a decision. The questions are about to protect the investors from scams and similar interests.
The report added:
“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.”
The SEC has postponed the Bitcoin ETF application many times. CBOE has applied the ETF application after the new rule, according to the new rule, the ETF application will be approved or disapproved with 45 days period.
Bitcoin ETFs are seen as mass adoption of the industry. ETFs are securities that are valued as a percentage of the associated asset, making them functionally similar to traditional stocks.
