Security Exchange Commission (SEC) of the United States has delayed the decision on VanEck and Bitwise Bitcoin ETF (Exchange Traded Funds). The delay is because of a change to the Security Act. The decision is published in public post by SEC on 29 March.
Bitwise filled its Bitcoin ETF application on 15 Feb. The time to approve an ETF is 45 days from the submission according to the new rule. The review period can be extended up to 90 days by the commission.
After today decision the period to approve the ETF application is extended. The new date for the decision is 16 May 2019.
An ETF is a security that keeps track of the basket of assets proportionally represented in fund’s shares. The Crypto community see ETF as the mass adoption of the cryptocurrencies. A Bitcoin ETF will open the gates for the institutional money and can push the prices to a new all-time high.
NYSE and Bitwise planned to initially fill the ETF application in January. The exchange is looking to launch five separate ETFs for both bull and bear future contracts.
VanEck/CBOE Bitcoin ETF decision is also delayed by the SEC. The review period of 45 days is now extended to 90 days. The deadline for the decision is 21 May 2019.
CBOE withdrew its ETF application back in January due to the longest shutdown of the US government. Maybe it’s because of they aware of the new rule and want a fast approval. CBOE reapplies a Bitcoin ETF on 31 January.
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Bitcoin ETF has faced several delays from the SEC on multiple occasions. The firm CBOE first applies for an ETF on 6 June 2018. In August the commission delayed the ETF to 30 Sep.