U.S. SEC Delays Decision on All Three Pending Bitcoin ETF Proposals
On Monday (August 12), the U.S. Securities and Exchange Commission (SEC) reportedly postponed making a decision on all three pending Bitcoin (BTC) exchange-traded fund (ETF) proposals.
The three pending Bitcoin ETFs were proposed by Bitwise Asset Management (filed with NYSE Arca), VanEck/SolidX (filed in February with Cboe Global Markets), and Wilshire Phoenix (filed with NYSE Arca).
The first two rule change proposals were published in the Federal Register in February 2019. The final decision for these two proposals are expected by October 13 and October 18 respectively.
As for the third one, it was published in the Federal Register in June 2019. The new deadline for this proposal is Sepember 29 (although the Commission could delay again by another 150 days).
When prominent U.S. attorney and Bitcoiner Jake Chervinsky was asked on Twitter when we likely to see the SEC finally approve a Bitcoin ETF, he had this to say:
I sincerely doubt it happens in 2019. Nothing about current market structure suggests approval is more likely than last year when every ETF proposal was denied due to market manipulation concerns. Even if we overcome manipulation, custody may be another barrier to approval. ☹️— Jake Chervinsky (@jchervinsky) August 12, 2019