The U.S. Securities and Exchange Commission (SEC) has announced they will be extending their decision regarding the nation’s first bitcoin exchange-traded fund (ETF) to February 27, 2019, according to a notice posted online.
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The proposal, originally submitted by investment management firm VanEck and blockchain startup SolidX, cannot be delayed any further under SEC rules. The next notice must be for either an approval or rejection of the ETF.
In August, the SEC rejected nine proposals submitted by Direxion, GraniteShares and ProShares. The decision was reversed within 24-hours as the SEC announced they would further review all of the proposals.
The VanEck/SolidX ETF is based on the value of bitcoin (BTC) itself, rather than the futures market which the other nine relied on.
A comment period was open to the general public until November 6 where statements were encouraged both in support and against the ETFs.
To date, the ETF decision has received more than 1,600 comments, according to Thursday’s notice.