"The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change."
Under the Securities and Exchange Act, the commission must "Issue an order approving or disapproving the proposed rule change not later than 180 days" after the date of publication of notice.
If the commission deems it necessary, it may subsequently extent that period by 60 days.
As the proposed rule change was first published in the Federal Register on July 2, 2018, the maximum period of consideration falls 240 days later, on Feb. 27, 2019.Both VanEck and SolidX firms filed with the SEC to list a Bitcoin-based ETF on June, 6.
Subsequently in August, the commission delayed its decision on listing the ETF until Sept. 30.The commission then requested further comments regarding the decision, claiming that the agency has not "Reached any conclusions with respect to any of the issues" on the rule change.
In early October, the commission set a deadline for submitting comments about proposed rule changes related to a number of applications for Bitcoin ETFs.Last week, the SEC published a memorandum on a meeting with representatives from VanEck, SolidX, and CBOE. The applicants claimed there was precedent for a Bitcoin ETF based on other commodities with ETFs like gold and crude oil.
"Don't hold your breath. Look, it took a long time for SEC even to establish Finhub."
SEC Delays Decision on Bitcoin ETF, Sets Deadline for Late February
gepubliceerd op Dec 6, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.