The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Vaneck Solidx bitcoin exchange-traded fund (ETF), which will trade on Cboe BZX Exchange. The SEC has received more than 1,600 comments and will make a decision by February next year.
New Decision Date
The SEC announced on Thursday that it has designated “a longer period within which to issue an order approving or disapproving the proposed rule change” by Cboe BZX Exchange to list and trade shares of Vaneck Solidx Bitcoin Trust. The SEC stated that the delay is “so that it has sufficient time to consider this proposed rule change.”
Cboe BZX Exchange filed this proposed rule change on Jun. 20 and, on Sept. 20, the SEC instituted proceedings to make a decision on it. The SEC wrote in its Thursday’s announcement:
The commission, pursuant to Section 19(b)(2) of the [Securities Exchange] Act, designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change.
According to the Securities Exchange Act of 1934, the SEC can extend the time to make a decision on an ETF up to 240 days after the date of its publication in the Federal Register.
This proposed rule change was published for notice and comment in the Federal Register on July 2. “February 27, 2019, is 240 days from that date,” the commission wrote.
The SEC also revealed:
As of December 6, 2018, the commission has received more than 1,600 comments on the proposed rule change.
Meeting With SEC
A meeting was held on Nov.