The Decision on VanEck Application to Open Bitcoin ETF is Postponed until August

On May 20, the U.S. Securities and Exchange Commission (SEC) announced that making a decision on the VanEck application for opening Bitcoin exchange-traded fund (ETF) was postponed until August 19, 2019.

Read more on this topic:

The American Company Has Applied for the Opening of a New Cryptocurrency ETF

Within 21 days SEC will be accepting comments on the application from interested parties. After that SEC will provide 14 days to rebut it. If SEC does not make a decision before August 19, it has the right to once again extend the term of proposal consideration until October 18.

On January 30, 2019, Chicago Board Options Exchange (CBOE) filed another application for approval to trade Bitcoin ETF developed by VanEck company. On March 29 member of the SEC stated that they didn’t have enough time to make a decision and extended the term for another two months. From February to May of this year SEC received 25 letters from business representatives in which the latter expressed their opinions on cryptocurrency investment funds. Nevertheless, SEC wants to find out points of view from the wider range of entrepreneurs that is why it has extended the period of comments receiving.

On May 14 Bitwise ETF suffered the same fate as the fund created by VanEck. American officials delayed making a decision on NYSE Arca application to list and trade Bitwise Bitcoin ETF. SEC has not yet approved any crypto exchange-traded fund. Members of the Commission are concerned that investors can lose their money if ETF trade is approved. Skeptical attitude towards digital assets and Bitcoin in particular is due to the fact that the virtual currency market is subject to manipulation.

We want to remind you:

Bitwise Asset Management ETF Verdict Delayed by SEC Again

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