The Securities and Exchange Commission (SEC) has delayed once again its decision on whether it approves VanEck’s application to launch an exchange-traded fund (ETF) based on Bitcoin.
In a notice shared by the regulator yesterday, the SEC claims it needs additional time to receive more input to make a decision on the ETF application filed by the asset management company.
We should remember that the company refiled its application in December last year with some changes, including the fact that Cboe, the platform in which the product would be listed, proposed a rule change that would make the listing easier.
In April, the regulator extended the period for making a decision to June 17 (today), and it seems it needs some more time to have things clear. Now, the watchdog claims its needs more time to receive additional feedback about the rule change. According to the SEC:
“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act14 to determine whether the proposed rule change should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change, as discussed below. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
We should remember that the SEC, which has not approved any Bitcoin ETF yet, has a long list of previous delays on decisions about Bitcoin ETFs.