SEC Delays Decisions on Bitwise Bitcoin ETF Trust and VanEck SolidX Bitcoin Trust
Three Bitcoin ETFs face delays from the SEC office. Some things never change.
The Bitcoin ETF Trust is going to have to wait a few more months for approval. The Securities and Exchange Commission again delayed a decision on approving three Bitcoin exchange-traded funds.
The decision helped propel a 4.5% decline in the price of Bitcoin over the last 24 hours. SEC chairman Jay Clayton raised concerned about exchange manipulations, theft, and a lack of consumer and investor protections.
Why the SEC Delayed its Decision on Bitwise Bitcoin ETF
The SEC said it will wait until October now before making a decision on whether it will permit the Bitwise Bitcoin ETF Trust, Wilshire Phoenix, and the VanEck SolidX Bitcoin Trust to start trading.
The proposals arrived on the Federal Register in February and June. That means they failed to receive a final decision on the 240-day clock for approval.
This isn’t anything new. The SEC has delayed as many as 25 different requests for ETF applications.
The SEC has previously rejected the Gemini ETF, a project backed by Tyler and Cameron Winklevoss. Here is the schedule for when the three proposals will now receive a decision
- Wilshire Phoenix: One or before Sept. 29.
- Bitwise: On or before October 13.
- VanEck-SolidX: On or before October 18
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