The US SEC filed a notice on September 8 stating that it has now chosen November 14 as the date that it will either approve or disapprove a proposed rule change that will allow the listing and trading of shares of the VanEck Bitcoin Trust. There was very little explanation given for the latest postponement of the ETF other than some jargon about issues raised in comment letters.
SEC continues to stall BTC ETF’s decision.
The SEC stated, “The Commission finds that it is 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 the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith.” The Chicago Board Options Exchange (CBOE) BZX Exchange proposed the rule change to permit the listing of Bitcoin ETF shares on March 1, 2021. The SEC waited until April 28 before announcing its first postponement and then referred to the Securities Exchange Act of 1934 so that it could have 180 days to make a decision.
The stalling has been going for two years.
The stalling has been going for two years since the CBOE first partnered with VanEck and SolidX to apply for a rule change proposal from the SEC. VanEck and SolidX applied for a “limited” BTC fund in September 2019 that would only be available to a very small group of established financial firms. The original Bitcoin ETF filing by the two companies goes back even further to June 2018. This was withdrawn the following year after more SEC stonewalling in favor of the limited fund.