Recently, we reported that the U.S. Commission on securities and exchange Commission (SEC) took up the consideration of applications for the bitcoin ETF of companies VanEck and SolidX. Now, however, the Agency again decided to postpone them for a later date.
This is the second delay in the adjudication of filings from the SEC. Originally they were filed in partnership with the Cboe on June 20. As stressed by the legal counsel of the company Kobre & Kim Jake Chervinsky, following the deadline for that decision is December 29. Under U.S. law, the Commission has 180 days for a decision from the date of publication of the proposal VanEck and SolidX for comment in the Federal register on July 2.
No VanEck, no SolidX not surprised by the latest decision of the SEC.
In an interview with CoinDesk Director, strategy VanEck gábor Gurbax said that the delay had been expected and that the company is still determined to bring to market “liquidity, insured and regulated bitcoin ETF”.
SolidX CEO Dan Gallancy also said that the recent decision “did not affect his views on making a proposal”.
It is possible that the chances of approval from VanEck and SolidX more than other companies whose applications were rejected by the SEC in late August.
The uniqueness of the proposal for the bitcoin ETF from VanEck, and SolidX is that the Fund will keep a repository of bitcoin, and not bitcoin derivatives. Bitcoin futures are currently regulated by the SEC, and the remaining nine proposals were for the bitcoin ETF is on the market in bitcoin futures.
Czerwinski wrote in his Twitter that some “hard questions” raised by the SEC in anticipation of its latest decision, “reaffirmed, not challenged” concerns about the markets bitcoin.
In the same interview CoinDesk Gurbax said:
SEC just needs time in order to better understand the markets… We answered almost all the questions of the Commission, especially those relating to liquidity, pricing, and market manipulation — all included in our application.