SEC Officially Postpones Decision On The Cboe Bitcoin ETF

by Senad Karaahmetovic

The U.S. Securities and Exchange Commission has disappointed crypto community once again as it asked for additional time to receive comments from the public on a plan by Cboe to list a bitcoin ETF from VanEck Associates Corp. and SolidX Partners Inc.

In a statement published on their website yesterday, the SEC said it “seeks and encourages interested persons to provide comments on the proposed rule change”, no later than 35 days from publication in the Federal Register.

However, the latest move by SEC “does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,” it is added in the statement. The Commission issued a similar statement in August last year, asking for more time although it received as many as 1,300 comments on the proposed rule change.

“It’s not a big surprise that the SEC is putting off this decision, but given that their issues are with the underlying Bitcoin market, not sure why they just don’t deny it as opposed to stringing along the crypto faithful with false hope,” said Bloomberg’s Eric Balchunas.

Numerous financial entities have filled a request for a rule change proposal to list and trade shares of the Bitwise Bitcoin ETF Trust. Similarly, Cboe asks for a rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin.

In January, Cboe withdrew their bitcoin ETF proposal due to the US government shutdown, however, the proposal was re-submitted in early February, as reported by Newconomy back then.

A few days ago, Newconomy reported that the SEC has decided to also delay the decision to either reject or approve the long-awaited Bitcoin ETF from Bitwise and NYSE Arca. As both attempts to launch a bitcoin ETF are similar in their content, it is more than obvious now that the Commission has serious reservations about the bitcoin ETF.

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