Not This Time: SEC Delays VanEck SolidX Bitcoin ETF Decision

As of May 20, the U.S. Securities and Exchange Commission (SEC) has yet again delayed its approval of the VanEck SolidX Bitcoin exchange-traded fund (ETF).

In 2018, the Chicago Board Options Exchange (CBOE) proposed a rule change with the SEC to allow its BZX Exchange to host SolidX Bitcoin Shares from the VanEck SolidX Bitcoin Trust, which, according to documents from the SEC, saw several delays throughout 2018.

The CBOE pulled the proposal earlier this year, only to refile shortly after. May 21 would host the next decision deadline for the ETF.

Today, on May 20, the SEC announced another delay, looking for comments on the subject. “The Commission seeks and encourages interested persons to provide comments on the proposed rule change,” the statement said.

The SEC statement continued,

“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”

The announcement included 14 topics for commenters to respond to regarding the ETF. “The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal,” the statement added.

The announcement noted commenters must send in their materials within “21 days from publication in the Federal Register.” Additionally, interested parties have “35 days from publication in the Federal Register,” to send in rebuttals to comments, the statement added.

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