The US Securities and Exchange Commission (SEC) has decided to postpone the two bitcoin exchange-traded fund (ETF) proposals.
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The first ETF proposal submitted by Bitwise Asset Management and the New York Stock Exchange Arca was published in the Federal Register on February 15th, opening the first 45-day countdown for the SEC to make a preliminary decision on the application. The US Securities and Exchange Commission has a total of 240 days to approve or reject any ETF proposal. Friday's decision means that the US Securities and Exchange Commission is now entering the next 45-day countdown to consider the proposal for the next step.
Therefore, the US Securities and Exchange Commission said on Friday that it would “approve or reject, or defer, to determine whether to object to the proposed rule change” by May 16, 2019.
According to a letter from Friday, the US Securities and Exchange Commission has so far received 21 comments on the proposed rule change.
The SEC also postponed another Bitcoin ETF proposal submitted by VanEck and SolidX in partnership with Cboe BZX Exchange. The VanEck / SolidX proposal was originally submitted nearly a year ago, but was withdrawn during the longest government lockout in US history. Jane Eck, CEO of VanEck, explained that the government’s suspension — at least temporarily — suspended the dialogue between the US Securities and Exchange Commission and the company that submitted the proposal.
Cboe resubmitted the proposal in late January and announced it in the Federal Register on February 20. On Friday, the US Securities and Exchange Commission also postponed the decision, setting May 21 as the date for making a definitive decision or deferring the decision.
Although the US Securities and Exchange Commission has not approved any Bitcoin ETFs, many in the community believe that the Bitcoin ETF may come this year.
US Securities and Exchange Commission member Robert Jackson said in an interview with Roll Call in early February that he believes that the ETF proposal will "finally meet the standards set by the regulator."
Lawyer Jake Chervinsky of Kobre Kim Law Firm is even more optimistic. In an interview, he said, “The cryptocurrency ecosystem will be fully developed for 10 months and it is entirely possible for the Bitcoin ETF to be approved.”