US Securities and Exchange Commission postpones three bitcoin ETF rulings again

The US Securities and Exchange Commission (SEC) announced on Monday that it has postponed a decision on three bitcoin exchange-traded funds (ETFs) proposals.

Earlier this year, asset management companies Bitwise, VanEck/SolidX and Wilshire Phoenix filed a bitcoin-based ETF application with the SEC, hoping to become the first regulated bitcoin-based investment vehicle.

The SEC decided on Monday to postpone the final decision on the Bitwise and VanEck/SolidX proposals until October 13 and October 18. The next decision for the Wilshire Phoenix proposal is September 29.

The two ETF proposals submitted last year came from VanEck/SolidX and Cboe BZX, but were withdrawn in January due to the government's long-term closure. Since then, Bitwise and Arca have submitted their own ETF proposals, and VanEck/SolidX has resubmitted the ETF proposal.

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On May 14, the SEC postponed the decision time for Bitwise's ETF proposal. A week later, the SEC delayed the decision on the ETF proposal for VanEck/SolidX. Wilshire Phoenix's proposal to list ETFs on the New York Stock Exchange Arca comes from a June rule change.

So far, the SEC has not approved any bitcoin ETF proposals in the United States.

Earlier, SEC Commissioner Robert Jackson said that the Bitcoin ETF would be approved when the encryption market had sufficient transparency and liquidity. And SEC Chairman Jay Clayton said, "We have strict rules and regulations to ensure that people do not manipulate the stock market. But these are basically not in the cryptocurrency market."

According to Bloomberg News, Arca Chief Investment Officer Jeff Dorman said in a research report on July 1 that the Bitcoin exchange-traded fund (ETF) received the US Securities and Exchange Commission (SEC) due to the volatility of cryptocurrency prices in June. The possibility of approval will decline.

He believes that "the ETF will hardly be approved in the short term. It rebounded 81% in 14 days, and most of it is not in the trading hours in the United States. This is not a model for SEC approval."

Image source: pixabay

By Xiu MU

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