SEC Extended Decision on VanEck-SolidX ETF, Again

SEC Extended Decision on VanEck-SolidX ETF, Again

Potential Bitcoin ETFs do not stand high in the eyes of the American securities agency. Recently, the SEC prolonged a rule adjustment bid which would permit the first ETF in the USA. Thus, the decision has been delayed until 2019.

No Decision on ETF, Again

The US securities watchdog published a notice online, in which it said it was prolonging the review period for ETF until the end of February 2019. At first, the proposal was put forward by unaltered ledger startup SolidX, which dealt with Cboe in 2018, as well as by a money manager VanEck.

It is noteworthy that the final decision on either affirmation or rebuff of VanEck-SolidX ETF will take place on February 27. According to SEC regulation, it will be no longer possible to extend the review. 

The interesting thing about VanEck-SolidX ETF suggestion is that its value is tied to BTC but not as much as on futures markets. The other nine ETF proposals depend on the latter.

Previous Rejections

The latest securities agency’s decision on ETF came after a long period of precariousness. The number of other ETF suggestions was previously declined by the watchdog. In particular, at the end of the summer SEC rejected nine proposals. Among them, there were from: 

  • Direxion
  • ProShares
  • GraniteShares

In all cases, the negative decisions were suspended the following day after SEC notified it would survey all suggestions. Later on, the agency gave the public time until the beginning of November to comment with regard to embrace or decline ETF proposals. 

A similar situation is happening regarding VanEck-SolidX ETF proposal. The securities watchdog, in the same way, reopened public discussion period, with the final deadline in mid-October and refutations until the end of the month.