If you take a look at the crypto market charts right now you will see a sea of red which is the result of the SEC’s delaying its decision on whether it will allow Bitcoin ETFs to take place or not. Currently, the Securities and Exchange Commission is reviewing 10 separate proposals and an analysis of when they were first published in the U.S. Federal Register indicates that the agency is set to decide on 9 Bitcoin ETFs within the next two months.
On Tuesday, news broke out that the SEC had delayed its decision on a proposed rule change by the Cboe BZX exchange that if given the green light would allow the listing of a Bitcoin ETF which could be backed by VanEck, an investment firm and SolidX, a blockchain startup.
According to public records, that proposal combined with past submissions by Direxion, Granite shares and ProShares makes it a total of 10 Bitcoin-related ETFs which are being reviewed by the SEC officials. Among those though, only the VanEck/SolidX proposal comprises a “physical” ETF.
This August will see a decision offered on the two funds from ProsShares on August 23 which is just two weeks away. In September, the agency will also decide on a number of funds starting on September 15 where a final decision on two GraniteShares will be offered. This will be followed by a decision on four funds by Direxion on September 21.
SEC deadlines are set based on the initial time when the proposal was published in the U.S. Federal Register. The first decision is usually due in 45 days after the time of submission and from here the agency can take up to 240 days after publication to come up with a ruling.
The SEC has already pushed its decision on SolidX-VanEck proposal to September 30, however, as we have seen above with SEC decision making timelines, that decision could be pushed to late February of 2019.
With the SEC set to decide on 9 Bitcoin ETFs in the next two months, could we finally see a rally if the decisions are positive? Share your thoughts in the comment section below.