The U.S Securities and Exchange Commission (SEC) has started proceedings that will let it decide whether or not to approve a Bitcoin Exchange Traded Fund (ETF).
On Thursday, the regulators released a publication revealing an “order instituting proceedings to determine whether to approve or disapprove a proposed rule change” filed by CBOE BZX Exchange, Inc.
However, the SEC wants more input from the public even though it received more than 1400 comments regarding the rule change till date. If the decision goes in favor of the CBOE Exchange, then it can list a Bitcoin ETF courtesy of money management firm VanEck and crypto startup SolidX.
The order which was authored by SEC secretary Brent Fields read,
Institution of such proceedings is appropriate at this time given the legal and policy issues raised by the proposed rule change. The institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
SEC and Bitcoin ETF Saga Continues
The existence of a Bitcoin trust that is tradable on exchanges will undoubtedly lure more institutional investors to the crypto markets. However, the global crypto community has continued to wait for the US SEC to give a green light.
Several requests including nine were turned down by the regulators just last month, while it also delayed deciding on the current application by VanEck-SolidX.
Even though a final decision is expected to be announced by September 30, the body still has the power to delay making a final decision through February under existing regulations.
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