The crypto markets will have to wait a little longer to hear the regulators decision regarding the Bitcoin ETF application submitted by the Chicago Board Options Exchange (CBOE) Group on 20th June 2018.
A new report signed by SEC assistant Secretary, Eduardo Aleman and published on Tuesday by the commission has confirmed that the decision on the fate of CBOE Bitcoin ETF will no longer be made on August 16 (forty-five days after the rule change was made open to public opinion). Instead, the final decision concerning the application will be made on 30th September 2018.
SEC Provides Reason For Extension
According to the report, the commission has decided to extend the 45 day period designated for making a final decision on the filing of a proposed rule change by CBOE because it has the right to do so if it finds such longer period to be appropriate.
The report reads,
The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.
In the light of the new update, a 90 day period that started counting from July 2, 2018, will have to elapse before the commission can decide either to approve, disapprove or institute proceedings to determine whether the Bitcoin ETF should be disapproved.
The commission said it has so far received over 1300 comments since it listed the CBOE Bitcoin ETF application on the Federal Register and will require a longer time to review the comments and make a decision that everyone can agree on.
If the request is approved, CBOE can now list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust. Adding this feature to the Chicago Board Options Exchange (CBOE) will attract lots of wealthy investors into the crypto market and eventually lift crypto markets.