The wait for the first Bitcoin exchange-traded fund (ETF) available to U.S investors will continue, following the latest round of delayed decisions by the Securities and Exchanges Commission (SEC).
Allowing more time to finally decide whether or not to approve the proposals, purportedly allows the SEC to receive more comments regarding the filings, and make a more consistent decision for U.S market participants.
However, the latest development also means that the SEC can no longer delay making a decision on the Bitwise and VanEck/SolidX filings which were published in the federal register in February.
Publishing the filings for public comments in February kicked off a 240-day waiting period for a final decision by the SEC, while two earlier delays mean the regulator can not extend its decision anymore.
New Deadlines for Bitcoin ETF Decision
The SEC will on October 13, 2019 rule whether or not to approve the Bitwise ETF application, and make a similar decision regarding the VanEck/SolidX on October 18, 2019.
For the Wilshire Phoenix ETF, though, the SEC could still postpone making a ruling for another 150 days, given the filing only entered the federal register in May. With that in mind, the SEC’s next decision will be on September 29, 2019.
It is also worth mentioning that the regulators’ ruling (approval or denial) for the October deadline filings could also have an effect on the Wilshire Phoenix ETF application.