The U.S Securities and Exchange Commission (SEC) has postponed its decision concerning the approval or disapproval of the proposed VanEck Bitcoin exchange-traded fund (ETF).
The securities regulator announced the delay in a filing published on the SEC website on May 20.
The document states that the move is to allow the Commission enough time to gather additional information about the ETF from the public.
According to the filing, the agency will expect the public to give their comments and views about the VanEck/SolidX ETF within 21 days of its publishing in the Federal Register. Rebuttals will then follow and will also be completed within 35 days after the order appears in the Register.
It is not the first time the SEC delaying its decision on the approval or disapproval of bitcoin ETFs. The Commission took the same step last week, pushing forward its verdict on the NYSE Arca proposal for a Bitwise bitcoin exchange-traded fund.
SEC’s decision to delay its verdict now means the Commission has until August 19 to approve or disapprove the VanEck ETF. The new deadline is set within the securities laws, which gives the agency powers to extend the timeframe by another 90 days.
According to Jake Chervinsky, an attorney in the U.S., the regulator can still ask for more comments at the end of the 90 days. In this case, he noted, the SEC will have another 60 days- until October 18- the time by which it will have to give a final decision.
Cboe’s BZX exchange filed the VanEck/SolidX ETF proposed rule change in 2018 but had to withdraw it days to SEC’s final verdict earlier this year. The withdrawal was necessitated by the U.S. government shutdown that affected SEC services.
However, the Cboe re-filed for approval late January, the same time the NYSE Arca filed an application to list the shares of the Bitwise Bitcoin ETF.