- The SEC has announced that the decision regarding the ETF will be made in 2019
- This comes following a previous meeting with representatives from blockchain firms
Throughout 2018, crypto enthusiasts have waited to hear some positive news about the Bitcoin ETF proposed to the Securities and Exchange Commission (SEC).
There were rumors and public meetings between the SEC officials and people from the crypto industry. However, no official announcement was made.
It seems people will have to wait even longer as an official statement from the SEC states that the decision regarding the ETF will not be made until Feb. 27, 2019.
This is to enable the SEC to look over some tile change suggestions made by investment firm VanEck and blockchain company SolidX on the Chicago Board Options Exchange (CBOE).
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the statement said.
Looming deadline
While this postponement might be a source of frustration to some, it is worth noting that there is a deadline that SEC has to meet in terms of announcing a decision.
Under the Securities and Exchange Act, the commission must “issue an order approving or disapproving the proposed rule change not later than 180 days” after the statement has been published.
However, an extension of 60 days may be given if the commission deems it fit.
The road to an ETF has certainly been an eventful one.
The rule change was first published on July 2, 2018, and the 240 day decision period elapses on the 27th of February 2019.
VanEck and SolidX firms first filed the claim for the SEC to list a Bitcoin-backed ETF in June 2018 and the decision to list the ETF was delayed by the commission until September 2018.
An extension was then announced because the commission needed more comments regarding the decision.
A deadline was then set for the submission of further comments relating to the proposed ETF.
A bit of hope came a while ago when a memorandum was published by the commission detailing a meeting between EEC officials and representatives from VanEck, SolidX, and CBOE.