SEC postpones again the decision regarding Bitcoin ETFs
Regulation

SEC postpones again the decision regarding Bitcoin ETFs

By Stefano Cavalli - 24 Sep 2019

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In a recently published document, the SEC (Security and Exchange Commission) decided to postpone again the decision on the proposal put forward by Wilshire Phoenix for a new bitcoin (BTC) ETF.

From a document published on Tuesday, the two companies, Wilshire Phoenix’s Bitcoin and the Treasury Investment Trust have changed some terms in May in order to comply with US regulations.

In June, the SEC opened up the possibility for the public to comment, for better or for worse, on the decisions to be made and the reasons that should be taken into account, but only six people actually filed written comments. In the document, the US body recalls that everything provided to the SEC is completely anonymous, seeking in some way to encourage people to make statements:

“The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal”.

Not even a week ago, VanEck and SolidX withdrew their proposal for a bitcoin ETF that had been submitted to the SEC and had been pending for months, after they obtained approval for the 144A standard in which they started trading Bitcoin, although not as they had hoped and could have done if they were able to attract much larger institutional investors.

On August 12th, the SEC had already postponed this decision, as it has happened several times in recent years, while for the Bitcoin ETF of Wilshire Phoenix, the decision will be taken within 35 days from today, i.e. towards the end of October.

Other important deadlines include the approval, or rejection, of a Bitcoin ETF submitted by Bitwise Asset Management (also postponed several times). Everyone, by now, is trying to convince the US regulator that the bitcoin (BTC) market is mature enough to offer services such as Exchange Traded Funds (ETFs), and all that remains is to wait until next month to see what decisions will be taken.

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