SEC Will Soon Decide The Fate of VanEck-SolidX Bitcoin ETF Proposal

All crypto enthusiast whether in favor of bitcoin exchange-traded fund (ETF) or not, have kept an eye out for The U.S. Securities and Exchange Commission (SEC) decision regarding the same. The regulatory announced on Thursday, that they have initiated proceedings for the impending decision over bitcoin ETF pitched earlier this year by money management firm VanEck and crypto startup SolidX.

The SEC published an “order instituting proceedings to determine whether to approve or disapprove a proposed rule change” filed by Cboe BZX Exchange, Inc. Cboe will get a green light to enlist a bitcoin ETF, if approved by SEC.  The SEC demanded more input from the public – to date and according to the agency, more than 1,400 comments have been submitted.

SEC secretary Brent Fields wrote in the order:

“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”

The proposal states that VanEck and SolidX would create a bitcoin trust, in which SolidX would list shares. The decision has been already delayed once and it is suspected that final decision will be further pushed to February 2019. Last month, the SEC made waves after it slapped down 9 more Bitcoin ETF proposals.  SEC has particularly tightened regulations against cryptocurrencies and is making sure no illegal activity could be conducted.

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