SEC punts on VanEck bitcoin ETF decision until November 14

The Securities and Change Fee (SEC) has prolonged its consideration of VanEck’s Bitcoin exchange-traded fund software a closing time.

The U.S. securities regulator posted an extension discover on Wednesday, saying it intends to take an extra 60 days to evaluate the proposed rule change. Now, hopefuls can anticipate a solution on November 14, 2021, because the discover names that day “because the date by which the Fee shall both approve or disapprove the proposed rule change.”

Cboe BZX Change first filed a 19b-4 to record VanEck’s Bitcoin Belief on March 1 of this yr, beginning the clock on an SEC resolution. The company has regularly kicked the proverbial can on a closing ruling with earlier extensions and a discover soliciting further feedback on the proposal.

The Fee can take as much as 180 days from the publication date of the submitting to determine, which might put resolution day at September 15. Nonetheless, regulators are permitted to take an extra 60 days if it is deemed “applicable” and publish their reasoning. 

“The Fee finds that it’s applicable to designate an extended interval inside which to concern an order approving or disapproving the proposed rule change in order that it has enough time to contemplate the proposed rule change and the problems raised within the remark letters which have been submitted in connection therewith,” stated the discover.

The VanEck providing is the furthest alongside within the software cycle, which means it’ll seemingly be the primary to obtain a choice amid the present wave of Bitcoin ETF purposes. Issuers beforehand reached an deadlock with the SEC when the Fee rejected the final remaining purposes earlier than it, in 2019. 

Since then, Canada has accredited numerous bitcoin and ether-based ETFs, main some to consider that an approval may very well be on the horizon. Different issuers put in purposes, together with Valkyrie, Constancy, WisdomTree, Kryptoin and Skybridge amongst others.

Nonetheless, SEC chair Gary Gensler has stated that the SEC is extra prone to approve a product tied to bitcoin futures earlier than approving one tied to the asset itself. Companies like Galaxy and Valkyrie are betting that is the case, since each have filed for ETFs tied to bitcoin futures.