Earlier Today (Monday 20th May) the Securities and Exchange Commission (SEC) once again announced their decision to delay on the VanEck/SolidX ETF proposal decision.
In the document published by Eduardo A. Aleman, Deputy Secretary, the SEC stated that it was instituting proceedings on whether to approve or disapprove a proposed rule change that would allow the VanEck SolidX Bitcoin Trust to issue and list its shares.
Comments from the public have now been requested by the SEC which are due 21 days from when the order is published in the Federal Register. From the previous proposal, the SEC had received 25 comment letters which were also used as part of the latest decision.
The next deadline for an SEC decision is expected the 19th of August, with a final deadline on the 18th of October.
This latest delay by the SEC follows a string of previous pullbacks where further examination and public input is usually the outcome.
Initially the VanEck/SolidX bitcoin ETF was filed a year ago with Cboe BZX but was later withdrawn due to a prolongued government shutdown. The proposal was then re-filed and shortly after, Bitwise Asset Management filed its own ETF proposal with NYSE Arca.
On May the 14th, the decision on the Bitwise ETF was also delayed, making this the 2nd so far of 2019. Some of the previous ETFs have been outright rejected whilst the rest have been deferred to some sort of capacity meaning that the US has yet to approve a single ETF to date.
The Exchange Traded Funds (ETF’s) have drawn a great deal of concern from the SEC who maintain a solid stance of protecting consumers especially in this emerging market. Previous concerns cited include market manipulation, financial crime and market liquidity amongst other areas.