The Securities and Exchange Commission (SEC), an independent entity of the United States federal government, announced that it will soon begin the countdown period to consent or rejection of the VanEck/SolidX Bitcoin exchange-traded fund (ETF). This take is the latest in a back-and-forth exchanges sequence between the SEC and ETF sponsors.
In January, the Chicago Board Options Exchange, the exchange applying with the SEC to list the Bitcoin ETF, had withdrawn its application for a rule change on the ETF, allegedly due in part to the U.S. government shutdown. The exchange then resubmitted the application for deliberation at the end of the month. The U.S. Securities and Exchange Commission, in line with the law, must now make a decision about whether to permit the ETF to release within 90 days from the date the notice is issued. The notice said that within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days; as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or, as to which the Exchange consents, the Commission will: by order approve or disapprove such proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved.
The SEC, last week, initiated the same sort of review period for a Bitcoin ETF from the NYSE Arca exchange, which had filed a proposal of the law change to list and trade shares of the Bitwise Bitcoin ETF Trust. The SEC notice of the start of the review period was published on Feb. 15. However, Cryptocurrency industry experts gradually more agree that approval is ultimately inevitable once market conditions meet the SEC’s requirements.