The U.S. Securities and Exchange Commission (SEC) has reportedly delayed its decision on the VanEck Bitcoin (BTC) exchange-traded fund (ETF) proposal. To collect more information and opinions on the proposal, the commission has postponed its decision for a 35 day period. The proposal was initially filed by the Chicago Board Options Exchange (CBOE) last year. As per the report, CBOE, earlier this year, withdrew its request for a rule change when the U.S. government shutdown decreased the SEC’s operational abilities, then subsequently reapplied on January 31 after the government shutdown was resolved.
In the latest filing, the Securities and Exchange Commission lists 14 questions to the public regarding the proposal to utilize the answers and arguments that can assist them to reach a decision. As per the report, “The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b) (5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”
Previously, the commission had delayed its verdict on the Securities Act update proposal which would enable Bitcoin ETFs to be traded on CBOE. The Chicago Board Options Exchange initially filed the SEC rule change proposal in February this year with a 45 day period for whether it approved or rejected. Since the date of the proposal, the decision has been postponed twice.