The US Securities and Exchange Commission has postponed its decision on whether it will approve or disapprove Bitcoin exchange-traded fund (ETF) SolidX Bitcoin.
In June 2018, Cboe BZX Exchange filed a request for a rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust.
After a couple of months, the SEC designated extra time to either approve the rule change, disapprove it or institute proceedings to determine the changes. A month later, the Commission instituted proceedings for its decision.
Since then, the SEC has received over 1,600 comments on the proposed change of rules. Due to this, the Commission has chosen to designate more time to come to a verdict.
The SEC must resolve to accept or reject the changes within 180 days from this announcement, but it can extend for another 60 days, if needed. This means the final deadline for its choice is 27 February.
A release from the SEC said, “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
Earlier in the year, US-based cryptocurrency trading platform Coinbase initiated a process to become a fully regulated broker dealer by the SEC.
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