SEC Decision on CBOE-VanEck Bitcoin ETF to Start Today, Kicking Off 45-Day Approval Period
The US SEC (Securities and Exchange Commission) is going to formally publish the Bitcoin ETF proposals in the Federal Register today (on Wednesday). This will kick off the initial 45-day approval period. This means that the US SEC has to make a decision on the two Bitcoin ETFs by April 5, 2019.
Therefore, SEC has to approve, reject or extend decision on the BTC ETFs
in these 45 days. The period of approval starts today, once the proposals are
published on Federal Register.
It is the second time that VanEck, SolidX and the Cboe BZX Exchange has
submitted their Bitcoin ETFs to the SEC. The official website of US SEC published
the concerned Bitcoin ETF (Exchange Traded Fund) proposals on February 13,
SEC Decision on Bitcoin ETFs of CBOE-VanEck: 45-day Approval Countdown
Reports say the US SEC will have to make a decision on 2 Bitcoin ETF proposals by April 5, 2019. The process and timeline of approval are given below:
- On February 20, 2019, the two proposals of Bitcoin ETFs (by VanEck, SolidX
andthe Cboe BZX Exchange) will be published officially on Federal Register. This publication is meant for the general public.
- The general public will get 3-weeks time (till March 13, 2019) for filing their initial response.
- The SEC will get another 3-weeks time (till April 5, 2019) for deciding upon the Bitcoin ETF proposals. In fact, the commission can also give itself an extension on making a final decision on these Bitcoin ETFs.
Currently, the Bitcoin ETF proposals appear on the website of Federal
Register’s Public Inspection section. This means that the proposals are not yet
being published officially.
Once SEC publishes VanEck/SolidX Bitcoin ETF proposals on February 20,
2019 (Wednesday, today), it joins the queue of other Bitcoin ETF proposals. The
BTC ETFs are filed by Bitwise Investment Management as well as NYSE Arca. These
two Bitcoin ETF proposals were filed on February 15. The SEC is expected to
make a decision on these ETFs by April’s beginning.
Photo Credit: https://pixabay.com/