The Securities and Exchange Commission (SEC) of the United States has put off making a ruling on three exchange trade fund (ETF) proposals for Bitcoin (BTC).
According to recently published documents, the SEC has delayed making an official decision on recommended rule changes by the Cboe BZX Exchange and the NYSE Arca for a trio of BTC ETFs by asset managing firms Bitwise Asset Management, Wilshire Phoenix, and VanEck SolidX.
Decision on Hold
The SEC has reportedly put on hold its decision for listing Bitwise on the NYSE Arca to Oct. 13 while the listing for VanEck has been moved to Oct. 18. Meanwhile, the decision regarding Wilshire Phoenix’s US Bitcoin and Treasury Investment Trust has been delayed until Sept. 29.
According to the SEC, they found it prudent to have an extended period wherein they can give the order to either approve or disapprove the prospective changes as it will give them more time to consider the suggested revamps.
ETFs are a kind of security that monitors a group of assets equally represented in the funding’s shares. Many people view the ETF as being a step closer to a greater acceptance of digital assets.
The proposal by VanEck was filed in January, while Bitwise filed an application the following month. The Wilshire Phoenix’s recommendation was published in July in the Federal Register.
As per securities legislation, the SEC has the right to delay making decisions on prospective financial products so it can get more information or deliberate further on a change in ruling.
This is not the first time that the SEC has deferred on a decision. The commission also delayed deciding on Bitwise’s and VanEck’s ETF applications back in March and May.