The U.S. Securities and Exchange Commission (SEC) has delayed making a decision on whether to approve five bitcoin-related exchange-traded funds (ETFs) until September, public documents reveal on Tuesday.
In the latest edition of the Federal Register, the SEC explains that it is postponing any decision over the possible approval of ETF proposals filed by Direxion Investments in January – one of which is directly related to bitcoin's price and four of which are based on the cryptocurrency's price movements.
The SEC states:
"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. Accordingly, the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change."
SEC is delaying a Different ETF. The one SEC is postponing was filed by Direxion Investments in January. That's a different one. Point to be noted that many investment firms file for ETF application. Only few will get accepted and approved.
None of the ETF proposals being postponed are from CBoE (VanEck and SolidX), which are currently under discussion by the wider crypto community. More than 100 comments for these ETF proposals have been submitted by the crypto community, and a decision may occur as soon as next month.
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