The SEC postponed its decision on VanEck and Cboe’s request for the approval of a bitcoin ETF.
The request had been filed on March 15, and at that time, the SEC had 45 days to respond.
The first response came yesterday, with a note from the Securities and Exchange Commission in File No. SR-CboeBZX-2021-019 explicitly stating that the Commission is extending this period for another 45 days.
The SEC wrote:
“The Commission considers that it is appropriate to designate a longer period to act on the proposed rule change, so that it has sufficient time to consider the proposed rule change and the comments received.”
In fact, in the same memo, the agency also openly states that it has received comments on VanEck and Cboe’s proposal, so it is possible that it intends to examine the request in more detail based on those comments as well.
Bitcoin ETF, SEC decision postponed until June 17
It also specifies that the date on which it will have to approve or disapprove the proposal fell to June 17, 2021, although it cannot be excluded that it may postpone the date of the decision even further.
So far, the SEC has always acted that way with bitcoin ETF apps, meaning it takes as long as possible to reach a decision.
In the past, Cboe decided to withdraw a similar proposal after several postponements, probably for fear that it would be rejected.
Now, the context has definitely changed a lot compared to 2019, but apparently the SEC’s doubts about the matter have not yet dissipated. What seems increasingly curious is that in neighboring Canada, on the other hand, several bitcoin ETFs have already been approved, so it is at least strange that the SEC still wants to get in the way.
However, it is important to note that the postponement of such decisions is a common practice for the United States agency, so this postponement should not necessarily be seen as a negative sign. Finally, it should be noted that there are also other similar proposals in progress