The Securities and Exchange Commission of the United States (SEC) announced on Thursday that the proceedings have been initiated, which is necessary to decide whether to approve or deny the Bitcoin Exchange Fund (ETF). In a published SEC message, the regulator urged the community to provide more detailed information.
Need more time and information
The Commission distributed "… an order to initiate proceedings to determine, approve or reject the proposed amendment of the rules" filed by Cboe BZX Exchange. If approved, Cboe gets permission to work with Bitcoin ETF , developed in early 2018 by the investment company VanEck and the crypto-currency start-up SolidX.
For the full objectivity of the approval process, the SEC requested more information from the public. More than 1,400 comments have already been submitted since the beginning of the discussion.
The author of yesterday's announcement secretary SEC Brent Fields (Brent Fields) said :
"The process of initiating such a proceeding is appropriate at the present time in connection with legal and political issues arising from the introduction of proposed changes to the rules. The commencement of the proceedings does not indicate that the Commission has already drawn any conclusions on any of the issues raised. The Commission encourages interested parties to comment on the proposed amendment of the rules. "
The resolution specifies that the Commission should monitor that the new rules are:
"… are designed to prevent fraudulent and manipulative actions, encourage fair trading principles and protect the interests of investors."
In accordance with US law, the final decision date can potentially be postponed until February 2019. Moreover, the issuance of a ruling is also not final and irrevocable.
In August 2018, the SEC rejected nine bids for bitcoins ETF. However, later a decision was made to review this deviation. It did not specify a specific date for the final verdict.
Experts are already analyzing and studying the rules and laws that govern the SEC to determine the next "deadline" for the decision on the Cboe BZX Exchange application. Currently, the date is December 29, as a period of 180 days after registration of the application in the Federal Register.
