feedback submissions were opened in early July. The VanEck/SolidX proposal was initially filed nearly a year ago, but was withdrawn in January during the longest partial government shutdown.S. The SEC stipulates that the commission must either approve or disapprove a proposal no later than "180 days after the date of publication of notice of the filing of the proposed rule change." However, there is a special clause that permits the agency to extend. In August, the American securities regulator simultaneously rejected nine separate bitcoin ETF proposals from ProShares, GraniteShares, and Direxion. The Securities and Exchange Commission delayed making a decision on VanEcks bitcoin ETF (exchange-traded fund) application until February 27, 2019. According to press, after the proposal is officially published, the general public will have until March 13th to file their initial responses. Securities and Exchange Commission (SEC) has delayed a decision on a proposed bitcoin ETF, pushing its final determination ahead by more than a month.
SEC stated : 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. Nasdaq Likely to Launch Bitcoin Futures Contracts by Q1 2019 Last month Nasdaq said they were planning to launch its Bitcoin Futures contracts by Q1 2019. The agency explains it denial citing several cases of market manipulations and the exchanges inability to deal with. Accordingly, the Commission, pursuant to Section 19(b 2) of the Act,10 designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change. We think that weve met all market structure obstacles and requirements on pricing, custody, valuation, and safekeeping, so we are cautiously optimistic. Moreover, these products are launched by big players like CME and cboe. As of press time, the price of bitcoin has not reacted, trading at around 7,060 according to the CoinDesk Bitcoin Price Index (BPI).
Bitcoin ETF was submitted by SolidX, cboe and VanEck. The companies submitted their proposal back in June, setting off a busy comment period that saw the crypto community rally in support. However, after the announcement was made he called it expected: SEC Shifting Goal Posts, despite the growth in the Bitcoin derivatives market, the SEC has been moving targets for the approval of Bitcoin ETFs. While many are expecting some decisions in April 5th, includingnyse Arca and Bitwise Investment Management, which both also filed proposals for the SEC to review. But getting a Bitcoin ETF to market in the US has proven challenging- the SEC has already denied 9 Bitcoin ETF proposals this year, including ones from the Winklevoss brothers, ProShares, GraniteShares, and five leveraged and inverse ETFs from Direxion, cnbc reports. 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, the SEC announced in a December 6 statement.